Car Insurance

Steroidfrog · 13-01-2015, 03:36 PM

Just a random question,

Got my renewal for insurance today. The car listed in the Policy is a 6SP FG Falcon however mine is a 5SP. Would this have any implication if I was to make a claim if I had an accident? Should I even mention it to them?

Cheers

335POWER · 13-01-2015, 05:40 PM

I would get the info corrected for your own best interests

Operative68 · 14-01-2015, 12:37 PM

Yes, you should mention the error, it is under your Duty of Disclosure to do so.

In the event of a claim, you may be asked if you received your renewal/Certificate of Insurance, if you read your renewal/Certificate of Insurance. You will then be asked if there were any mistakes on your renewal/Certificate of Insurance and finally questioned as to why you failed to notify the Insurer of any mistakes/errors.

If you do not want to be placed in the position of explaining or possibly having your claim declined or varied due to not disclosing the error, you should have that detail amended on your policy.

Your renewal is the time to update all your details with your Insurer, make any corrections and advise if there have been any changes to the risk since the last renewal such as traffic infringements, undisclosed accidents, new drivers of the vehicle and modifications.

Hope that helps

brismike · 14-01-2015, 01:45 PM

Yes and while you are at it do some shopping around. I'll guarantee you will get a better deal with another company. Then take that deal back to your original insurer and see if they can better or match it.

They are all hungry for business.

Cheers Mike

xisled · 15-01-2015, 02:17 PM

If it is wrong on the policy the payout figure may be different if it is a total loss.

wranger · 15-01-2015, 08:21 PM

Change it ASAP. They'll latch onto any little thing that can get them out of paying.

**fordomatic** · 15-01-2015, 09:49 PM

Just got my renewal for coles, 2010 XR6T

They said agreed value $23100 and $99 a month

Did a new quote and got $56 a month for agreed value of $23100.

Don't ever pay what the renewal is

Steroidfrog · 16-01-2015, 11:50 AM

Thanks everyone for the advice. I'll be calling around to a couple of companies and getting some competitive quotes.

olfella · 16-01-2015, 12:30 PM

Dont forget Budget, Coles and Wollies. Like has been said before, very competitive for your dollar out there.

superfly · 16-01-2015, 01:11 PM

Quote:

Originally Posted by fordomatic

Just got my renewal for coles, 2010 XR6T

They said agreed value $23100 and $99 a month

Did a new quote and got $56 a month for agreed value of $23100.

Don't ever pay what the renewal is

Yeah totally agree! My RACQ policy every year is $50 dearer than online. They don't tell you that. So each year I just take out a new policy and save the $50. So I pay $500 for the year.

Although my saving is a lot less than yours fordomatic!

**Sorted** · 16-01-2015, 01:16 PM

I despise AAMI as they are cheap and nasty but if you are after cheap they have a $100 online discount and then give you a $50 voucher for jbhifi or the like just don't come back on here complaining when they stuff up your repairs lol

brismike · 10-02-2015, 01:33 PM

Just got a letter from Coles Insurance. My policy is due for renewal soon. This is what they said ...

Thankyou for insuring your car with Coles Car Insurance. As you may already be aware, your Coles Car Insurance Policy is due to expire and you will shortly receive your renewal details in the post.

As a loyal customer of Coles Insurance, we are pleased to offer you the [B]same price[B] as your existing policy for your upcoming renewal provided your circumstances don't change before your renew.

So this is what I get ...

Car is a 2014 FG MkII FPV GT
Cover is Comprehensive
Lifetime repair guarantee on repairs carried out
All Drivers over 25
Excess $800
(If under 25 extra excess of $400)
No Claim Discount 1
Windscreen Option Yes
Sum Insured Agreed Value $71290
No Finance on Car
Private Use only
Garaged overnight
Drivers listed on policy licenced for at least 8 years (The missus and myself)
No Traffic infringements in last 5 years
Total Premium $333.00

Don't know anyone who can beat that .. I'm not even going to try ringing around the others as I think I'll be wasting my time.

