current insurance situation, yowza

linuxfan66

Active Member

i thought i was screwed over not willing to cover me for replacement value. i remember that club 4x4 wanted a stupid amount from me so skipped over.

also being on p plates is awful for insurance. i knew it as bad, not that bad
 

iampaul02

New Member
The huge issue with most insurance companies is that they will insure you with illegal mods, but they may not actually cover you during a claim if they believe the illegal mod contributed to the accident.






REPLY
 

linuxfan66

Active Member
The huge issue with most insurance companies is that they will insure you with illegal mods, but they may not actually cover you during a claim if they believe the illegal mod contributed to the accident.






REPLY
sometimes to the point you can tell you them you have the mod and put it on record and claim your still covered
 

discomatt

Well-Known Member
sometimes to the point you can tell you them you have the mod and put it on record and claim your still covered
Wrong, they let you believe that if you tell them all the mods you are covered but that does not cover the fine print that clearly states the vehicle must be in road worthy condition and legal to be driven on the road, just because you tell a desk jockey what mods are on the car does not make them legal.
All the insurance company wants is more premiums and less payouts, simple facts
 

linuxfan66

Active Member
Wrong, they let you believe that if you tell them all the mods you are covered but that does not cover the fine print that clearly states the vehicle must be in road worthy condition and legal to be driven on the road, just because you tell a desk jockey what mods are on the car does not make them legal.
All the insurance company wants is more premiums and less payouts, simple facts
I was implying this in less words but that’s the clearer way to write it
 

Albynsw

Well-Known Member
Where it gets blurry is the decision by the insurance company of whether to payout a claim or not is a commercial one. Technically they could deny a claim because you had a blown blinker globe as your vehicle is “ unroadworthy “ but that is a bad look for the insurance company and will cost it renewal premiums. If you have an obviously illegal crazily modified vehicle they will have no issues denying a claim because the general population can see justification for the denial so it is not a bad PR exercise for them.
The line then gets blurred and moves in between those two scenarios accordingly.

I did a stint as a building/ contents insurance assessor after one of the recent storm/ flooding events and I have to say I am surprised at how good the insurance company was at picking up the tab for things that in my view they were clearly not obliged to do so and I would of denied the claim if it was my call.
They dont always deserve the bad wrap they get.

I have bundled a lot of my insurance with the one company, hopefully that will give me a bit more of a favourable light if things are a bit grey should I have a claim
 

Rusty Panels

Well-Known Member
I had 7 policies with the NRMA and have been with them for 48 years.

The insurance for my 100 series just arrived and they wanted $1,226.79 that's with 65% No Claim bonus and 10 percent multi policy discount.
It was insured for market value and had windscreen cover nothing more. I shopped around and got full comprehensive quotes with all the bells and whistles for between $420 and $540. I ended up with the GIO for $470 which is for market value, repairer of my choice and windscreen cover.

So, so much for Multiple Policies, Maximum No Claim Bonus, ZERO claims, and 48 years of loyalty. I also insured my 2009 SS Commodore for market value, windscreen cover and repairer of my choice for $458. So both insured for less than the ridiculous price the NRMA wanted for the Cruiser.
 

cookie64

4x4 Earth Contributer
I had 7 policies with the NRMA and have been with them for 48 years.

The insurance for my 100 series just arrived and they wanted $1,226.79 that's with 65% No Claim bonus and 10 percent multi policy discount.
It was insured for market value and had windscreen cover nothing more. I shopped around and got full comprehensive quotes with all the bells and whistles for between $420 and $540. I ended up with the GIO for $470 which is for market value, repairer of my choice and windscreen cover.

So, so much for Multiple Policies, Maximum No Claim Bonus, ZERO claims, and 48 years of loyalty. I also insured my 2009 SS Commodore for market value, windscreen cover and repairer of my choice for $458. So both insured for less than the ridiculous price the NRMA wanted for the Cruiser.
Unfortunately as has been said numerous times before, Insurance companies don't seem to care if they lose existing customers they would prefer to spend tens or hundreds of thousands of dollars getting new clients through marketing.

Had numerous policies with Allianz but these days I check every policy against what I can get elsewhere, typically I have received policies much cheaper than the renewals so I have switched lots of policies to AAMI, we'll see what happens down the track when the renewals come in. If they don't value long term clients then I won't value the relationship with them either.

My business Insurance broker couldn't get cover for Professional Indemnity but as soon as I got cover with another company they were interested in who I was covered with, when it came time to renew my PL & B Insurance they didn't send me the renewal, but said I had changed email addresses even though they sent a questionnaire to my new email address just a couple of days prior - go figure, so I now have the cover with the same company that handles my PI.

cheers
 

SuperSteve

Member
Where it gets blurry is the decision by the insurance company of whether to payout a claim or not is a commercial one. Technically they could deny a claim because you had a blown blinker globe as your vehicle is “ unroadworthy “ but that is a bad look for the insurance company and will cost it renewal premiums. If you have an obviously illegal crazily modified vehicle they will have no issues denying a claim because the general population can see justification for the denial so it is not a bad PR exercise for them.
The line then gets blurred and moves in between those two scenarios accordingly.

