Insurance Time Again for 2009

[jomsy]

In Insured with shannons, dc2r lots of mods , western sydney , agreed value of $20,000 , its $1100 per year ,you can negotiate prices if you push for it, just transfered over from justcars a few months ago after i discovered the $1500 vehicle excess ontop of the normal excess, $2200 total excess wtf

[mattyd]

Insurance speak, from an insurance worker -

Currently as we are facing an economic downturn, it seems to follow trends with insurers that the market "hardens up" or it is a "hard market". Basically what this means is, premiums are on the rise, and insurance will be harder to get, this is due to statistical information which dictates that in times of economic downturn, the rate of claims increases. As we are coming off a period of sustained growth (economic boom) where the market was "soft" where the premiums were down and it was easier to get insurance, this might be a bit harder felt in this cycle. Also due to the rapid "decline" in the economy.

This is across the board from commercial policies to domestic policies.

Watch for rate rises in whatever insurance policies that you have... or only marginally decreases compared to your last years terms.

Lol, sorry to be a bearer of bad news..........

[vippy84]

errr, DC2r is not listed on shannons' online quote?!?

ring them up
they are friendly

[DC2RKID]

im 22 and i pay $180 per month so it works out round $2200 per year through comminsure and cars stock and insured for market value

[Philip Lee]

just try to make a claim with Shannons and wasn't very happy with their operator.

she was virtually a robot and just restating terms and condition and shit and wouldn't listen to my case.

anyway, if you don't want to pay your excess even if u're not at fault, then you make sure you get the name, address and rego number of the other car.

with my situation, some one hit me from the back. didn't do a lot of damage but becos it was dark, i asked for his information just in case if i find some damage later. he was rude and refused to supply info and in the end i had to call 000 to get his name but unfortunately not the address.

it turns out one of my parking sensor was damaged and i want to recover the cost of repair from him (because he was rude and wasted my time).

anyway i'll now wait for Shannons to see if they can find the other guy b4 i'd get my repair done. if they can't find him then i won't bother fixing it.

[Zilli]

Insurance speak, from an insurance worker -

Currently as we are facing an economic downturn, it seems to follow trends with insurers that the market "hardens up" or it is a "hard market". Basically what this means is, premiums are on the rise, and insurance will be harder to get, this is due to statistical information which dictates that in times of economic downturn, the rate of claims increases. As we are coming off a period of sustained growth (economic boom) where the market was "soft" where the premiums were down and it was easier to get insurance, this might be a bit harder felt in this cycle. Also due to the rapid "decline" in the economy.

This is across the board from commercial policies to domestic policies.

Watch for rate rises in whatever insurance policies that you have... or only marginally decreases compared to your last years terms.

Lol, sorry to be a bearer of bad news..........

Wow...

the reality is premiums need to go up as interest rates are going down... reinsurance returns are diminishing as a result of the yield curve... couple that with the increased propensity to claim to make a quick buck (fraud) and they are the two major socio economic reasons behind increasing premiums...

[Zilli]

Just car lost me as a customer.
Their imposed excesses are ridiculous.. like a $500 vehicle excess that went up to $800 the last time my terms were issued.
I questioned them time and time again about it. Not that I ever made a claim with them, but it kept going up, however my premium always came down.

I work as an underwriter for a major insurer in Australia, i know how it all works. However i was shocked by the customer service i received from JCI when questioning my policy. They think just because you have a modified car that you have no avenues for insurance other than them. In my experience, either get a broker, or if you are over 25 contact famous insurance, dawes, or vigil insurance for very competative quotes.

Price isnt everything guys, especially for us as enthusiasts! make sure you are getting the coverage and service you want, because thats what you are paying for, not the paperwork...

IMO, Just Cars uses AAMI claims handling procedures. I wouldn't insure with them as i have worked there... and there is a reason why their premiums are so low... for now...

When you can have strong controls over the claims costs you can afford to be slightly more conservative in your underwriting and claim frequency inputs when pricing... It's like a loop... if claims go up premiums go up... thats why you will find the premiums for specific vehicles in specific areas will inflate/deflate...

Couple that with interest rate drops i mentioned above, and you have a recipe for increasing oremiums to bolster bottom lines... it's a business with shareholders afterall...