Is It Just Me Or Have Insurance Premiums Skyrocketed?

[ras1983]

Mate everything goes up, if you want the car it's just something you have to take into consideration.

Why don't you move to a better area?

Because it's not within my means to do so at the moment. Maybe later next year.

[D_I_F]

Then don't buy the car?

[Hadouken]

Then don't buy the car?

This

[BlackTemplar]

westarmers is formerly Coles Myer right?

Not really, Wesfarmers has been around since 1918 or something like that, started off as a farmers cooperative. They bought the Coles group a couple of years ago, just like they have bought many other companies around Aus. They are a huge company, but with a finger in lots of different pies. Unlike CBA or BHP who are just into banking or mining.

They have a couple of smaller insurance companies, and run the OAMPS chain of insurance brokers

[D_I_F]

CBA does their own insurance as well..

[ianjb]

CBA does their own insurance as well..

They dont touch imports or performance. just an FYI.

I tried em.

[ras1983]

Then don't buy the car?

I'm not buying a car. I just wanted to see if the premiums I was quoted were in the same ball park as everyone else (premiums don't change by more than a couple or few hundred dollars between suburbs, all else being equal). It turns out that's something experienced by all and sundry. The end of the discussion has been reached and the mods may as well close this thread.

Frankly, it seems some posters don't actually pay attention to the point of a thread and have the conversation that they want to have instead of replying to the original question.

Edited September 13, 2012 by ras1983

[R31Nismoid]

They are owned by Suncorp, not underwritten..

Yeah sorry poor choice of words.

When i said "under" i meant as in the umbrella of the greater Suncorp business - not as in underwritten

[evil_weevil]

There are a lot of underwriting agencies owned by larger companies. Use a broker? They have access to underwriters who joe public cannot.

Dawes have now changed to broker only. Other agencies such as trinity, chartis, MB prestige are similar.

As dif said, loss ratios. To those who don't work in insurance illgive you an idea...

Say a companies loss ratio target is 54% that means out of every dollar, 54 cents is paid to claims.

In portfolio management, we use loss ratios for pricing. Got a good loss ratio of 20% or less? You are going to target that market. Eg over 40 motor cycle.

Bad loss ratio? I wouldn't be surprised if Shannon's were around the 100% these days for these cars. When I was there skylines were 120%

Plan of action?

Simple, increase premiums and excesses and more stringent guidelines to accepting the risk.

Although larger companies like Shannon's will still have people discounting skylines to win business, yet discounting hurts the insurers bottom line.

Remember, they are a business, not a charity and their business is to pay claims.

/nerd.

[oweban]

note to self, get chubbs to tell me what the least claimed-on car is before buying anything

[evil_weevil]

Mx5s hahaha

[D_I_F]

Haha he's right, they are pretty good.. Lol

[ras1983]

Mx5s hahaha

actually I was thinking a cheap early 90s MX5 would be a great weekend car! There are quite a few available on the mx5 forum. Seem like a really good car. A mate of mine had one ages ago and it handled like a go kart and was a really fun car.

[evil_weevil]

Very true! I'm not biased though haha

I had my r33 for 5 years, took my dads stock na6 mx5 for a drive through galston gorge and was

More fun than r33 and had to have one, but not stock so bought race car 5 haha