My premiums are usually $340, this year they want $610!
When asked why the increase they said "We can confirm that premiums can change due to a variety of reasons which we call risk and rating factors."
Obviously I'm going to switch but has something happened to insurance premiums recently? Is this just Coles or other motor insurance too?
My car insurance increased $100, but the agreed value went up from $17200 to $19200 due to Covid affecting new car sales and therefore pushing up used car prices.
Every home and contents insurance premium has gone up this year. Bushfires, floods etc is always the excuse.
You can shop around but there are only limited underwriters so you have to aim for new customer incentives to get a deal.
just shop around.
Was last year your first year with them? perhaps an introductory offer discount
Change providers.
never show loyalty to any insurance provider
Is this Pet insurance?
Laziness Tax
yep, loss leader, then laziness tax after that.
they did the same to me few years ago, so moved onwards (to PD)
Motor insurance, market value, I've been with them for 5 years.
Yes, increase in second hand car prices does make sense as to why premiums increased for market value, but almost doubled?
I'm going to go to Bingle insurance, their online quote is around the same as what I have been paying so Coles can gf!
Like for most products, people only complain when things go wrong but don't comment when things go well. Years ago my wife was in a not-at-fault accident, insured comprehensively with bingle. Got a full payout (at agreed value, quite a bit higher than market value) for the car within 8 days. So my experience (n=1) is that Bingle are fine to deal with for car insurance.
Same, friend of mine got higher than the market value he was expecting for a theft.
So my experience (n=1) is that Bingle are fine to deal with for car insurance.
and n=600+ reviews show's that almost 70% of those people gave it 1/5 stars.
Seems the same for NRMA, Coles and Woolies. Surprisingly YOUI has good product review ratings.
Insurance is NOT a product you should buy on price IMHO. Do your research and read/understand the policy and PDS.
Talking of which, if you look at the PDS you will see that Bingle = AAI. Now, go to the AFCA Data Cubes and start thinking about what it might mean if you need to make a claim or have a service-related issue.
AAI is on top of the leaderboard for both volume* of disputes raised with AFCA as well at the average stage reached in disputes with their customer base. Compare them against the likes of other large organisations like Youi, Zurich or RACV.
(*)Unfortunately, complaints per 10,000 policies data is not published publicly.
Disclosure: I work for a company that owns a general insurer that competes with Bingle. That said, no matter how red-hot a deal I get as an employee, I refuse to use my employer's home and motor vehicle insurance products.
This loyalty tax is illegal in UK. Hope they introduce the same here
https://www.theguardian.com/business/2021/may/28/loyalty-pen…
There is a new requirement that says renewal notices must include the previous years premium so you can track the increase.
I think that's just as good.
If we offer to renew any of the following products that you bought directly from us:
home building;
home contents;
home building and home contents;
motor vehicle — unless you have a fleet of vehicles or are a business or other organisation;
then, in our renewal notice, we will give you a comparison between this year and last year’s premium and explain to you how it is calculated.
Obviously I'm going to switch
Maybe or maybe everyone else put up their prices and Coles insurance is still cheaper :)
Have you had any claims recently?
No claims…I already got a quote from Bingle which is similar to what I currently pay so I'm going to switch.
I also tried to call Coles to find out why and they have a message saying they are too busy to answer their phones, for 3 days…unbelievable.
When asked why the increase they said "We can confirm that premiums can change due to a variety of reasons which we call risk and rating factors."
Factors including paying for Steven Cain's $5M McMansion.
Possible but not probable.
Coles in and of itself has nothing to do with insurance. They just get a commission every time a Coles branded policy is sold or renewed. IAL (backed by IAG owners of NRMA, RACV and loads of other brands) underwrites the insurance. Chances are you could get a dozen quotes and every one could be an IAG brand.
Similarly, my parents car insurance went up 25% with AAMI - if you check the price for the neighbours address it's 25% less and they use the same "variety of reasons" line
Same here. I changed to RACV after being with AAMI for years (they used to be much cheaper than RACV). It was like 20% cost difference too, so not insignificant.
if you check the price for the neighbours address it's 25% less and they use the same "variety of reasons" line
I did this with NRMA 5 years ago, and the reduced premiums have stuck reasonably well. In my case, they had so very little wiggle room because I was in a block of units. I was #5, and I quoted on #4. My car would be parked in the same spot and all. Did it via their online chat.
The neighbour trick doesn't seem to work as well these days.
They're in their own little world.
We ended up calling and they gave us 10% off but I'm sure next year it'll go back up again. The only advantages we find with AAMI are:
Household members that are not listed are still covered, albeit a higher excess and
The owner of the vehicle doesn't have to be a listed driver
My insurance has gone up too. I honestly thought every year it would go down, I've had insurance since I was on my red P's and now on my FULL license, never made a claim, never even had a parking ticket (I know it doesn't affect the insurance) and car has depreciated quite a bit but no drop in premium (across the board). What the (profanity)?
just keep going, when you hit 65 it will start coming down. Apparently.
I haven’t noticed that. My RACV insurance went up $100 this year.
I'm way beyond that and it ain't happening. Last car insurance claim was about 25 to 30 years back. RACV.
My Coles Home insurance has gone up heaps every year. Admittedly i was on a honeymoon rate for the first yeah but yeah not good.End up reducing the coverage to stay affordable.
Õn home and contents insurance my Suncorp H&C insurance renewal went up 23% on last year, lazy tax for sure. I went with Budget Direct, same coverage and PDS, $500 less, intro offer of course, but I'll do my homework for renewal again next year :-)
I'm with AAMI and pay annually…. Car increased by $100… House increased by $150
I'll be shopping around this year…
My AAMI car insurance renewal went up by $180 this year. Definitely will shop around.
Had exactly the same issue with Coles with a similar response when I questioned why the premium had doubled. I had landlord/contents insurance. Reinsured with AAMI at virtually the old premium I had with Coles. Insurance seems to be an area that needs to be reviewed every year. You can't afford to be lazy.
Try Woolworths car insurance.
Not sure if they have raised their premiums since I renew in December.
They give discounts for low km traveled.
Oh, and don't forget they give monthly 10% shopping discounts.
My Coles insurance just went down $11 from last year, Ford Territory, full comp, Outer Brisbane west, just over $400. No at fault claims.Been with them many years now.
It is all BS!
Yes, when you quiz the outrageous annual rise, the "standard" reply is: Your particular post code, floods in Qld, or above average fraudulent activity, bla bla.
If you are speaking about your car, who is driving these days?
If speaking about your house, everyone is home!
Burglars are out of work!
Just received my home insurance renewal notice from Coles Insurance. It was $900 last year, now they want $1700.
Obviously, i was livid but after I had calmed down, i did the logical thing anyone would do.. get 3 competitive quotes. They came out between $1200-1300. The best thing was that even Coles themselves quoted me $1300 for a new policy - Ha ha! what a joke.
The $1700 is clearly $1300 + $400 of lazy tax
What kind of insurance is this? Home, Content, Car, Pet etc?
Edit: motor. Okay, which postcode you garage your car and is it market value vs agreed value insurance. This might be why it doubles. There are other posts in the forum suggesting premiums increase by that magnitude from other providers.