question?? NRMA INSURANCE 12-13

[UR25IO]

hey guys
Question??
I just received my 2012-2013 insurance renewal from NRMA today and there was a price increase of $211.71 and my agreed value has been decrease from $70k to $68,500

I still live in the same area with the same circumstances(not a natural disaster zone)

question...
Is everybody receiving an increase in their insurance premium by NRMA or other insurance company..
Does our car have a higher liability on the roads theses days?
Do you think the insurance company is altering my policy with out contacting me (eg my AGREED VALUE)??

Thanks in advance!

[UR25IO]

Originally Posted by Springbokker

1. NRMA was same price for me this FY
2. No idea about liability, but as ex-lease and fleet cars now hit the market they are more accessible to more risky demographics (young males). That could account for a slight increase in premium for a 135i.
3. No - they're not altering your policy as they are annual documents. Those sent by NRMA are simply the terms for your next policy (contract).

oh ok.. Thanks Springbokker, its Strange how my agreed value has changed
as i thought it stays fixed for the life of the contract and market value depreciate each year.

I might have to call them up tomorrow

oh BTW my car has been in a accident which wasn't my fault, would that might of caused the price hike?

[froop]

Hey Thony,

It goes up every year. I don't know if there's any real reason as to why they do it other than to squeeze you for more money each year. Get a quote with GIO or something and it may be significantly cheaper. You can then call up NRMA and get them to price match. Alternatively, you can even get a online quote with NRMA and often you'll find that it's even chaper that your renewal notice. Then get them to price match that quote.

Every year or second year I just hop between GIO and NRMA because they both do the same thing.

As for the market value thing, I usually go with an agreed value. It's possible to even insure my car at an agreed value for what I bought it 3 years ago, $88k. It only adds an extra $100 or so to the premium to insure it for that as opposed to the market value of ~$50-60k.

[UR25IO]

Originally Posted by froop

Hey Thony,

It goes up every year. I don't know if there's any real reason as to why they do it other than to squeeze you for more money each year. Get a quote with GIO or something and it may be significantly cheaper. You can then call up NRMA and get them to price match. Alternatively, you can even get a online quote with NRMA and often you'll find that it's even chaper that your renewal notice. Then get them to price match that quote.

Every year or second year I just hop between GIO and NRMA because they both do the same thing.

As for the market value thing, I usually go with an agreed value. It's possible to even insure my car at an agreed value for what I bought it 3 years ago, $88k. It only adds an extra $100 or so to the premium to insure it for that as opposed to the market value of ~$50-60k.

hey Alex

I might have to call around and give NRMA with a better quote, That is so strange as i thought every year the premium goes down as our car depreciate... STUPID INSURANCE COMPANY!! always as for more money and when it comes to clams, they are all up tight!

Thats what I thought about the AGREED VALUE. I had an agreed value of $70k last year and the 2013 renewal notice has a agreed value of $67,500. I was like WTF I did not ask that to be changed

[dan_brooks]

This has happened with all the cars I've ever owned. Market value decreases, insurance cost goes up.
In the past I've just called them and got them to price match, or told them it was ridiculous and I was leaving, and they would normally lower it a bit...

[flinchy]

Originally Posted by froop

Hey Thony,

It goes up every year. I don't know if there's any real reason as to why they do it other than to squeeze you for more money each year. Get a quote with GIO or something and it may be significantly cheaper. You can then call up NRMA and get them to price match. Alternatively, you can even get a online quote with NRMA and often you'll find that it's even chaper that your renewal notice. Then get them to price match that quote.

Every year or second year I just hop between GIO and NRMA because they both do the same thing.

As for the market value thing, I usually go with an agreed value. It's possible to even insure my car at an agreed value for what I bought it 3 years ago, $88k. It only adds an extra $100 or so to the premium to insure it for that as opposed to the market value of ~$50-60k.

You know agreed value doesn't necessarily mean 'payout' value? I know plenty of people who have 'agreed' at $xx,000 and get paid out at $xx,000-$y,000

[UR25IO]

Thanks guys for your input, im going to shop around first and do what Ian said-acting if I was a new customer..

[1_dez]

A claim or incident may impact upon the calculation of premium before the No Claim Discount is applied - may fill that void.

[froop]

Originally Posted by flinchy

You know agreed value doesn't necessarily mean 'payout' value? I know plenty of people who have 'agreed' at $xx,000 and get paid out at $xx,000-$y,000

Really? That kinda defeats the purpose of having an agreed value then doesn't it? Haha. What is the basis for the -$y,000 other than subtracting the excess?

[flinchy]

Originally Posted by froop

Really? That kinda defeats the purpose of having an agreed value then doesn't it? Haha. What is the basis for the -$y,000 other than subtracting the excess?

Honestly i'm not sure

Possibly some 'pre existing damage', insurance companies will try to pay you as little as possible if they can

I remember it wasn't by a great deal, something like $36,000 down to $33,000 or so

[bfi2906]

I insure multiple cars - every year, they all go up, and every year the agreed value on the original quote they send me is lower - so they're trying to offer less coverage, for a higher premium.

