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QLD Who to insure with?

Discussion in 'Politics, Laws, Government & Insurance' at netrider.net.au started by teef, Oct 15, 2015.

  1. To me the most critical thing to me is a company's reputation for paying. No point in paying a discount premium to a company who routinely deny claims or make the process overwhelmingly difficult.

    • Agree Agree x 4
  2. Im currently insure with Mi-Ride not sure if you guys have heard of it. Anyway after reading this post i thought i would sit down and investigate my policy's finer details. Still am unable to find anything that clearly states if i would be covered in an accident that did not involve another vehicle. As i live out in the hills, tree litter on the roads is a common occurrence and was hoping to see if anyone here could shed some light on the chances of being covered under a comprehensive policy if i was to come off due to hitting road litter when there was no other vehicle involved..
    • Agree Agree x 1
  3. Yep this is my worry. I'm about to buy a street triple and have noticed that a fair few haven been lifted recently. I don't have a garage and it will be parked in my front garden.

    Which companies have good reputations for paying regarding thefts, and secondly damage.?
  4. I've never made a claim in my life. I currently have QBE for their platinum cover, but this has a few traps. Firstly to get platinum which covers the bike, gear, transport and emergency accommodation etc, you can only have agreed value. I basically stole my ZX-14R on a killer deal and agreed value means I would get back what I paid, but not enough to just walk in and buy another one. Also I live in a duplex but it's front and rear and I'm in the rear one. Although there is no garage for the bike, it is behind an electronic locked gate under a carport with a disc lock on it, they said this is not good enough so I am stung with an extra $500 excess (total $1100) if the bike is stolen.

    Also I read a horror story of a guy in Sydney with a Street Triple, on his first night at his new residence he had nowhere to put the bike and left it on the street. It was stolen. QBE "apparently" refused to pay because he had not changed his address with them. I stress this is a story I read on a forum, not something I can prove.

    I am inclined to change insurance companies, even the rumour of a claim refusal leaves me feeling uneasy. Having two bikes comprehensively insured means I am spending a bit on insurance premiums each year, however I don't know for sure if any other insurance company is any better.

    In your case I would expect some punishment because it is accessible to thieves. I would consider putting an alarm system on it. the alarm may well pay for itself with premium reductions. At the very least put a disc lock on it.

    Years ago an old bike of mine broke down, fortunately my Mrs was riding along with me on her bike. We fitted both my disc lock and hers to my bike and both jumped on hers to get home. when we returned later with the car, the bike had been moved about 6 metres, there were boot prints in the dirt all around it and drag marks. Someone had a good crack at stealing it. I think the disc locks saved the day. Often all you have to do is make it not worth stealing, let them move on to an easier target.
  5. Thanks for the reply Teef. Yea my situation is a bit of a worry so I'm now looking at either paying one of the neighbours for use of their garages or trying to clear room to be able to park the bike in the back garden, in which case I'd still take the precautions of installing a disc lock, alarm and even chaining it to something. I live in a low risk area, but I'm not taking any risks. I'd be absolutely devastated if it got nicked. Your QBE concerns sound worth looking into, but as you mentioned, you can't believe everything written online. Hopefully some people can respond to my previous question about reputable payers in the industry. Thanks again for your feedback.
    • Like Like x 1
  6. I was told by my current insurer that if I was a member of a motorcycling club I would get an extra discount. As an example they mentioned 'Netrider' amongst others.. As it so happens I was a member but did not think that this counted, but apparently it does....
    As a result they discounted my policy by $70-.
    Happy days, so don't forget to ask the question.....
    • Like Like x 1
    • Informative Informative x 1
  7. I've only ever made car and house claims so take this with a grain or two.

    I have everything with Suncorp and get 15% discount across the lot.

    Each time I've made a claim it has been absolutely pleasant getting everything I wanted....sometimes more. As my roof leaked during a storm. They not only replaced the broken tile but redid all my points etc. then they didn't just replace the damaged piece of ceiling but the whole ceiling in the room (large open plan).
  8. Personally i use Swann and have never had any issue with them(In saying that thankfully to date i haven't had to make a claim) they gave me the best premium at the time i signed up so i'm happy.
  9. I'm insured with Motosure for my sports ile, comprehensive insurance and some track days are covered and Mi-Bike for my dirt bikes.
  10. Shop arround every couple of years. Premiums slowly creep up. Vehicle values go down. Insure for the replacement value to you. Not the insurers market value. If you buy a new car or bike say $30,000 you will pay the same premiums for ever. Even when its only worth $5,000. Half hour on the phone every couple of years can save you thousands. Dont get sucked into this gold/platnum gimmick by staying with the one insurer. There are 2 major parent companies IAG and Suncorp then there are the few smaller ones. All have to honour their obligations in the advent of a legitimate claim. I have worked with and for insurance companies for 35 years.
    • Agree Agree x 1
  11. Justus: Sounds like good advice from Paul H.

    For people who do full comp, if you are not good at arguing over the phone, then it's a skill set you need to brush up on :)
  12. AAMI have been good to me
    Only one claim for cleaning up a kangaroo on my way to work
    I did have to pay my excess $500 because they said they can't sue the kangaroo
    But they did a good job repairing my bike and all parts are new for old replacement
  13. I've had reasonabley good experiences with Swann and QBE for full write-offs. Agree with the idea of keeping it 'agreed' value not market value, especially for a new or near new bike. Values drop rapidly, and the reduction in payout will be a harder hit than the few extra dollars a year in premiums. You lose enough to single vehicle, theft, age, 'special' etc excesses. Yes shop around whenever it comes up for renewal. QBE for example do a price-beat arrangement that worked out for me.