I did a stint as a building/ contents insurance assessor after one of the recent storm/ flooding events and I have to say I am surprised at how good the insurance company was at picking up the tab for things that in my view they were clearly not obliged to do so and I would of denied the claim if it was my call.
They dont always deserve the bad wrap they get.

I have bundled a lot of my insurance with the one company, hopefully that will give me a bit more of a favourable light if things are a bit grey should I have a claim
When my old car got written off, the assessor asked me how much i expected to get.
It's what I got. It was after a massive hail storm that wrote off pretty much every car in Brisbane that wasn't under cover, so it was probably easier for them just to roll with it.

I have stuck with them since (and it doesn't hurt my premiums are lower than any quote I've had since)

But then i don't have mods and the like.

Of course, also in Brisbane there were insurance companies denying claims because it was 'rising water', not 'flood water' during the last big flood. So some of them really do deserve a bad wrap.
 

callmejoe

Well-Known Member
It's not just all about the premium or yearly price. For me anyway it more about the service, and speed they process a claim.
 

typhoeus

Well-Known Member
I was driving in Miranda about 5 or 6 years ago and was rear ended by someone on the phone. It caused a 4 car stack. my 1998 hilux was written off. I drove it away, and later they sent a towie to collect it. They assessed the damage at near $6K. I claimed, they paid, and I bought it back from them for about $2500, bought a new radiator, and indicator light, and a days work straightening bits and pieces and I was back on the road. Fortunately, as it's an older car, it doesn't go on the write off register , Apparently the repairer didn't want the job because he would have to repaint the whole car to make the job look good, and he didn't want to do it so he just wrote it off. I painted it myself with raptor a few years later, and the only evidence of it is a small dent in the tailgate.the lesson is get more than one assessment,
 

linuxfan66

Active Member
I was driving in Miranda about 5 or 6 years ago and was rear ended by someone on the phone. It caused a 4 car stack. my 1998 hilux was written off. I drove it away, and later they sent a towie to collect it. They assessed the damage at near $6K. I claimed, they paid, and I bought it back from them for about $2500, bought a new radiator, and indicator light, and a days work straightening bits and pieces and I was back on the road. Fortunately, as it's an older car, it doesn't go on the write off register , Apparently the repairer didn't want the job because he would have to repaint the whole car to make the job look good, and he didn't want to do it so he just wrote it off. I painted it myself with raptor a few years later, and the only evidence of it is a small dent in the tailgate.the lesson is get more than one assessment,
your very lucky
 

Chatty

Well-Known Member
My business Insurance broker couldn't get cover for Professional Indemnity
Ah, PI insurance. Otherwise known as the greatest rort in the insurance industry.

I stopped having it after it became clear that builders thought it was there to prop up their project margins and all it did was attract stupid claims.
 

linuxfan66

Active Member
Ah, PI insurance. Otherwise known as the greatest rort in the insurance industry.

I stopped having it after it became clear that builders thought it was there to prop up their project margins and all it did was attract stupid claims.
Explain what you mean. Doesn’t professional indemnity insurance protect you against lawsuits if your sued?
 

Chatty

Well-Known Member
Explain what you mean. Doesn’t professional indemnity insurance protect you against lawsuits if your sued?
Sort of. But it only covers you while you're insured - so if, like me, you're an engineer who has retired you can still get sued today for something you did years ago when you had insurance. But the insurer won't cover you unless you still have that insurance today. That's a total rort.

The big thing is, in my experience and of others I know, that clients (builders in my line of work) regard your PI insurance as an easy way of making money to pay for their mistakes. The builders know that the insurers will settle out of court because of the costs involved, but your insurance premium keeps going up. And once the insurer gets involved you have absolutely no say on what happens with the case, despite knowing how much of a false claim the builder is making.
I have been sacked from building companies for refusing to make a false claim against insurance. That's how bad the situation is.

At the time I cancelled my insurance it was costing over 10% of my fees. That's just highway robbery.

You would be shocked at the number of times I have been contacted by a solicitor acting for a builder who has been all gung-ho to sue me for some error by the builder, until the moment I patiently explain to them that I don't have PI insurance any more and that I have no assets. All of a sudden the claim just goes away...
 

linuxfan66

Active Member
Sort of. But it only covers you while you're insured - so if, like me, you're an engineer who has retired you can still get sued today for something you did years ago when you had insurance. But the insurer won't cover you unless you still have that insurance today. That's a total rort.

The big thing is, in my experience and of others I know, that clients (builders in my line of work) regard your PI insurance as an easy way of making money to pay for their mistakes. The builders know that the insurers will settle out of court because of the costs involved, but your insurance premium keeps going up. And once the insurer gets involved you have absolutely no say on what happens with the case, despite knowing how much of a false claim the builder is making.
I have been sacked from building companies for refusing to make a false claim against insurance. That's how bad the situation is.

At the time I cancelled my insurance it was costing over 10% of my fees. That's just highway robbery.

You would be shocked at the number of times I have been contacted by a solicitor acting for a builder who has been all gung-ho to sue me for some error by the builder, until the moment I patiently explain to them that I don't have PI insurance any more and that I have no assets. All of a sudden the claim just goes away...
whats the statute on liabilities of your work?
 

sharkcaver

Well-Known Member
Just got my renewals for both Max and Paj.

Paj premium increased $13, agreed value increased by $7600
Max premium increased $80, agreed value increased $8800
 
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