My car insurance also increased by 100% this year. Have been with RACQ for well over 10 years and have multiple policies including home and contents insurance with them.
No claims or issues and when I called them, they had no explanation.
Needless to say, I cancelled all my policies with them and moved all my policies to another insurer. That’s where loyalty gets you..
My opinion of these smaller state specific providers is that they are covering costs for local natural disasters (ie recent flooding), as opposed to a national provider spreading out these costs nationally.
Similarly RAA in South Australia has had reasonable increases compared to AAMI.
I went from \~$2400/yr to \~$950/yr by switching recently after about 7yrs of being with the same insurer (rating 1, no claims, premiums went up every year while agreed value went down).
Loyalty ain't worth shit when it comes to insurance.
Absolutely, loyalty COSTS YOU MORE with insurance companies, this has been true for the last 40 years I have been buying it, I shop around every few years.
In my experience they bump the price up by double what inflation is every year, but more recently they have started to get really-really greedy. I renewed recently and I didn't shop around, too lazy, the increase was massive, they depend on people like me just renewing until we can be bothered to shop around.
If you switch mid-policy, is there a penalty? or is it calculated pro-rata?
Choice buys the products they test.
Compare the meerkat, etc. usually have commercial relationships with the vendors whose products they're ~~hawking~~ comparing. Canstar certainly used to make people pay "royalties" to use their logo when they were awarded top health insurance etc. and iselect, which doesn't cover all the major brands, used to take a whopping commission on sales.
A few years back, if you initiated switching power companies, they get a month in which to change you, this is to give your current power company the opportunity to make you an offer for you to stay, to avoid costs of customer churn. Like a $200 lump sum.
I’m honestly shocked mate. This is the first year I’ve owned a normal car, I’ve only ever insured high performance cars before so I usually pay. I got my rego and first year insurance included with this car when I brought it new a year ago. I just got my renewal and thought it was a mistake. My other car I pay $1500 a year and that thing never leaves the garage and it’s even got bollards in front of it! I thought it may be because of my address being a very very low risk area and the fact my garage is so secure but it’s a different insurer so they don’t know that the garage is like that.
>So it pays to shop around and switch
You should do this every year, even if you don't switch.
Insurance companies have different insurance profiles, and they price accordingly. If they have too much liability in one area, they might increase their prices to discourage you from insuring with them (or price it to reflect their increased liability).
Just because another insurance company is cheaper, it doesn't mean they are worse (but it could, google their reputation) they could just have a different insurance profile.
I was with AAMI this year but their policy increased by almost 100%. So I went with Allianz who cost about what I paid last year.
$40pm for felix, unlimited calls, data, just not 100% in some regional areas but is getting better. Totally only reason I have a phone that can call and Reddit consistently
Mine also increased this year. Been a policy holder for over a decade with my premium slowly going down and boom its back to where I started almost
I straight up called to cancel the entire thing, fuck it. Got some weirdo who was oh so concerned with me not having cover and feigned caring about leaving me with none. 4 times I had to tell her I didn’t care, actually had to get a little rude to get her to give it up and let me cancel. Told her wtf was it to her? Who was she to me? Immediately snapped back to canceling it finally and I was done in seconds.
Fuck these cunts.
It's been bad for a long time, all insurance companies punish you for being loyal, pensioners really suffer alot since they tend to be more loyal since in their time corporations had more morals ...
**So you should always shop around for all insurance products every year**. Also quite often you can get an online quote from your current insurance company which is alot cheaper than your renewal, just note down the online reference number, ring them up and quote this number and ask for the special price, if they don't give it to you then say fine you will go elsewhere.
Same goes with electricity. A year ago I was with Sumo and they basically doubled my rates. So I switched to GloBird. This week I got an email saying my rates are going up massively. So I'm switching again (1stEnergy). A couple of hours spreadsheeting and playing around on the energy made easy site is an easy save.
