Insurance Rant

[Brett_S]

I knew insurance companies like to overcharge on renewals but this is ridiculous - it's somewhat car related so I thought I'd put it in here

Bought a motorbike recently from a bike shop (we need a motorbike section by the way ) - had 3 months rego left on it

In NSW it's compulsory to have third party insurance so I went online and looked at the current rates

GIO and Insuremyride were the same price at $248.15, everyone else was at least $50 more

Decided to obtain insurance with Insuremyride as I've also got Comprehensive insurance with them

I get through the online system and input my registration number - at this point it tells me that I can't proceed and I have to contact them. So I fill out an enquiry form and explain the problem

Short time later I get an email back from them saying that I can't take out a new policy as the previous owner was insured with them and I have to pay for a renewal rather than a new policy

The kicker is that the renewal is $421.42 - a fair bit higher than the $248.15 that I was just quoted

Found out that Insuremyride is underwritten by GIO - so I call GIO up and explain the issue, they are not able to explain the difference in price, but if I'm happy to transfer the insurance to them I only have to pay $248.15

So I've now got me insurance, but shirley this is illegal.... but I guess there's a loophole somewhere that makes it legal

Just thought I'd share this experience... Thanks for reading

[dvestate]

Wtf would a new ctp and a renewal be to different prices? Surely the cost is the same regardless....

Sounds illegal to me

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[DexterPunk]

Yeah they are a weird bunch insurance companies. Not long ago, AAMI sent me a letter congratulating me on becoming a platinum member. And in the process also told me my premium was going up by about $10 a month (I pay monthly at the moment). I decided to jump online and look at their site to get a quote, I put in next door in case it wouldn't let me get a quote for the same address, and it spat out a cheaper rate than what I was paying. So it seemed to me that it would be cheaper to not renew my policy and take out a new one online. It wasn't just marginally cheaper either, over a whole year, it was about $200 less.

I gave them a call, and they said that next door might have a cheaper rate. He was actually a nice enough guy, and looked at my place on google earth, and even he couldn't work out why it would be more expensive. I'm in the middle of a suburban street, not near any main roads, or anything that would make this address any more hazardous. He ended up dropping my premium back down to basically what I'd been paying, so I stuck with them. Turns out they are also one of the only insurers who will insure an Impreza for less than about $900 a year. It's mental.


Sent from Han Solo using TK-421's phone.

[Doso]

And this is why I'm happy that in Victoria we lump Registration and compulsory third party insurance together into one simple payment each year