Historic Comprehensive Insurance Rates
- HeyCharger
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12 years 11 months ago - 12 years 11 months ago #50935
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Replied by on topic Re: Historic Comprehensive Insurance Rates
Rod - Keep looking for and trying different companies. Insurance premiums are a rort, the companies just try you out, for what they think they can get.
A rural insurer such as say, Wesfarmers, would be more likely to give you a better deal on a tractor.
The problem is that insurance companies specialise in certain fields they elect to deal in .. and anything outside that, they aren't interested in, or don't know enough about it, so they pull out the dartboard, hit a number, then add 30% markup .. and that's your premium! :
The insurance companies rely on collated statistics relating to actual events, and the losses incurred .. and if they haven't got enough statistics to calculate their potential losses, then they are only guessing.
In addition, if insurance companies have had big recent losses (such as QLD floods & cyclones) .. premiums overall, will go up, across the board .. as they try to recover their losses.
The best you can do is play one company against another. When you get a quote, find another likely insurer and say .. "I've got this insurance quote on my item, are you interested in quoting?"
If they are into insuring that type of item, they will usually be interested in beating the other quote.
If the quote they produce is somewhere around the same amount, they aren't really interested in the item.
I've even had companies tell me straight out, they can't match the quote. That's O.K., I can then wipe them off my list!
The other thing to watch is "premium creep". Once a company signs you up, they will often send out a renewal premium that is either higher than the year before .. or the premium is similar, but the insured value has been dropped 30%!
When you get a renewal .. ALWAYS shop around and check other companies for quotes.
The insurance companies always work on the fact that once they've signed someone up, the client then doesn't query, a premium renewal cost.
The Internet has opened up a whole new field for getting insurance quotes, and most companies now have an on-line presence, and on-line quotes.
What is even better, is that other website crowds are now starting up, offering to shop around for insurance deals for you.
This is a similar trend right across the board, for nearly anything you buy, today.
Just as websites such as VroomVroomVroom, will shop around for you for a car-hire deal .. so you can find website companies, that will shop around for a better insurance deal for you.
Insurance companies make a LOT of money, never fear about that! They take a bet you're not going to have a loss, and they nearly always win!
They always factor in a lot of loss that just doesn't happen .. and your aim is to ensure they don't factor in a lot of stuff you shouldn't be paying for!
Cheers - Ron.
A rural insurer such as say, Wesfarmers, would be more likely to give you a better deal on a tractor.
The problem is that insurance companies specialise in certain fields they elect to deal in .. and anything outside that, they aren't interested in, or don't know enough about it, so they pull out the dartboard, hit a number, then add 30% markup .. and that's your premium! :
The insurance companies rely on collated statistics relating to actual events, and the losses incurred .. and if they haven't got enough statistics to calculate their potential losses, then they are only guessing.
In addition, if insurance companies have had big recent losses (such as QLD floods & cyclones) .. premiums overall, will go up, across the board .. as they try to recover their losses.
The best you can do is play one company against another. When you get a quote, find another likely insurer and say .. "I've got this insurance quote on my item, are you interested in quoting?"
If they are into insuring that type of item, they will usually be interested in beating the other quote.
If the quote they produce is somewhere around the same amount, they aren't really interested in the item.
I've even had companies tell me straight out, they can't match the quote. That's O.K., I can then wipe them off my list!
The other thing to watch is "premium creep". Once a company signs you up, they will often send out a renewal premium that is either higher than the year before .. or the premium is similar, but the insured value has been dropped 30%!
When you get a renewal .. ALWAYS shop around and check other companies for quotes.
The insurance companies always work on the fact that once they've signed someone up, the client then doesn't query, a premium renewal cost.
The Internet has opened up a whole new field for getting insurance quotes, and most companies now have an on-line presence, and on-line quotes.
What is even better, is that other website crowds are now starting up, offering to shop around for insurance deals for you.
This is a similar trend right across the board, for nearly anything you buy, today.
Just as websites such as VroomVroomVroom, will shop around for you for a car-hire deal .. so you can find website companies, that will shop around for a better insurance deal for you.
Insurance companies make a LOT of money, never fear about that! They take a bet you're not going to have a loss, and they nearly always win!
They always factor in a lot of loss that just doesn't happen .. and your aim is to ensure they don't factor in a lot of stuff you shouldn't be paying for!
Cheers - Ron.
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