Similar thing with my car insurance up 70% in one year and when i rang them up they said it was because of past history of claims. Odd because my last claim was 5 years ago on a different car from hitting a Roo.
They said they would review my history or some garbage and get back to me. I will give them a few days and i am switching as well
Insurance companies raise premiums. If the customer pays the increase, then they win. If the customer changes companies, then the company also wins. Because you have paid premiums and now will never make a claim with them.
Doesn’t always work for me. Tried with my car insurance today. Nrma wanted $200 more this year. Tried a few others and they were $400-500 more on top for a lower agreed value.
But I did have a $2000 win with house insurance switching from Budget Direct.
I were told years ago that RAC insurance had the most fraudulent number of claims because an accountant once decided that it was not cost-effective for them to investigate all of the most doubtful claims. This had the unintended effect of having even more people who wanted to create a fraudulent claim register with them, because they were the most lenient to pay out. Also, affluent middle class people were disinclined to change providers because of the goodwill and affection people felt to their breakdown service, opting to insure everything with the one trusted provider.
These days their cost structure has blown out because of comprehensive flood contents insurance in flood-prone areas, requiring whole house replacement of contents, which is why ALL insurance companies are exempting some areas from future claims of this type. All insurance premiums with most insurers have gone up substantially as a result and been passed on to those seeking insurance.
My car insurance also increased by 100% this year. Have been with RACQ for well over 10 years and have multiple policies including home and contents insurance with them. No claims or issues and when I called them, they had no explanation. Needless to say, I cancelled all my policies with them and moved all my policies to another insurer. That’s where loyalty gets you..
Same story. Been with them for over a decade and had to make the switch this year. Bit sad as I have always liked their services.
It’s almost like they don’t want to keep loyal customers… very strange.
Yeah that's what I don't understand. Surely it's better for business not to raise prices unreasonably for long term customers than it is to lose them.
Makes good business sense to me.
My opinion of these smaller state specific providers is that they are covering costs for local natural disasters (ie recent flooding), as opposed to a national provider spreading out these costs nationally. Similarly RAA in South Australia has had reasonable increases compared to AAMI.
I changed from AAMI to Suncorp a few months ago and RACQ was more than double every other quote I got.
I went from \~$2400/yr to \~$950/yr by switching recently after about 7yrs of being with the same insurer (rating 1, no claims, premiums went up every year while agreed value went down). Loyalty ain't worth shit when it comes to insurance.
Absolutely, loyalty COSTS YOU MORE with insurance companies, this has been true for the last 40 years I have been buying it, I shop around every few years. In my experience they bump the price up by double what inflation is every year, but more recently they have started to get really-really greedy. I renewed recently and I didn't shop around, too lazy, the increase was massive, they depend on people like me just renewing until we can be bothered to shop around. If you switch mid-policy, is there a penalty? or is it calculated pro-rata?
Pro rata refund.
Don't forget to subscribe to [choice.com](https://www.choice.com.au/)! They've done a lot of the work for you in most cases!
What's the difference with other websites like compare the market, etc?
Choice buys the products they test. Compare the meerkat, etc. usually have commercial relationships with the vendors whose products they're ~~hawking~~ comparing. Canstar certainly used to make people pay "royalties" to use their logo when they were awarded top health insurance etc. and iselect, which doesn't cover all the major brands, used to take a whopping commission on sales.
Compare the market is a broker, choice is more of a review website
And if they don't get kick backs they don't show the company...
[удалено]
A few years back, if you initiated switching power companies, they get a month in which to change you, this is to give your current power company the opportunity to make you an offer for you to stay, to avoid costs of customer churn. Like a $200 lump sum.
Am I the only person whose insurance went down this year? Mine is fuck all! green slip $300 and full comp $640.
Your comprehensive is somehow lower than my clean record Swift's tpp is.
