Insurance Whinge

[piroska]

When I bought the latest car, my 2006 Rush, it is the newest most expensive car I have owned.
It cost (with the key business just over $100,000.

Ami insured it for $10,000 and ten we moved. A less risk area, now in garage, not carport like before. No claims, no speeding tickets or anything.They renewed it at $6000.
I protested. I checked 3 valuations, all were higher.
In the end they agreed to keep it at $10,00 and I said if ou dump it that much again, I won't bother, I'll just go elsewhere. Oh no they said...we won't.

So they did.
$7000 this time.

My mums 2000 battered thing, parked in carport, didn't go down that much, only $1000. She has had speeding tickets and several claims.
It's scruffy, scratched and the back bumper is no longer straight.

Ditto friend who bought her same age car just before mine, hers went down $1200.

All AMI.

Why so much on mine?
I reckon it's cause I no longer have house and contents, and they do.

All 3 valuations, including Redbook say it's lowest (poor condition) is $7500, and highest $11000,
In between is good - minor scratched etc....

It is in good nick, tyres perfect even the spare, only one small scratch on back left bumper.
All the other insurance companies value it at $8800 - $10,000.

So I moved. And got a cheaper premium.

The only downside is no more $100 excess. But stuff AMI.

They then had the cheek to send me How happy are you surveys and emails.

Before, all I got was the form letter - values affected by location and claims...etc.

Bollocks.

We moved husbands old ute once too, 1986 Datsun....AMI had it at $1800. The rest were quite shocked and said no, $4000.

Yep I know they go down, all the crappy old things I had before did, but never so much...
Uhuh...

[user]

We are with State. The issue we have had in the past is they keep the insured amount at the same level each year and we have had to decrease it. If it stayed at the higher level, they would only pay out the average amount a similar car was worth, not an amount in excess of that.

[1101]

Things have changed then.

It used to be they would insure for whatever $ you told them (within reason) .
Then only payout on current market value , no matter how much it was insured for (from experience, twice)

So , why would they not want to charge higher insurance premium on higher insured value, if they dont think they will ever have to payout for that value (if the car wasnt worth that) . ?

[dugimodo]

My Car was insured for $17000 "agreed value" with AMI a year ago which was $1k higher than they suggested because I wanted it insured for what I paid, it just renewed with $15400 "agreed value", I guess by paying the premium I technically agreed to that, but they never asked. It annoyed me slightly, but I think it is fairly close to replacement value actually.

[Lurking]

All to do with safety.

BH's March is much cheaper than my Lancer, older by 7 years. But her's is safer on the road, rofl.

There is a website to check the safety status of MVs'.

lurking.

[Lawrence]

My Car was insured for $17000 "agreed value" with AMI a year ago which was $1k higher than they suggested because I wanted it insured for what I paid, it just renewed with $15400 "agreed value", I guess by paying the premium I technically agreed to that, but they never asked. It annoyed me slightly, but I think it is fairly close to replacement value actually.

I said to AMI a few years ago who did you agree it with Your Mother? or what,was told to get a valuation from the dealer which was higher and was amended

Have since taken one car from them over this but they still cover windscreens which others don't

[Driftwood]

Third party, fire and theft is another option.
Premiums are a lot lower.
You get what you pay for.

[piroska]

All to do with safety.

There is a website to check the safety status of MVs'.

lurking.

No it isn't. I worked for an insurance company way before I got into IT. Doing re-rates....

My car comes out good on the safety rating, not that I believe it....being modern..
And if that was the case, they'd all more or less agree. And so would Redbook.

why did the old ones, with crap safety, never drop so much? You see?

dugimodo: I could live with that......but a drop of $4000 the first time and $3000 the second? I don't think so.
I went with State this time (Had hem before years ago) and at years end I might go to Cove.

Never Tower....


Most don't do o excess glass as a given but it is an option, I chose it....makes the premium slightly higher but not much.

[B.M.]

[QUOTE=piroska;1299593]When I bought the latest car, my 2006 Rush, it is the newest most expensive car I have owned.
It cost (with the key business just over $100,000./]

$100,000, you were ripped off every which way,

[B.M.]

When I bought the latest car, my 2006 Rush, it is the newest most expensive car I have owned.
It cost (with the key business just over $100,000.

You were well and truly ripped off.