Car Insurance Recommendations

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esawers

559 posts

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#1980982 21-Mar-2018 13:01

We have everything with AMI and have never had any problems with claims.

But just moved one of the cars to Tower because it was $350 cheaper, AMI offered a discount when I complained about the price they were charging ($1150), but they still couldn't match even close to Tower.

premiumtouring

357 posts

Ultimate Geek
+1 received by user: 143

#1980989 21-Mar-2018 13:24

ObidiahSlope:
"When the premium is not to be returned.

Where there has been no failure of consideration, inasmuch as the risk has attached. There is clearly no failure of consideration when the assured during the currency of the policy suffers a loss and recovers the full sum assured; he has revived the protection for which he paid and cannot claim a return of part of the premium on the ground that while the policy is unexpired the policy is exhausted."

The Insurance Institute of New Zealand booklet "Law of Fire and Accident Insurance" 1974

The above is a fancy way of saying that you have paid your insurer to cover the risk of loss for a period. A loss has occurred and a claim has been paid. Thus the contract between you and the insurer has achieved what you both intended so there is no fault in the contract which would give rise to a part refund.

Well that seems fair! Not something they were able to explain as well as you put it. Also interesting to note someone mentioned if you were paying monthly the remaining term is deducted from settlement. TIL

kryptonjohn

2523 posts

Uber Geek
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Lifetime subscriber

#1980993 21-Mar-2018 13:47

esawers:

We have everything with AMI and have never had any problems with claims.

But just moved one of the cars to Tower because it was $350 cheaper, AMI offered a discount when I complained about the price they were charging ($1150), but they still couldn't match even close to Tower.

Interesting to know - I should get a quote. Currently have two cars, soon to be three plus boat with AMI.

What AMI has done well for me is "protected no claims bonus". One car has twice been repaired after being damaged while in a carpark and the other party is not known. Never lost the no claim bonus.

sonyxperiageek

2984 posts

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#1981029 21-Mar-2018 14:50

I find AMI are the cheapest for Under 25 car insurance.

I also wouldn't touch Youi either.

Sony

ObidiahSlope

260 posts

Ultimate Geek
+1 received by user: 66

#1981042 21-Mar-2018 15:04

You may have noted a number of advertisements offering no deposit finance to car buyers.

This gives rise to an insurance cover issue which is not obvious.

Most car insurance policies pay out market value for total loss. Because initial depreciation when you drive out of the dealers yard is steep, you will have had fixed fees added to your borrowing and initial payments are mostly interest rather than principal the outstanding balance of your loan will often be greater than market value.

To protect yourself from finding a gap between the insurance pay out and the balance of your loan you should discuss with your broker-advisor-agent insuring the car for an agreed value which is not less than the outstanding balance of your loan.

Most finance companies offer a separate gap insurance but getting your insurance company to cover the gap by agreed value cover is often cheaper.

Obsequious hypocrite

Item

1739 posts

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#1981044 21-Mar-2018 15:16

ObidiahSlope:

You may have noted a number of advertisements offering no deposit finance to car buyers.

This gives rise to an insurance cover issue which is not obvious.

Most car insurance policies pay out market value for total loss. Because initial depreciation when you drive out of the dealers yard is steep, you will have had fixed fees added to your borrowing and initial payments are mostly interest rather than principal the outstanding balance of your loan will often be greater than market value.

To protect yourself from finding a gap between the insurance pay out and the balance of your loan you should discuss with your broker-advisor-agent insuring the car for an agreed value which is not less than the outstanding balance of your loan.

Most finance companies offer a separate gap insurance but getting your insurance company to cover the gap by agreed value cover is often cheaper.

Good advice.

I had no issues doing this with AA - though this may have been made easier by financing through them as well. I requested that the "agreed value" match the total outstanding sum owed as at the date of purchase and have ensured each year that it has depreciated at the same rate as the total owed.

HP

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rugrat

3142 posts

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#1981046 21-Mar-2018 15:25

I'll put a vote in for AMI.

It's more important to me what they are like dealing with when making a claim, then cost after that.

I had a car get hit front wheel side, panel beater was going to fix it, AMI then got them to take something off car to look at it, turned out if panel beater had proceeded car would not have been fixed properly, car then got put in unecomical to repair and they paid out full agreed value.

Glad their accessors knew their stuff, had other claims as well and they've been good every time.

plas

456 posts

Ultimate Geek
+1 received by user: 59

#1981054 21-Mar-2018 15:39

Another vote for AMI. Had a claim a few years ago and it was pretty hassle free, if only dealing with the panel beater was the same.

bmt

574 posts

Ultimate Geek
+1 received by user: 227

#1982778 25-Mar-2018 10:51

As mentioned above everybody and their situation is different so people will have different experiences with the same company.

The one universal constant is do not get insurance with Youi.

wally22

504 posts

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#1982800 25-Mar-2018 11:58

I had occasion to check out my AA car insurance and ended up getting a policy through a local broker. Much cheaper, more cover but annual premium payment only. Never had to claim in the last 2 years so can't comment on that.

Edit, it was with NZI

xlinknz

1141 posts

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#1983489 26-Mar-2018 14:31

I have taken my car insurance to TradeMe (underwritten by Tower) since they had a lower premium for same for same in almost every detail to other providers.

I am quite impressed with their on-line join up and even more with the post sign on-line capability e.g. claim on-line etc

I see Insurance as a commodity service and accordingly I have little brand loyalty except where justified by track record

HP

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MikeAqua

8031 posts

Uber Geek
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#1983534 26-Mar-2018 15:04

ABY - anyone but youi

Mike

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