My new premium for this year has been increased by 30%. Just want to know is this normal for everyone else at the moment? Inquiring about quotes from other providers too
Car Insurance Premiums 30% Surge
LGloomydays on 14/08/2023 - 05:11
Comments
it's called "lazy tax"
car insurers hope that customers will "just pay it" because customers are too lazy to look else where, and so the car insurers make bank with the massive jump.
insurers are all about risk, probability and making money - i.e. Actuarial science. they have calculated how much they can bump up premiums against the risk of losing the customer.
THERE IS NO LOYALTY BONUS FOR BEING A GOOD CUSTOMER.
get a quote from else where and go for the cheapest with the policy that suits you needs - always read the PDS.
Yeah this is spot on.
My original policy increased by 30%.
I then got a quote from my original provider for the exact same cover, and it was 7% cheaper.
Definitely look around and also requote same cover from same provider.
The lazy tax is definitely real. Insurance providers are dodgy as.
Better put up interest rates a few more points. That'll show 'em.
Did you recently hit a
porchePorsche?First thing I always do when I get a renewal, is call them up (yes, use a phone) and ask them if there’s any further discounts
What is phone.
It's a device used by social influencers to take photos with
What is a photo. They only use Tiktok for videos these days. I was at Darling harbour yesterday. There are so many people making stupid dance moves for Tiktok. No space to walk in Darling harbour.
aka a device to mesmerise sheep
Who needs Koolaid when you can use Foolaid
And 99% of the time they'll say no.
Mine is up $100. Any quotes I've got from others are at least 40% more expensive. I mean ALL including Budget Direct.
Same.
Just want to know is this normal for everyone else at the moment?
Yes. Because they can. Just bend over and think of your happy place…
my house insurance also went up 39%
same here. I am hunting around.
Going to get worse as foreign parasites consume our largest orgs.
Youi & Comminsure both SAfrican
Allianz ? Some eastern block country I think.You may as well go with Youii. Heaps more $$ , but you get cute ads with actors reading out fictional scripts as a bonus.
People deserve it. Either they voted for climate change deniers/obstacles, or they failed to speak up when it mattered.
I know, " I was too busy to care" got in the way. Now insurance co's are hoovering up as much as they can before the inevitable.
Guess who'll be safe from the impacts when that ( very soon) outcome arrives?
The beneficiaries of deny and delay.Carsales.com have just announced record operating results. Mainly because they have jacked up the minimum selling package cost by nearly 100%! Oops think they forgot to mention that. Bottom line - it's not worth it. They will start losing customers soon which will hit the revenue line. Behaving like an insurance company. Tip: do not buy their shares.
My renewal came in last month and premium had increased by around $50 - meanwhile agreed value had dropped $2k, my excess had gone up from $850 to $1000 and my hire car option (which I have had forever) had disappeared. I rang and was told that they amended my policy to keep the cost down. A new renewal with the original excess and including the hire car pushed the premium cost up by an extra $150, making for a 25% increase overall. This was with RACQ.
Spent a couple of hours doing online quotes and found Australian Seniors were willing to insure for my original agreed value, with the hire car benefit included and the $850 excess, for a bit less than the original RACQ quote which lacked these items. Likewise they were more than competitive for my house and contents.
I've just got an online quote from them and wow, they are so expensive..
I've personally found AHM to be the cheapest for me although they raised my premium by 20 bucks this year, I still couldn't find any cheaper, so I decided to stay.
I just got my car insurance renewal and its gone up 63.3%. Suncorp. $588.92 increase….ridiculous. No claims. Will be looking to find a better deal for sure!!!
That's crazy, hopefully you find a better deal
Same mine have gone up by 67% and 65% on each policy with no claims and no explanation other than cost of business has gone up..
any insurers with signup bonus?
New everyday quote is $100 more then their current. They are crazy and charging lazy loyalty tax, still shopping around, nothing better so far.
I've been with RACV since getting my licence, and my insurance renewal has gone up by $500 even though I have made no claims.
Time to shop around grrr
Just got my renewal notice which went for $54 to $80 a month….
got renewals for 2 cars and both increased around 30%.
It's time for a civil war, why do we have to pay stamp duty every year and in addition we pay tax on tax duty, is stamp duty something product that we purchase???
Same goes for anything we buy online and tax on delivery fees!
In the mean time a hated and corrupted PIG is receiving $300,000 salary (plus benefits) for leaving office!
Think twice when you say Aussie Aussie because we live in a totally different reality!37% increase for me this year, and they reduced the "agreed value" from $21,000 to $17,000!
I'm currently with AusPost car insurance, but will be shopping around for a better deal.
@Gloomydays, who did you go with in the end?
My comprehensive increased from 800 to 900. My market price almost increased from 12k to 15k.