Every year, I get an online quote, with exactly the same details as what they send me, and it's quite a bit cheaper. I call them up, and give them the quote number, and they always match it.

Before calling, I also get a competative quote to throw in if I need it.

In addition, when getting the online quote, I get it for the same agreed amount as their original quote, take note of the lower premium, and then play with the agreed value to see how high I can push it without changing the premium. I also look at a little higher premium to see if it's good value.

The reason this happens is, the online quoting systems work in bands. It could be $1000 bands, or it could be $5000 bands - it varies, so you need to play around.

The nett impact is, you get best value for your money. In my last instance, on my wifes Benz, we got the premium down from $1480 to $1200, and increased the agred value by about $3000 - it's only worth about $30000, so that was quite a big % increase. The maths say that's about a 19% decrease in cost to me, and a 10% increase in cover.

Any way you look at it, for the few minutes it takes to fiddle around with it, any saving and / or increased cover, is worth having.

[davo135i]

Originally Posted by UR25IO

hey guys
Question??
I just received my 2012-2013 insurance renewal from NRMA today and there was a price increase of $211.71 and my agreed value has been decrease from $70k to $68,500

I still live in the same area with the same circumstances(not a natural disaster zone)

question...
Is everybody receiving an increase in their insurance premium by NRMA or other insurance company..
Does our car have a higher liability on the roads theses days?
Do you think the insurance company is altering my policy with out contacting me (eg my AGREED VALUE)??

Thanks in advance!

This is the time of year when you go shopping. Have a look around at the million other insurers. Try AAMI and Allianz etc. I used to be around the insurance game and this just happens for no real reason. They hope its an automatic direct debit and you dont notice.

[UR25IO]

Originally Posted by bfi2906

I insure multiple cars - every year, they all go up, and every year the agreed value on the original quote they send me is lower - so they're trying to offer less coverage, for a higher premium.

Every year, I get an online quote, with exactly the same details as what they send me, and it's quite a bit cheaper. I call them up, and give them the quote number, and they always match it.

Before calling, I also get a competative quote to throw in if I need it.

In addition, when getting the online quote, I get it for the same agreed amount as their original quote, take note of the lower premium, and then play with the agreed value to see how high I can push it without changing the premium. I also look at a little higher premium to see if it's good value.

The reason this happens is, the online quoting systems work in bands. It could be $1000 bands, or it could be $5000 bands - it varies, so you need to play around.

The nett impact is, you get best value for your money. In my last instance, on my wifes Benz, we got the premium down from $1480 to $1200, and increased the agred value by about $3000 - it's only worth about $30000, so that was quite a big % increase. The maths say that's about a 19% decrease in cost to me, and a 10% increase in cover.

Any way you look at it, for the few minutes it takes to fiddle around with it, any saving and / or increased cover, is worth having.

Thanks bfi2906.. thats some useful information..and I will keep that in mind.. But the main thing I dont understand is why the increase and my agreed value has gone down without discusing it with me, with my previous car that I had for 3 years the prrmium has gone down with Allianz as my insurer.

[bfi2906]

Originally Posted by UR25IO

But the main thing I dont understand is why the increase and my agreed value has gone down without discusing it with me, with my previous car that I had for 3 years the prrmium has gone down with Allianz as my insurer.

Because they're an insurance company, and they use all resources and approaches to make money. It's a "try-on". They are hoping that you, like the majority of people, will simply pay it without question, and certinaly no research.

As you go through this process, don't be fooled by simply low premiums. They're low for a reason. Not all insurers are the same, and not all policies are the same. Painful as it is, read the important parts of their PDS's to ensure that you understand what your getting, and more importantly, what you're not getting.

Consider things like EXACTLY what does "choice of insurer" mean - Do you get to pick, or do you get to pick from their list. Will they guarantee to use NEW and OEM parts. etc, etc, etc

Don't be con'd by lines like - "We guarantee the work for xx years, so it doesn't really matter who does the repair". And, "you simply bring the car into our centre, and we take care of it from there (and give you a cab voucher to get home)". Both of those are designed to allow them to give the work to one of their chosen repairers. The reason these repaires are "chosen" is because they will do the work to a price, not a quality, thereby saving the insurance company money. This single issue has bitten soooo many peopole it's rediculous.

As a sanity check, I periodically ask a very good BMW specialist repairer I know, who is good for him to work with. To me, that 's the best test - even if it costs you a few more $'s, you know it'll be done properly, first time.

[Stuart@BMRAutowerkes]

Payout figure = agreed value less excess less existing damage

If you make a claim with your insurance company for something that wasn't your fault that can increase your excess.

Best in the biz (imo) are Allianz and NRMA.

