Welcome to Just Commodores, a site specifically designed for all people who share the same passion as yourself.

New Posts Contact us

Just Commodores Forum Community

It takes just a moment to join our fantastic community

Register

Weird insurance business

[paradox]

Well-Known Member
Joined
Feb 4, 2018
Messages
655
Reaction score
365
Points
63
Location
Sydney
Members Ride
VF2 SSV-R
underwritten by =/= owned by,
correct
underwritten by is a term generally used by agents or syndicates
agents work for the insurer, which is different from a broker who is supposed to work on behalf of the insured.

so for example

Famous is underwritten by RACQ which is in turned owned by IAG (who also happen to own NRMA)
 

Forg

Well-Known Member
Joined
Jun 16, 2015
Messages
6,199
Reaction score
4,185
Points
113
Location
Sydney
Members Ride
Regal Peackock VF SS-V Redline Wagoon
Underwritten-by is indeed not the same as owned-by, but IAG and Suncorp do actually own a lot of insurance businesses.

eg. Shannons isn't only underwritten by Suncorp, Shannons as a company is fully owned by Suncorp.
 

Skylarking

Well-Known Member
Joined
Feb 3, 2018
Messages
9,993
Reaction score
10,322
Points
113
Age
123
Location
Downunder
Members Ride
Commodore Motorsport Edition
A long time ago when I first got my licence I was skint. Luckily there was lots and lots of insurance companies around. And they were all paper based. Loved those simple days.

Back then, I’d get a 28 day cover note from one insurance company and before it expired I get another 28 day cover note from another insurance company. Rinse and repeat :p I did this for around 3/4 of a year before I started to ring the same companies again and unsurprisingly they weren’t so forthcoming :D Yeah, not my finest moments :p

Try and do that today when many companies are owned by the same underwriter, use similar front ends on their web policy portal. These days I t’s hard enough shopping around just to get a better premium price :rolleyes:
 

figjam

Donating Member
Joined
May 14, 2013
Messages
3,212
Reaction score
8,365
Points
113
Location
Far Kurnell
Members Ride
FJ
Back then, I’d get a 28 day cover note from one insurance company and before it expired I get another 28 day cover note from another insurance company. Rinse and repeat :p

There is a blast from the past. Can you still get a free cover note these days ?
 

Skylarking

Well-Known Member
Joined
Feb 3, 2018
Messages
9,993
Reaction score
10,322
Points
113
Age
123
Location
Downunder
Members Ride
Commodore Motorsport Edition
There is a blast from the past. Can you still get a free cover note these days ?
No actually.

I tried on Wednesday. Take out a policy or tell ya story walkin'.
Sort of...
You can buy a 12 months policy (where you usually have to pay upfront). But you can cancel the policy after 14 days with a full refund (without penalty). Well I'm reasonably sure its 14 days. Cancel after the 14 days and it's a pro rata refund (with may also include an admin fee charged for good measure).

The 14 day period is in principle to provide enough time for the policy disclosure statement to arrive and for you to then read and digest the PDS before deciding if it's OK product for you... Rather odd maths as (14 days) - (snail mail time of 5 days, to be generous) = 9 days to read the PDS!

That must be seriously messed up PDS wording if it takes Joe Average 9 days to be able to digest... 9 days... :eek:
Guess todays PDS' are easier to understand as compared to long ago when 28 day cover notes existed :p
 

figjam

Donating Member
Joined
May 14, 2013
Messages
3,212
Reaction score
8,365
Points
113
Location
Far Kurnell
Members Ride
FJ
That must be seriously messed up PDS wording if it takes Joe Average 9 days to be able to digest... 9 days... :eek:

Bloody PDSs !!! Who reads these when a policy is issued. :mad:

My travel insurance that I took out in October last year had 50 pages, with different coloured paragraphs, ticks, crosses, ifs and buts.
Read all that ? Understand it ? Nah .......... why ?
Then when we got back from NZ in March, abandoning a 3 week holiday, I had to decipher it > firstly chase refunds, if available > photocopy reams of documents, receipts, bank statements, letters from travel agents, recreational providers, > submit a claim in accordance with > argue with company about their / my interpretations of PDS > quote references from DFAT, Scomo, Jacinda > threaten to refer them AFCA > wait 6 months to be paid $$$$ out. o_O

Car insurance PDSs ? Who reads them ? Simples. :rolleyes:

Edit ............Back on subject, I should get my Shannons renewal within the next week, and I will post up how it compares to last year.
 
Last edited:

berlina411

Member
Joined
Feb 10, 2011
Messages
94
Reaction score
50
Points
18
Location
Adelaide
Members Ride
VF2 SSV Redline (Weekender). Truck (Daily)
Sorry for late reply from me, not logging on as often as I want to
Just letting you know my insurance amounts from Budget Direct for my 2016 Redline Auto sedan:
Current year
Amount: $700.93
Agreed value: $50,642.00
Excess: $550.00

Last year
Amount: $646.19
Agreed value: $47,314.00
Excess: $550.00
Insurance company automatically raised the agreed value this year without me having to ask. They are great to deal with, made a contents claim earlier this year and they settled the claim very quickly. With this claim and other reasons, I'm sure that next year's renewal will be much higher. Also my car is only a weekender as I drive a truck for work therefore my yearly km is less than 8000. Probably the reason why premium is so low.
 

figjam

Donating Member
Joined
May 14, 2013
Messages
3,212
Reaction score
8,365
Points
113
Location
Far Kurnell
Members Ride
FJ
Edit ............Back on subject, I should get my Shannons renewal within the next week, and I will post up how it compares to last year.

Just got the renewals ……… all agreed value, choice of repairer, no restrictions on daily use, or distance driven per year.

2003 Monaro CV8 Auto @ 135Km ...............Last year $30,000 premium $760. This year $30,000 and $823.
2005 Cross6 @ 140Km. ......................................Last year $10,780 premium $ 634. This year $8,260 and $ 628
2009 Territory Ghia RWD @ 116Km. ..........Last year $15,000 premium $783. This year $13,200 and $791.

Monaro could be valued a bit low, ( $2> 3K?) as per by Carsales adverts.
But, if I did have a total loss, I probably would not replace any of them with a similar vehicle.
Next year, depending on used car market, and demand for Australian cars, I might ask for an increase adjustment.
 

Mayuri Krab

Active Member
Joined
Sep 17, 2018
Messages
186
Reaction score
128
Points
43
Age
37
Location
Perth, WA
Members Ride
VF series 2 SSV Redline, Mitsubishi 380 ES
Well my car is at the panel beaters as we speak getting repaired for Roo strike...

Someone up there doesn’t want me doing any more road trips down south I’m telling ya, last time it I drove down I got done for speeding (creeped to 104 down hill in a 90 zone, 1st time I saw a patrol car around that area for must be almost a decade) and now this time I get kamikaze Roos... and this all happened around the same area/stretch of road.

Plus side, no damage to radiator so managed to drive the remaining 300km with broken head lights, dangling/loose smashed side mirror, dented fender/bonnet during public holiday (double demerits) without encountering a single cop.
 
Top