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Topic # 150951 8-Aug-2014 17:23
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So the car insurance is coming up for renewal and I thought I would do some "shopping around".

With all things considered and accounted for:
AA - $880
State - $920
Tower - $1050 (although with their app you could get up to 20% off for safe driving...)

And then there is that new player, Youi. Fairly well known in Aussie. A South African company.

Their price?

$660.

Anyone had any experience with them around claims?

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  Reply # 1105041 8-Aug-2014 17:33
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I suspect they are too new for you to get a valid response in NZ.  I see some grumbles about them like this one online: http://www.notgoodenough.org/viewtopic.php?p=314972 

And this:  http://www.servicerage.com/car-and-home-insurance/youi 




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  Reply # 1105051 8-Aug-2014 17:51
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you are going to send lawyers to south africa if they decline your claim?

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  Reply # 1105053 8-Aug-2014 17:55
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Their website takes an age to load up for me, which isn't the best sign. I would compare the terms very carefully. I mean some policies include free roadside rescue and free windscreen replacements, and lower excesses. Things are often cheaper for a reason. eg You get what you pay for.

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  Reply # 1105055 8-Aug-2014 18:00
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I am with NZI through a broker for entire fleet of cars in our family. Done few claims over the years and they have always been good to deal with.




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  Reply # 1105059 8-Aug-2014 18:06
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Have you tried Fintel? While a subsidiary of Tower, we've always found their car insurance premiums (way) cheaper than the parent company. We've recently switched back to them from FMG and saved 2-3 hundred compared to staying with them (as it happens, it was within a dollar to insure our Jazz and new Mazda 6 with Fintel compared to the Jazz and old Primera with FMG  - ie replacing a $5,000 car with one insured for $40,000 for the same total premium). 

We've also found them good to deal with for claims (well, the one we had a few years back last time we were with them).

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  Reply # 1105098 8-Aug-2014 19:51
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AM Best have rated Youi at B++/BBB.
For car insurance, then that's probably OK.  For home/contents, business etc, just keep in mind that in case of major natural disaster (ie Chch quakes) AMI became technically insolvent, and they had an AAA rating.

Edit to add link.  

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  Reply # 1105105 8-Aug-2014 20:11
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As I was reading this a Youi ad came up on Channel 7 here in Adelaide. Personally, I wouldn't touch them with a barge-pole. If it sounds too good to be true, it probably is.

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  Reply # 1105120 8-Aug-2014 20:36
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Fred99: AM Best have rated Youi at B++/BBB.
For car insurance, then that's probably OK.  For home/contents, business etc, just keep in mind that in case of major natural disaster (ie Chch quakes) AMI became technically insolvent, and they had an AAA rating.

Edit to add link.  


AMI went bust because they had under re-insured.

Not sure if reinsurance is accounted under the AAA rating system

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  Reply # 1105129 8-Aug-2014 20:54
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Just filled out their online quote, turns out it doesn't give you a price online and they call you instantly :(
My quote was double what I currently pay with AA, guy didn't really know what to do after that.

Be aware they are really pushy on the phone, he constantly tried asking for my CC details even though I made it clear I wasn't interested in starting a policy.

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  Reply # 1105130 8-Aug-2014 21:03
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jbard: Just filled out their online quote, turns out it doesn't give you a price online and they call you instantly :(
My quote was double what I currently pay with AA, guy didn't really know what to do after that.

Be aware they are really pushy on the phone, he constantly tried asking for my CC details even though I made it clear I wasn't interested in starting a policy.


My price came online, no calls so far, but since they are dreaming if they think I'd switch to spend more money, and I didn't complete the transaction I know calls are coming. 


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  Reply # 1105142 8-Aug-2014 21:39
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joker97:
Fred99: AM Best have rated Youi at B++/BBB.
For car insurance, then that's probably OK.  For home/contents, business etc, just keep in mind that in case of major natural disaster (ie Chch quakes) AMI became technically insolvent, and they had an AAA rating.

Edit to add link.  


AMI went bust because they had under re-insured.

Not sure if reinsurance is accounted under the AAA rating system


Was it also because they were very popular in the region? I could be wrong but thought a large percentage of their clients were in the area that suffered from the earthquakes.

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  Reply # 1105143 8-Aug-2014 21:40
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joker97:
Fred99: AM Best have rated Youi at B++/BBB.
For car insurance, then that's probably OK.  For home/contents, business etc, just keep in mind that in case of major natural disaster (ie Chch quakes) AMI became technically insolvent, and they had an AAA rating.

Edit to add link.  


AMI went bust because they had under re-insured.

Not sure if reinsurance is accounted under the AAA rating system


Given that any insurer's liabilities vastly exceed any cash reserves they may have, then yes, resinsurance would be taken into account by ratings agencies - but also Govt prudential regulations. 
There was some "resentment" expressed out there on the interweb when govt stuck a deal to bail out AMI policyholders,  Given that Government set the rules, AMI met those rules, AM Best set the rating, AMI had the top rating - but still "fell over", then don't underestimate the pressure on govt by a multi-trillion dollar global industry to avoid loss of confidence in "the market".  Lord knows what deals were struck between Gerry Brownlee and reinsurers when he flew to London following the Chch quakes.  There's only a small number of them.  They collude and call the shots.
I suspect there'd be much less impetus to launch a rescue package if a BBB rated insurer fell over.

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  Reply # 1105145 8-Aug-2014 21:41
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sdav:
joker97:
Fred99: AM Best have rated Youi at B++/BBB.
For car insurance, then that's probably OK.  For home/contents, business etc, just keep in mind that in case of major natural disaster (ie Chch quakes) AMI became technically insolvent, and they had an AAA rating.

Edit to add link.  


AMI went bust because they had under re-insured.

Not sure if reinsurance is accounted under the AAA rating system


Was it also because they were very popular in the region? I could be wrong but thought a large percentage of their clients were in the area that suffered from the earthquakes.


Yes - they had many eggs in one basket.  What happened was "bad luck" - something that insurers make vast sums of money supposedly protecting us from.  It's not a good look when they suffer from it.

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  Reply # 1105151 8-Aug-2014 21:50
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if that was the case you could say if any one major local (within Australasia) insurer covered a huge proportion of Chch would have gone bust.

insurance is based on statistical data that goes back who knows how long. never before had NZ suffered such a catastrophe so the computer (the guys that crunched the gamble) didn't "see" it.

NZ is very lucky. in many countries the likes of flood, earthquakes, volcanoes, landslips, cyclones - not covered.

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