If NRMA is asking for more money this year, just shop around and get them to price match. Hopefully the time doesn't ever come to have to use it, but if you do need to make a claim with NRMA they'll be 100 x better than any of those other cheap shitty popup overnight type insurance companies

[froop]

Originally Posted by Springbokker

TOP tips here gents

on another note i was attempted squeezed once by my insurer when i had an accident (not at fault). the other car made up some bullcrap story and so on goes the insurance company arguments.

when my car was ready i was told by my chosen repairers that there was an excess applied. i called my insurers and they said "oh sir, we will refund it once our investigation is over if we find you're not at fault".

Unlikely.

So i digged up an email i got from my case manager (fleet insurance) that said i wasn't at fault and they gave in.

insurance companies will rort you for ever $ youre worth.

Same thing happened with me. Had the car only 3 months and a truck tried to turn left through me from the right lane as I was overtaking at a greenlight. He was going to go straight ahead but changed his mind and started indicating as I was right alongside him. Nothing I could do. Even scarier when you have the roof off as I did

He ended up scraping the fender and pushing it in so there was significant rubbing.

I had my car repaired so I could drive it and had to pay the excess first. $2.5k as I was under 25 at the time... Had to fight tooth and nail to convince them that it wasn't my fault even though I had photo evidence etc etc. 6 months later when threatened with a complaint they finally called the other party to ask if he had "Do not overtake turning vehicle" signs on his truck (which he clearly didn't on the photos I sent to them 6 months earlier). He replied that he didn't and I finally got my money back... All insurance companies are the same and will rort you for all they can.

Shop around as much as you can every time the renewal comes around. I can guarantee you'll get a better, if not much better price.

[gtappers]

Originally Posted by bmroxm5

Best in the biz (imo) are Allianz and NRMA.

I had someone hit me (their fault) recently needing some door fixes, and the repairer (Stow in Artarmon) echo'ed exactly those same insurer recommendations. After seeing the excellent work they did on my 1, I was convinced enough for me to switch my insurance to NRMA the following month despite a price hike. Gives me much improved peace of mind about having the ability to choose them as my (quality) repairer if needed, and NRMA also will insure mods up to the agreed value.

[bfi2906]

Originally Posted by gtappers

I had someone hit me (their fault) recently needing some door fixes, and the repairer (Stow in Artarmon) echo'ed exactly those same insurer recommendations. After seeing the excellent work they did on my 1, I was convinced enough for me to switch my insurance to NRMA the following month despite a price hike. Gives me much improved peace of mind about having the ability to choose them as my (quality) repairer if needed, and NRMA also will insure mods up to the agreed value.

Best in the business. Not the only good repairer around, but IMHO, they don't come any better.

Why? The owner (Michael) works there every day - as does his son. Michael is a perfectionist, and accepts nothing less from his people. For me, if Stow isn't on an insurance compaines list of repairers, and they award him work (big difference there), I wouldn't even consider them.

To indicate how this works, there are some insurers that Stow won't waste yours or their time even quoting - simply because, based on previous experience, they know they'll never be awarded the work, so it's a waste of everyones time to do the quote.

Perhaps there's a link between that attitude and why Stow's been in business for over 30 years, and has always been a favorite with German car enthusiasts. Quality & good business acumen - good combination

[UR25IO]

So guys ive called a Few insurance company and this is the verdict. (note. Ive had my license suspended in the last 18-24 months)

Allianz= sorry we can not cover you! WTF lol

GIO = $3600 windscreen cover and car loan

AAMI = $2160 windscreen cover and car loan

can anyone suggest any other respectable insurance company before I call NRMA back with the new price hike.

Thanks

[froop]

Originally Posted by UR25IO

So guys ive called a Few insurance company and this is the verdict. (note. Ive had my license suspended in the last 18-24 months)

Allianz= sorry we can not cover you! WTF lol

GIO = $3600 windscreen cover and car loan

AAMI = $2160 windscreen cover and car loan

can anyone suggest any other respectable insurance company before I call NRMA back with the new price hike.

Thanks

Remember to try and get an online quote from NRMA themselves so they can price match their own quote.

[UR25IO]

Originally Posted by froop

Remember to try and get an online quote from NRMA themselves so they can price match their own quote.

will do.. Ill do an online quote first and call them up as a new customer and see what the premium is- if its cheaper than my Renewal Insurance policy ill ask the question - why the f.... is this cheaper than my currant policy.. then im sure ill get a more of a discount LOL
I want to see NRMA choke on their own quote hahaha

bare in mind the policy that I currently have now is $400-$600 cheaper than AAMI

[froop]

Originally Posted by UR25IO

will do.. Ill do an online quote first and call them up as a new customer and see what the premium is- if its cheaper than my Renewal Insurance policy ill ask the question - why the f.... is this cheaper than my currant policy.. then im sure ill get a more of a discount LOL
I want to see NRMA choke on their own quote hahaha

bare in mind the policy that I currently have now is $400-$600 cheaper than AAMI

That's not bad if you've had a license suspension in the past 24 months.

Have you told them about your mods btw? I haven't informed NRMA about mine yet. Not sure how much it'll affect the premium..