    Also make sure your mods/accessories are listed on your policy. They increase your premium, but again, not as much as the replacement value would be.

    Also very interested in the rationale for this... you'll pay the same premiums (gradual increases notwithstanding) but they will be a sh*tload higher.
  14. #14 Paul H, May 14, 2016
    Last edited by a moderator: May 14, 2016
    Also If my replies have been posted. You don't have to argue over the phone. Most insurers will negotiate and are willing to do deals.

    It appears moderators edit posts to their own interests and are not interested in facts that can benefit forum users.
  15. Insurer non payments are generally because the situation is not covered.

    The insurers that people call good payers just have policies that cover more things.

    But whether the policy is going to cover your situation rather than ones that tend to happen to other people can only be known if you read the pds before buying the product.

    You can always go to the ombudsman to make them pay if its in the pds. If its not you wont win.
  16. The depreciation of a vehicle relative to a long held policy is relevant and what Paul has said is of value IMO.

    Let's say you buy a late model vehicle for $30K and comprehensively insure it with your trusty insurance company for that amount. The premium is say $650.

    The insurance company use the market (or agreed) value as part of the formula that they use to come up with a premium $ amount. They do this because the amount that they need to pay out in the case of a write off claim is a factor.

    If you just stay with that insurance company without doing a yearly ring around, in 10 years time when the vehicle is worth $8K, they will still be hitting you in the rear pocket for a similar premium, despite the fact that the amount which they will have to pay out in repair before before they write it off is considerably less than when the market value was $30K, so the risk outcome for the insurer has changed.

    This is borne out if you do ring around and get Comp insurance quotes for an older car of little value compared to a newer more expensive one.

    Is that what you were alluding to Paul HPaul H
  17. Nb/ My Comments based on personal experience :)

    BTW: Paul H. Is that aus.moto Paul H ?
  18. Not just risk. Cost to repair is also a factor. A bike might costs more to repair in the same event.
  19. #19 CraigA, May 15, 2016
    Last edited: May 15, 2016
    I respecfully disagree with parts of this. For a start you are comparing two different vehicle types and then stating value differences have no bearing ( an apples and oranges comparison), where my argument was regarding the same vehicle over it's life from when it was near new to an old vehicle in its depreciated state.

    Risk entails the likelyhood as well as the outcome ( the cost or exposure to the insurance company in the event of a claim), where as you are only talking about the likelihood!

    The value of the vehicle is one factor that they have to take into account as it determines the $ value of exposure that they are risking. Its one of the "other factors related to doing business" things that AAMI have listed in their spiel that you have posted above!

    If an old car has a value of $8K, then that is the maximum that they will need to pay out to replace that car to the owner in the event of a single vehicle accident, so the level of exposure is low in the event of that accident happening. They aren't going to spend $15K fixing it if involved in an accident. They will write it off. They will spend $8K on a $30K car though, so the cost to them to have it on the books is greater.

    Sure, they also need to account for damage to third parties but this is a risk factor that they need to take into account for all levels of insurance, not just comprehensive. If I hit a nail with an $80 hammer, does the outcome to the nail vary when compared to when I hit it with a $10 hammer? Either way the nail has been hit hasn't it? So the $ amount that the insurance cover premium to cover other parties should be similar given the same car/same owner but in its more depreciated state

    This is simply not true in 99% of cases. A "new to you car" is usually a model that has been on the market for 2,5,10,20 years. They know the risk involved with that vehicle or vehicle type. All they need to factor in is the driver differences.
    Name a car on the Aussie market that is NEW. There aren't any I can think of. They have been sold somewhere in the world for many years and even if there is a new car the insurance companies have a pretty fair idea what type of person is going to buy it and how well they will look after it. Working out how much risk a new car needs to bear is not that risky!

    This rarely happens, but if it does it is usually because of the missuse of the stats.
    If a vehicle has a certain risk, then that's the risk it has, despite the level of cover it has.
    By misusing and misunderstanding the stats the insurance company has exposed themselves to greater risk of a payout because now they have to cover an at fault accident on the vehicle insured, not just other vehicles that the insured vehicle comes into contact with in an accident, wouldn't you agree?

    Answer me this.

    My bike insurance for my S1000R renewal just came in last week. The premium is the same give or take a few $ as last year but market value has dropped about $1K.

    I jumped onto my insurance companies website for a quote and with exactly the same info that is on the existing policy, they came up with a figure $200 cheaper to insure it. Same bike, same risk factors. Why is it going to cost me $200 less to insure it than last year if I take out a different policy with the same insurer than it will if I just pay the renewal notice?
  20. #20 CraigA, May 15, 2016
    Last edited: May 15, 2016
    Read my post! Same insurer!
    Only difference was renewing the old policy vs getting a new quote for the same bike from the same insurer.

    The only difference is that I am posing as new business instead of existing!

    Does new business mean less risk or are they using bogus stats to come up with the theory that the longer that someone insures with us, the more likely they are to put in a claim?

    Either way, perhaps Paul H was right about being able to save thousands over the life of vehicle ownership by shopping around?