Weird insurance business

[SSteve]

Multiple policies means more than 2 which means he probably has a business with employees without any claims for many years. He has probably worked and paid hard over the years to get that good a quote.

I'm mid 40's and haven't made a claim in 10 years and my quote was a thousand dollars for for Manual VE Clubsport Tourer in northwest Sydney for 20k.

3 vehicles, house & contents.
No business or employee’s.
I received my renewal from RACV and they wanted around $850. A couple of minutes on the pc quickly identified savings with links to save on additional policies. The house insurance was due and their quote came in better than Coles, so I jumped. It appears that AAMI is aggressively targeting new customers...Hoping that the customers they win over will just pay the renewal the following year...Not me...I’ll be back on the pc!

 

[lmoengnr]

I'm mid 40's and haven't made a claim in 10 years and my quote was a thousand dollars for for Manual VE Clubsport Tourer in northwest Sydney for 20k.

That's a good quote for an E series Clubsport.

 

[Subju]

a

 

[Subju]

a

 

[Forg]

I'm pretty sure they share claim history amongst each other.

Some of the ones owned by the same company do, but completely different companies (eg. AAMI & RACV) don't.

It's part of why, on the claims-per-car side (as opposed to the claims-per-driver stats) you get lower-volume cars where one insurer can be massively more expensive than the other. eg. Lancia only sells 20 Quadrimofoglios in 2020, one of them gets ploughed into a tree; the stats for the insurer of that Quadrimofoglio show them as a massively bigger risk than all the other insurers show, and Quadrimofoglios are consequently heaps more expensive to insure with them in 2021.

 

[[paradox]]

I'm pretty sure they share claim history amongst each other.

the only centralised database that im aware of is the http://www.ncpd.apra.gov.au/Home/Home.aspx but it is only for Professional Indemnity and Public/Products Liability policies not motor vehicles

Some of the ones owned by the same company do, but completely different companies (eg. AAMI & RACV) don't.

yep.
the issue is the insurance market isnt quite as big as you believe, this is especially true with motor vehicle, as most of the "insurers" you see are really agencies for insurers (underwriter), and a single insurer can have any number of agencies, usually focused on a set market

and Quadrimofoglios are consequently heaps more expensive to insure with them in 20201.

broadly speaking that will have some impact yes, but theres more to it than that

 

[Forg]

broadly speaking that will have some impact yes, but theres more to it than that

It's only part of it, but it makes a difference where all else equal.
But yeah, it's pretty complicated overall & they all have a different method of calculating risk to each other (and every insurance company's risk assessment team knows their system is better than all the other company's teams ).
eg:

1. Driver stuff like claims history (and broken down into at-fault vs not-at-fault, theft vs prang, etc) & fines
2. Car stuff like parts prices, repair costs due to complexities, tendency to get nicked, tendency to get involve din prangs
3. Where it's parked & theft history / claims history
4. Whether the sales team has decided they're going to make a move on certain market-segments so is giving discounts to people in certain categories or insuring certain things
5. Whether the insured has been with them for a while so any discounting can be allowed to slide due to Loyalty Tax
6. Whether they decide they don't want to do business in certain categories any more, so they ramp up the Loyalty Tax in order that they make massive profit out of anyone who doesn't get the hint & move on

etc.

 

[MasterC]

I had a massive argument with NRMA. Other than Shanons, no one is affordable when it comes to SS> Log an official complaint with NRMA and they will jack the agreed value up. I think mine is set at 47.5K

 

[shane_3800]

one thing I should mention is that 90% of the market is owned by Suncorp and IAG. NRMA is owned by IAG. Alianz is their own company.

 

[mpower]

one thing I should mention is that 90% of the market is owned by Suncorp and IAG. NRMA is owned by IAG. Alianz is their own company.

underwritten by =/= owned by,