Which Insurance company are you with?

[Corey_R]

Insurance companies are funny.
Apart from finding out companies you should NEVER USE because their service and conditions are so bad, find "best prices" in threads like this are pointless. They seem to have a random algorithm for determining which customers they want, from where, and at what time.

3 months ago, Shannons are much cheaper for me than Allianz. GIO, Zurich and QBE were also not as good as Shannons (for me). I was with NRMA who WERE the best (for me), but then put their premium up 33% for no reason when it was time for me to renew. AAMI were not an option.

[hooba]

They seem to have a random algorithm for determining which customers they want, from where, and at what time.

There is nothing random about it, they all spend a lot of time analysing what kind of business they want to chase and therefore discount and what kind of business they want to push away with higher premiums. Most companies review their pricing on a weekly if not daily basis at a very detailed level, whilst taking into account numerous factors such as the amount of current claims they're processing. Many years ago I did some work for a start up web insurance company that was owned by one of the big firms, and to start off with they were basically only interested in writing policies for people over 35 living in the Sutherland Shire with no modifications - everyone else was either politely refused or offered a $$$ premium.

[Corey_R]

Yes, I understand... but it's still random as far as consumers are concerned.

My main point still stands though. It doesn't really matter what price anyone here was able to get, you really need to call around (or use the internet quoting services) for each insurance company and compare the conditions yourself. Exclude ones which are known to be bad to deal with, but do the rest.

And then redo it each year, as even if you change from company x to company y to save 25%... the next year you may need to change back to company x to keep the same premium since y has put it up 33% !

[ConR]

There is nothing random about it, they all spend a lot of time analysing what kind of business they want to chase and therefore discount and what kind of business they want to push away with higher premiums. Most companies review their pricing on a weekly if not daily basis at a very detailed level, whilst taking into account numerous factors such as the amount of current claims they're processing. Many years ago I did some work for a start up web insurance company that was owned by one of the big firms, and to start off with they were basically only interested in writing policies for people over 35 living in the Sutherland Shire with no modifications - everyone else was either politely refused or offered a $$$ premium.

Ya +1. I work for an insurance company. In IT albeit, but still know how it works. The calculations they use to determine your policy is insane. There are so many factors. Market, history, age, sex, history, car, where you live. They all factor into a rater spreadsheet basically. They come up with a rate for you based on that, and determine the cost.

[blanch0b]

Ya +1. I work for an insurance company. In IT albeit, but still know how it works. The calculations they use to determine your policy is insane. There are so many factors. Market, history, age, sex, history, car, where you live. They all factor into a rater spreadsheet basically. They come up with a rate for you based on that, and determine the cost.

absoulte agree... i think this thread is not about comparing cost because there would be WAY too many variables for that - therefore its about quality of service, handling of claims, consumer choice, etc etc etc.... im very happy with my current insurer RAC of WA.

[Mr_Bob]

There are so many factors. Market, history, age, sex, history, car, where you live. They all factor into a rater spreadsheet basically. They come up with a rate for you based on that, and determine the cost.

I know this is the case, but everytime i hear that, it makes me angry.

Insurance companies would never track, or charge premiums in based on race, or sexual orientation, even if they had solid statistics to back it up.
(i'm not saying they should, but this is an example of them correctly avoiding discrimination)
Yet they openly discriminate against young people, males and people living in certain areas.
Although the area is relevent if only considered for theft risk, and not risk of collision..

Surely everyone should be protected by the anti-discrimination laws, regardless of the category/minority that we belong to?

The only high-risk category that I fit into now, is the male one, but it still makes me angry that this goes on.

The only "human" factor should be your driving history for NCB, the other factors should be things like sum insured, theft risk (location and vehicle), cost of repair and if the vehicle is security for finance.

They should not be allowed to use generalisations about people's behaviour based on the actions of other individuals that fit into their category.

[ConR]

Yeah, I agree with you too...partially. Unfortunately, insurance companies base their decisions on history & risk, and it's the risk that really drives the rates.

I agree that we shouldn't be stereotyped as bad drivers because we're males or females, and have that result in higher rates. I don't agree that my rates should be equal to anothers when that other person lives in a high risk suburb, known for higher car thefts and vandalism.

But, back to the thread......

[hooba]

Yes, I understand... but it's still random as far as consumers are concerned.

Not for all insurers. Check out Car Insurance Australia - Online Car Insurance Quotes - The Buzz Insurance , they're owned by IAG. Very clever website which allows you to see what the different factors do to your premiums.

[MurphyTheElf]

Not for all insurers. Check out Car Insurance Australia - Online Car Insurance Quotes - The Buzz Insurance , they're owned by IAG. Very clever website which allows you to see what the different factors do to your premiums.

Anyone else tried getting a quote through that website? I have a highly spec'ed GTI and I could not set the Agreed Value above $46800. And they state that it is to include options.

On another note, Volkswagen Insurance sent me a renewal - with a 20% premium increase for good measure. My circumstances haven't changed and I've made no claims. Thank you, but I'll be moving to another company.

[Corey_R]

On another note, Volkswagen Insurance sent me a renewal - with a 20% premium increase for good measure. My circumstances haven't changed and I've made no claims. Thank you, but I'll be moving to another company.

Yeah... this is what I don't understand and why I say that it truly appears random. I don't care what anyone else says, you have this happen to you a few times (like I have) and you truly have to wonder. Try a 33% increase like I had... and yet it's now only 3 months later and I'm researching which insurance company to go with for my Golf R, and that same company is now the cheapest option for me again! They're now quoting me LESS to insure the Golf R for 3 times the Polo GTI's value! And its the agreed value of the full RRP of my car on the road with options (and since I didn't pay full RRP, the balance will cover my planned stage 2 mods). So again, ITS RANDOM! lol