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-   -   Insurance Rip Off (http://www.jeepgarage.org/f190/insurance-rip-off-66983.html)

Brett 10-22-2013 06:48 AM

Insurance Rip Off
 
Just got my comprehensive insurance renewal notice in the mail from AAMI.
Last year was $654. This year $850. That's pretty much a 30% increase and I have not made any claims!
So, I got online and got a quote using a different address. Long story short I ended up getting 3 separate online quotes from AAMI using the exact same details each time except for the address.
For the address of my next door neighbours on each side was approx $700 each. But for my address with the exact same details the online price was approx $1500. WTF!!!!!!
Rang them today and they had all the excuses under the sun, but none were remotely plausible. Needless to say they wouldn't reduce the premium on my renewal notice (yet).

Anyone dealt with this before?

noons 10-22-2013 08:03 AM

Re: Insurance Rip Off
 
These types of scenarios are coding in their systems. It's how they make extra money.
It's morally wrong but don't know if it's technically illegal :(

Domo10 10-22-2013 08:54 AM

Re: Insurance Rip Off
 
Each year when I get m renewal, if there is a substantial increase, I obtain quotes from other agencies. One thing I have learnt about insurance is there is no reward for loyalty. For my new ride, I received the best quote from Commonwealth Bank online.

allypally 10-22-2013 04:05 PM

Re: Insurance Rip Off
 
My annual insurance is increased automatically. This seems ludicrous, especially when the value of the car is reduced every year.
I think ALL insurance companies give an initial first year discount, then attempt to reclaim that money in following years. The reason you found that your particular address registered a higher amount is because when you input that, their system recognised it and subsequently went into self preservation mode to protect the initial renewal quote. I always phone them and demand a discount. Most of the time, I get it. If you are unhappy, walk.

lstowell 10-22-2013 04:24 PM

Re: Insurance Rip Off
 
Quote:

Originally Posted by Brett (Post 915030)
Just got my comprehensive insurance renewal notice in the mail from AAMI.
Last year was $654. This year $850. That's pretty much a 30% increase and I have not made any claims!
So, I got online and got a quote using a different address. Long story short I ended up getting 3 separate online quotes from AAMI using the exact same details each time except for the address.
For the address of my next door neighbours on each side was approx $700 each. But for my address with the exact same details the online price was approx $1500. WTF!!!!!!
Rang them today and they had all the excuses under the sun, but none were remotely plausible. Needless to say they wouldn't reduce the premium on my renewal notice (yet).

Anyone dealt with this before?

Looks like you've been redlined--using address info to set premiums where you could be paying roughly double for living on the wrong side of the street or worse their database is wacked.

There ARE a lot of car insurance companies out there, some don't redline and they don't all use the same information sources, so I'd seriously consider waving them a fond farewell, and see if your new company would offer free mistletoe for you to hang on the back of your shirt.

bill_de 10-22-2013 04:38 PM

Re: Insurance Rip Off
 
Many companies use credit info and other info that is related to the household, not the address. Make sure nothing bad showed up on a credit report. Also, if there are multiple drivers in the household, make sure nobody is hiding a traffic ticket.

___

exlr8 10-22-2013 09:41 PM

Re: Insurance Rip Off
 
I had a similar experience with AAMI on investment properties. There was some flooding in another part of the same postcode and the premium went from $1250 to $3600!!! Needless to say I changed insurers and got a $1200 premium again.
So just shop around, the savings are usually worth the time.

FStephenMasek 10-22-2013 09:51 PM

Re: Insurance Rip Off
 
It is wise to shop all types of insurance every year. We have our home, 13 rental houses, real earthquake coverage on our home, an umbrella policy, a disability policy on me, our company liability insurance, health insurance, and policies on two vehicles. We don't shop the health insurance, because there are so few options in California (most companies do not want to operate here). The quotes we get on the other policies vary widely from company to company, and different companies will be best in different years.

Despite the far higher value of my new Grand Cherokee V8, the vehicle insurance on it is substantially LESS than it was on my 2006 Ford Explorer V8!

ENFORCER 10-23-2013 12:48 AM

Re: Insurance Rip Off
 
I had the same thing happen several times over the years. The only insurance company I trust now is Allianz as they seem to be fair and do not increase the policy more than a few %. They have also been substantially less than any other quotes I got.
On my business insurance, they were 1/2 the cost my broker could get me and my cars were all 30% cheaper than the main ones. The problem seems to be that IAG and Suncorp own 70% of the retail insurance market and it kill the competition. I have NEVER made an insurance claim, yet do not get anything more than a Rating 1 NCB. I have also found that if you increase your excess, it can make a massive difference to the premium.

Brett 10-23-2013 05:01 AM

Re: Insurance Rip Off
 
Yeah, the more I dig the more evident it's becoming how common this is...
I honestly cannot be bothered arguing with them any more (the last phone call took 45 minutes and was a waste of time), so I will just go elsewhere.
I got an online quote from Allianz which was heaps cheaper (about $680 vs $850 from AAMI) - which I am leaning to since they seem to have a good reputation too.
I got an absolutely fantastic quote from Bingle ($503), but am a little worried that it is just too good to be true. Very tempting though...

SNUKE 10-23-2013 06:50 AM

I am currently with Woolworths Insurance as it was so much cheaper than all others. Did not try Alianz though.

Domo10 10-23-2013 07:02 AM

Re: Insurance Rip Off
 
Quote:

Originally Posted by Brett (Post 915628)
I got an absolutely fantastic quote from Bingle ($503), but am a little worried that it is just too good to be true. Very tempting though...

Hi Brett, I am with Bingle at the moment, and did process a claim with them (this is the true test of an insurance co.), and I was pleased with their efficiency, and ease. On the other hand, my folks recently had a claim with APIA who supposedly take extra care with pensioners....what an absolute disgrace...it took them 2 weeks to assess their care which was clearly a write off. It wasn't 'til I got on to them that they moved their arses - very poor communications. Basically, not all seems as it is from the ads....:slapfight:


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