Insurance quotes

[Keith Morris]

"tanks" here---
I have now obtained quotes for my Mazda wagon for 3rd party/fire/theft insurance.
Suncorp = $278.30 pa
Allienz = $316.94 pa
RAC = $186.00 pa
NRMA = $120.00 pa.

Yes, I have selected the NRMA quote. The offer is to pay annuall or by the month.
Why such a big difference in the quotes.
Keith.

[T1 Terry]

Each company has a risk based pricing policy, the area the vehicle is garaged, the amount it is used, the number of drivers, the age of the youngest driver, the claim history etc. Keep in mind, there are actually only 2 insurance companies, the other brand names are all part of one of these companies and just aimed at a different demographic. I got caught out with this when I was suckered into believing NRMA third party insurance was screwing the Workers comp insurer QBE, after a deep dig it turned out they are all branches of the same company, just well hidden.

IAG and a Northern America company were the real insurance base until a short while ago, finding where the separate insurance types went after that is a mine field, well set up to actually hide the true desk where the buck should stop and that desk keeps moving to a different company name ... but most likely all ties back to the same base company. Insurance is really just legalised theft, they will never loose money .....

T1 Terry

[Newcastle George]

You will never guess which one Ken Tame and th CMC? are tied to.

George

[Grandad]

Based on previous experiences many decades ago when I worked for VACC Insurance, I can tell you they will all make money........ for the insurer. If the price is cheap, there WILL BE someplace where they don't pay out as much.

In comprehensive insurance, dollars to donuts that place will be in the quality of the repair.
In TPO F & T, it will be in repairs to the guys car you hit and one could rightfully say, "so what?" and I wouldn't argue with you.
But you may also find a saving (for them) in their definition of "Market Value" should your vehicle be stolen or burnt.

Be careful if they claim agreed value. I have seen policies that sell as such but if you read the policy itself the wording is along the lines of "Sum Insured = Agreed value, or market value, whichever is the lessor"

One thing you can 100% take to the bank. If one insurance company is cheaper than another, somewhere down the track, you WILL receive less money in a claim. There is absolutely no way around that fact.
On the other hand, some higher premiums won't necessarily give you back a proportionate amount extra.

The best advice I can give is the same as the advice I give clients getting quotes from tradesmen. Get three quotes and go for the middle one.

Jim

[Dot]

You will never guess which one Ken Tame and th CMC? are tied to.

George

Give us a clue please George

[T1 Terry]

The old story of the 3 people quoting for a council job, first one quotes $2,000, second one quotes $1,000 and the third one quotes $3,000. The $3,000 quote wins because the bloke assessing the tenders gets $1,000, the bloke submitting the tender gets $1,000 and he pays the second bloke the $1,000 he quoted to do the job

T1 Terry

[Newcastle George]

You will never guess which one Ken Tame and th CMC? are tied to.

George

Give us a clue please George

The most expensive one Dot.

George

[Dot]

Thank you George, wonder if things will change when KT move along ?? BTW what do you use on the inside of the windscreen to get it clean

[Keith Morris]

"tanks" here---
My main concern is to cover damage that I may cause to others.
The $120 premium is better than paying out $316.94 for the same protection.


I am not worried about damage to the "Blue Wagon". My use of the vehicle is to the IGA, and local Medical appointments at the Doctors, and the occasional drive to the hospital ----all only a drive of 3 km from the Bunker.
As far as Fire & Theft goes, I would just buy another vehicle and take what the insurance pay me as [no doubt] a minimal market value.
Keith.

[Keith Morris]

"tanks" here---
My main concern is to cover damage that I may cause to others.
The $120 premium is better than paying out $316.94 for the same protection.


I am not worried about damage to the "Blue Wagon". My use of the vehicle is to the IGA, and local Medical appointments at the Doctors, and the occasional drive to the hospital ----all only a drive of 3 km from the Bunker.
As far as Fire & Theft goes, I would just buy another vehicle and take what the insurance pay me as [no doubt] a minimal market value.
Keith.