Cheers Mike

**FormulaFG** · 10-02-2015, 03:06 PM

How are Coles when it comes to a claim?
Is the process straight forward and are they there/helpful every step of the way?

I just wonder with some of these really cheap insurers how good the service is when you actually need it. The old saying you get what you pay for.......

**Silver Ghia** · 10-02-2015, 03:33 PM

Quote:

Originally Posted by Sorted

I despise AAMI as they are cheap and nasty but if you are after cheap they have a $100 online discount and then give you a $50 voucher for jbhifi or the like just don't come back on here complaining when they stuff up your repairs lol

My wifes car is insured with them, and when someone backed into it I managed to get it repaired at my preferred repairer.

Its when you leave the car with them you dont know who will be doing the repairs. It will be the cheapest bidder for the job.

uniacidz · 10-02-2015, 03:37 PM

Live in Sydney.

Prices crazy

Shop around. I literally did over 20 or so quotes and settled with LSV Insurance for my ride.

Worked out great for me, very happy and unlimited mods.
However vehicle has to be over 10yrs old. Again worked out great for me

Was prior with Coles, which only allow one or two mods.

brismike · 10-02-2015, 04:26 PM

Quote:

Originally Posted by FormulaFG

How are Coles when it comes to a claim?
Is the process straight forward and are they there/helpful every step of the way?

I just wonder with some of these really cheap insurers how good the service is when you actually need it. The old saying you get what you pay for.......

Well I'm insured with my house and contents with Coles too. I made a claim in December 2012 when my house got hit by a massive hail storm. $7500 worth of damage. Tiles, Windows smashed etc.

I had only swapped to them from Suncorp 4 months before I made the claim. They were great. Assessors came out within 2 days. Everything was fixed within 3 weeks. Neighbors around me were waiting more than 2 months or longer to get their houses repaired.

Not only that I saved massively ($800 pa saving) on the premium compared to Suncorp who were forcing me to take flood cover when I don't need it as I live on high ground.

So while I have never made a motor vehicle claim thru Coles, based on my experience with Home & Contents insurance, I would say they should be ok. They are a big company with a reputation to maintain.

Not only that just try to insure an FPV GT somewhere else comprehensively for $333 pa at agreed value of $71290.

Feathers · 11-02-2015, 01:26 AM

A workmate bought a new auto Mazda 3, and though he told them it was auto, when the paperwork came out, it stated it was a manual.
He did the right thing by calling up to correct their error, and they told him he now owed them an extra $120, because the auto was more expensive to insure.

He was less than impressed...

deesun · 11-02-2015, 01:32 PM

Quote:

Originally Posted by FormulaFG

How are Coles when it comes to a claim?
Is the process straight forward and are they there/helpful every step of the way? I just wonder with some of these really cheap insurers how good the service is when you actually need it. The old saying you get what you pay for.......

I am with Coles with my FGXR6T, cheapest I could find by a fair bit, around 660$ I think. yes older and 60% NCB no claims Gold Coast. About 3 years ago someone rear ended me, ahole was txting, low speed. Easy as claim and repair, panelbeater of theirs was the local Benz,Aston,Bently, Volvo fixer. BUT be prepared to not get a call back if there isnt someone to talk to at the time. Budget Direct cant beat Coles for my T by miles but is cheaper for my wifes BMW 330 convertible, go figure.

last fairlane · 12-02-2015, 12:25 AM

Hi all
Im lost with the insurance prices
We have a 2004 Territory Ghia We got in 2012
when I bought it for cash I insured it with APIA
for an agreed value of $20000 at a cost of $400 a year
last year they sent me the renewal
and stated agreed value of $15000 at $450 a year
now this years notice came and said agreed value
of $9500 and a cost of $550 a year
I dont know how they come to that price
when I had agreed value
I had injected gas fitted last year and told them so
now there is no way you can buy an unmarked 4X4 Ghia
with 19 inch wheels and tinted windows and 19000ks for $9500
we have three cars with APIA also house and contents
must be time to look around also we have a rating one for life
what gives anyone here know
thanks John

deesun · 12-02-2015, 01:23 AM

Quote:

Originally Posted by last fairlane

Hi all
Im lost with the insurance prices
We have a 2004 Territory Ghia We got in 2012
when I bought it for cash I insured it with APIA
for an agreed value of $20000 at a cost of $400 a year
last year they sent me the renewal
and stated agreed value of $15000 at $450 a year
now this years notice came and said agreed value
of $9500 and a cost of $550 a year
I dont know how they come to that price
when I had agreed value
I had injected gas fitted last year and told them so
now there is no way you can buy an unmarked 4X4 Ghia
with 19 inch wheels and tinted windows and 19000ks for $9500
we have three cars with APIA also house and contents
must be time to look around also we have a rating one for life
what gives anyone here know
thanks John

They are hitting you with the Lazy Tax. Thats what it's called when you just pay without looking around. Look around there are better deals out there. Recently whilst looking I found different companies have different market and agreed values. I was surprised with my T Coles agreed value was higher than others I tried and the cost lower. Nowadays you need to check your ins a min of every two years if not every year to keep costs down. Changing ins co's isnt a big deal any more.

**fordomatic** · 12-02-2015, 08:32 PM

Been with coles for a while, each year they send the renewal cancel the policy and start a new one.

For example, my FGT was $1210 for the year, got renewal it said $1020. I did an online quote and got $660 using exactly the same info as the renewal. You then ring up and cancel the new policy and start the one you got the quote for yourself.

It's a lazy tax, when you ring up to change they don't even try and deny its what they do

deesun · 12-02-2015, 10:17 PM

Quote:

Originally Posted by fordomatic

Been with coles for a while, each year they send the renewal cancel the policy and start a new one.
It's a lazy tax, when you ring up to change they don't even try and deny its what they do

Correct they offer cheap quotes for new customers but not for old. Ring them up and they don't match for existing customers.

deesun · 14-02-2015, 10:58 PM

Would seem this thread jinxed me. Last night wifey rang and said she had had an accident, all her fault, admittedly, turned in front of a car she did'nt see. the car has an agreed value of 20900 thereabouts and I no longer know how much damage costs to repair but I hope it is a right off but I think I am being optomistic. So at least I will be able to tell you how Budget Direct is to deal with.

pozza · 02-03-2015, 07:59 AM

Quote:

Originally Posted by last fairlane

Hi all
Im lost with the insurance prices
We have a 2004 Territory Ghia We got in 2012
when I bought it for cash I insured it with APIA
for an agreed value of $20000 at a cost of $400 a year
last year they sent me the renewal
and stated agreed value of $15000 at $450 a year
now this years notice came and said agreed value
of $9500 and a cost of $550 a year
I dont know how they come to that price
when I had agreed value
I had injected gas fitted last year and told them so
now there is no way you can buy an unmarked 4X4 Ghia
with 19 inch wheels and tinted windows and 19000ks for $9500
we have three cars with APIA also house and contents
must be time to look around also we have a rating one for life
what gives anyone here know
thanks John

I had the same thing happening to me with APIA as well, every year my agreed value would drop but my premium would increase. Strangely enough though my car was written off as a total loss a couple weeks back and they paid me out $1,300 more than my agreed value. Go figure

xisled · 02-03-2015, 03:21 PM

Quote:

Originally Posted by pozza

I had the same thing happening to me with APIA as well, every year my agreed value would drop but my premium would increase. Strangely enough though my car was written off as a total loss a couple weeks back and they paid me out $1,300 more than my agreed value. Go figure

When looking at your agreed value and the cost of your policy you need to remember the agreed value of the car is a very small part of a premium.

When a insurance company calculate a premium, two main factors come into play. The cost of an average claim for your type of car and the cost of claims in your postcode for the same type of car.

The insurance company does not need to factor in a huge amount for a total loss as the percentage for total loss claims is very small compared to the number of claims lodged. This is why the agreed value on a car can drop but a premium will increase.

When looking at repairing a car for a bumper bar for example, the bumper bar will cost more to buy each year, the cost of paint will be more expensive each year and the cost of the panel beater to pay the employee to fix the car will increase each year. So each year the average cost to repair a car increase.