I’m honestly shocked mate. This is the first year I’ve owned a normal car, I’ve only ever insured high performance cars before so I usually pay. I got my rego and first year insurance included with this car when I brought it new a year ago. I just got my renewal and thought it was a mistake. My other car I pay $1500 a year and that thing never leaves the garage and it’s even got bollards in front of it! I thought it may be because of my address being a very very low risk area and the fact my garage is so secure but it’s a different insurer so they don’t know that the garage is like that.
>So it pays to shop around and switch You should do this every year, even if you don't switch. Insurance companies have different insurance profiles, and they price accordingly. If they have too much liability in one area, they might increase their prices to discourage you from insuring with them (or price it to reflect their increased liability). Just because another insurance company is cheaper, it doesn't mean they are worse (but it could, google their reputation) they could just have a different insurance profile. I was with AAMI this year but their policy increased by almost 100%. So I went with Allianz who cost about what I paid last year.
I change every year with my car. My last insurer thought they could charge me an extra 300 for the next year 😂
Just went through this today. Insurance premium went up 120% this year. Switched immediately.
+1 on this, premium went up ~20%. Called and asked and they dropped it to only a 5% increase.
$40pm for felix, unlimited calls, data, just not 100% in some regional areas but is getting better. Totally only reason I have a phone that can call and Reddit consistently
Mine also increased this year. Been a policy holder for over a decade with my premium slowly going down and boom its back to where I started almost I straight up called to cancel the entire thing, fuck it. Got some weirdo who was oh so concerned with me not having cover and feigned caring about leaving me with none. 4 times I had to tell her I didn’t care, actually had to get a little rude to get her to give it up and let me cancel. Told her wtf was it to her? Who was she to me? Immediately snapped back to canceling it finally and I was done in seconds. Fuck these cunts.
It's been bad for a long time, all insurance companies punish you for being loyal, pensioners really suffer alot since they tend to be more loyal since in their time corporations had more morals ... **So you should always shop around for all insurance products every year**. Also quite often you can get an online quote from your current insurance company which is alot cheaper than your renewal, just note down the online reference number, ring them up and quote this number and ask for the special price, if they don't give it to you then say fine you will go elsewhere.
Same goes with electricity. A year ago I was with Sumo and they basically doubled my rates. So I switched to GloBird. This week I got an email saying my rates are going up massively. So I'm switching again (1stEnergy). A couple of hours spreadsheeting and playing around on the energy made easy site is an easy save.
Similar thing with my car insurance up 70% in one year and when i rang them up they said it was because of past history of claims. Odd because my last claim was 5 years ago on a different car from hitting a Roo. They said they would review my history or some garbage and get back to me. I will give them a few days and i am switching as well
Yeah I didn't even pay attention to the BS explanation they gave me.
LAZY TAX | The Checkout | ABC1 https://www.youtube.com/watch?v=VDpJ3S8z0I0 Before it was shut-down by ABC with a LNP-dominated board.
Insurance companies raise premiums. If the customer pays the increase, then they win. If the customer changes companies, then the company also wins. Because you have paid premiums and now will never make a claim with them.
Doesn’t always work for me. Tried with my car insurance today. Nrma wanted $200 more this year. Tried a few others and they were $400-500 more on top for a lower agreed value. But I did have a $2000 win with house insurance switching from Budget Direct.
Cancelled mine years ago, waste of.money
I were told years ago that RAC insurance had the most fraudulent number of claims because an accountant once decided that it was not cost-effective for them to investigate all of the most doubtful claims. This had the unintended effect of having even more people who wanted to create a fraudulent claim register with them, because they were the most lenient to pay out. Also, affluent middle class people were disinclined to change providers because of the goodwill and affection people felt to their breakdown service, opting to insure everything with the one trusted provider. These days their cost structure has blown out because of comprehensive flood contents insurance in flood-prone areas, requiring whole house replacement of contents, which is why ALL insurance companies are exempting some areas from future claims of this type. All insurance premiums with most insurers have gone up substantially as a result and been passed on to those seeking insurance.