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WA The Wheels of Insurance Grind Slowly

Discussion in 'Politics, Laws, Government & Insurance' started by PatB, May 19, 2011.

  1. As some of you may remember, back in October 2008 my beloved R1100 was smacked out from under me at 80kmh by a fwit in a ute.

    QBE coughed up the bulk of my payout in about 6 weeks. However, being QBE, they hung on to my excess until they'd dragged the at-fault driver through the courts.

    Today I had a phone call from QBE to let me know they'll be depositing my $350 excess in my bank account tomorrow :D. Took 'em a while, but they paid out in the end and I get to enjoy $350 that I hadn't planned on having and don't have earmarked for anything.

    Yes, it's been slow, but they're very cheap (or have been for me, at least) and I'm not so desperate for cash that I can't wait a while for my excess to turn up.
  2. Being a BMW rider they were probably holding out until they made sure you weren't going to spend it on drugs and geriatric women
  3. Thanks Grey, Just what I needed, coffee all over my monitor and keyboard,
  4. Realistically he could have earned say 6.35% or saved say 7.80% if he has a non competitive home loan.

    So could have earned $22.23 per annum on the $350 or saved $27.30 per annum by putting the $350 against his home loan.

    Now I am pretty sure that when he says QBE were cheap, the difference between QBE and the next cheapest would have been more than $100 per year. So if QBE are holding his $350 back and earning interest on it that's fine. They have been able to save him money by charging him less and they find their money else where. I would rather pay $100 or more, less than to have the $350 quickly and not let them earn interest on it.

    I think we are sometimes quick to bash big service providers. They could have done exactly the same thing and charged the same as everyone else, then how would we all feel?

    Gotta give em a break sometimes. They also need to turn a profit....

    Please don't hate me for this post - just looking at things from a positive view point.
  5. As far as the drugs go, those that BMW riders use are generally available on the Pharmaceutical Benefits Scheme...
  6. Whilst I haven't got the figures to hand, QBE have been sufficiently cheap since I started insuring with them that, even had I never seen my excess, I'd still be financially ahead.

    The initial (major) part of my claim was paid quickly and without hassle. In the end I got my full payout and I've still paid (and am paying) less than I would elsewhere. I don't really have a problem with that.
  7. It sounds like 6.7% of the value of the company... not significantly more return that you get with a high interest savings account.

  8. My apolgies mate. how dare they make that much money. How dare they hold people's money back. Those scumbags...
  9. One of my kids got rear ended by a truck when she first got her license. And of course he wasn't insured. That was two years ago and she only got her check a month ago for the two grand excess she had to pay. he was totally at fault. But they would not give her money till they had taken him to court and gotten it out of him.
    Hate insurance companies with a passion.
    My house burn to the ground and I lost everything in 02. I was insured for 450 thousand. They offered me 98 grand first up. Because it was an old QLNder and you cant built houses like that any more. Took me three years of fighting to get paid the full amount I was insured for. And a little more for my trouble. They tried every dirty trick in the book. And I was at the stage where I was going to bring their building down in Brisbane.
    I hate friggen insurance companies with a passion. They have made life that you cant be without them and bent over without spit if you are.
  10. This is a fair and reasonable gripe.

    Mate seriously, my heart goes out to you. That is horendous. There are a stack of people in QLD at the moment having massive issues with insurance companies after recent events. I am sure you would already know, the dispute is that the people were under the impression the were fully covered. Insurance company is arguing that the cover does not include floods etc. Dirty bastards.
  11. What about the direct insurance department itself?

    QBE is a giant, full of different areas that each run to their own quotas etc. Not that it makes it an excuse, but direct insurance is the least profitable part of the insurance game, from what I understand.
  12. Can you get geriatric women on the PBS? I always seem to get them on the pms. (Could stand for Post Marital Syndrome in this case. I knew one lady with short hair and sensible shoes who told me it stands for Putting up with Men's Shit!)
  13. Got the figures for any other insurer? Without an indication that QBE is uniquely villainous in this regard the numbers aren't really meaningful.

    Not defending them particularly. I tend to the view that insurance companies are mostly bastards so I might as well use the cheap bastards. So far it's working for me.
  14. Mate that sucks. Do you mind me asking which insurer this was?
  15. Alliance. I was with GIO but they bought them out.
  16. These guys are running a company worth $19 billion or thereabouts. If companies don't pay market salaries, they don't get good employees.
  17. I'm fairly sure I've heard of a couple of recent studies that show that, beyond a certain level, executive performance decreases with increased remuneration.
  18. I'd be interested to read that study. I tend to agree that wages can get astronomical for no apparent reason (ie, non-executive directors), but the fact is that if an employee can get better money elsewhere, they will. I know I would.
  19. Sorry, can't provide a reference 'cos I only saw the information in passing. Someone with better google-fu than me and some interest in the subject might be able to dig something up.
  20. Yes, but I'm not the one trying to make a point by quoting figures without any means of comparison.

    at the end of the day I'm only really interested in having cheap and adequate insurance. QBE provide me with that.

    My age and driving record mean that my excess is fairly small and my disposable income means I'm not desperate for it. Given those points, QBE makes financial sense for me because they're cheap and I can live with the main downside that I hear complaints about. That may not be the case for someone with a larger excess or who is nearer the knuckle financially.