Any recommendation for Insurance companies

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Forums › Finance and wealth management › Any recommendation for Insurance companies

Oriphix

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#304337 26-Apr-2023 07:57

Hi All,

I haven't really looked into updating my insurance for a long time (about 8 years or so). Currently with ASB for car, home and contents.

Stumbled on TradeMe insurance. Has anyone got any experience with them regarding claims etc?

Any other company you would recommend? I have seen AA but their car insurance seems to be the most expensive.

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#3068029 26-Apr-2023 08:10

Check out Cove insurance they were really good for a quote on my car insurance - sorry no claims

https://www.coveinsurance.co.nz/

johno1234

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#3068083 26-Apr-2023 08:49

Been well looked after by AMI - no complaints.

Mehrts

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#3068084 26-Apr-2023 09:06

Moved from AMI as they kept jacking their premiums for everything to unreasonable levels. Their internet portal never worked correctly. Couldn't log in, even after phoning a human it still didn't work.

Moved to Tower, saved a bunch in the process for the same cover. Their online portal has everything needed (and it works!).

Can't comment about the claims process for both parties as I've never been down that road.

Scott3

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#3068088 26-Apr-2023 09:25

Trademe has a partnership with Tower, and essentially as just selling Tower insurance under their brand.

Recently changed from Tower to Tradme insurance to save a few $$ on one car. Unsure if the better pricing from trademe is underlying, or if it they just give better deals to new customers.

Haven't made a claim under that policy.

One thing to be aware of is that is that the policy benefits are quite different between Tower / Trademe insurance and State that I have my other car with.

As an example, Tower has an exclusion for off road (such as open land, beaches, riverbeds and sand dunes) use (excl beach launching a trailer boat), so if you have a fender bender in the paddock being used as a carpark at a music festival, you are on your own...

As a counter example, Tower will cover the first $5000 of your legal defense, where as state will not.

Handsomedan

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#3068093 26-Apr-2023 09:33

I'd be wary of Lumley. We are insured with them via Westpac.

We're are having a bit of a nightmare with getting stuff done for flood damage from a year ago.

Claim was accepted easily enough, but then it just spiralled into an abyss of half-finished repairs and constant back and forth - and 2 hour waits to speak to anyone.

They also don't respond to emails and never follow through on assurances that they will do XYZ.

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Stu1

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#3068095 26-Apr-2023 09:46

Trademe insurance has been great , bit slow on a recent house claim but that’s understandable given the amount of house damage from recent storms

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MikeAqua

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#3068096 26-Apr-2023 09:51

FMG are good. Avoid Vero. Also, consider a higher excess. It can save you a lot on premiums.

Mike

Deamo

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#3068100 26-Apr-2023 10:06

I'm with AA for car, house & contents, they are more expensive that others, given my experience with State & my sisters experience with ASB, I think it's been worthwhile.

On the whole, they've called me with updates, before I've though to chase them & i've only had to provide information once.

We've made two contents claims (burglary & crashed bicycle) & 1 car claim. Car took a while to get my excess back as the other party wasn't insured & wouldn't engage with AA, but the fix was done & dusted within a week.

Crashed bike took longer as AA had to go to a third party to get their replacement cost of the bike, which was lower than I would have liked, but they were happy to pay it out as cash so i could buy a different one.

Burglary took quite a while, but that's because it was replacing a lot of items, jewellery, consoles, etc. They took detailed descriptions of some jewellery as sufficient for replacement rather than requiring photos, which was appreciated.

State on the other hand, took 9 months to pay out indemnity value for a bike that was written off & needed constant follow ups to do anything. After that I refused to insure anything with State.

My sister had a burglary with ASB, and they required her to source replacements & retail value for all stolen items & required photos of all the items to prove that she owned them. Dealing with that was horrendous.

johno1234

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#3068108 26-Apr-2023 10:28

What I like about about AMI:

Two claims where I was clearly hit by someone else - they immediately waived the excess - I never had to pay anything on those claims.

"freeBmax" No Claims Bonus protection - no loss of NCB discount on up two two claims, regardless of fault.

Fast turnaround on claims - have not waited more than a week for assessment and acceptance.

Not so keen:

Discovered after making a claim for damage to my boat from rats, that "vermin damage" is not covered - Grrrr. The little buggers ate through a fuel line and some wires, ate holes in some upholstery and generally sh** and pi**** all over the place.

vexxxboy

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#3068135 26-Apr-2023 12:50

I Am with AA and my house insurance went up to $139.00 a month on a $690,000 rebuild cost, so i checked out Tower and for a $500,000 rebuild cost and and type for type policy Tower was $218 a month , AMI is $180 and state is $194 a month so it pays to look around

Common sense is not as common as you think.

cshwone

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#3068142 26-Apr-2023 13:06

vexxxboy:

I Am with AA and my house insurance went up to $139.00 a month on a $690,000 rebuild cost, so i checked out Tower and for a $500,000 rebuild cost and and type for type policy Tower was $218 a month , AMI is $180 and state is $194 a month so it pays to look around

Are you sure you are adequately insured at $690,000 rebuild (bearing in mind site clearance costs and how much prices have gone up).

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hsvhel

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#3068145 26-Apr-2023 13:14

Insurance companies fit like undies, best suited to your needs at the time.

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floydbloke

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#3068148 26-Apr-2023 13:35

hsvhel:

Insurance companies fit like undies, best suited to your needs at the time.

... and most of them offer deals for packages.

Sometimes I use big words I don't always fully understand in an effort to make myself sound more photosynthesis.

Ge0rge

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#3068155 26-Apr-2023 14:23

floydbloke:
hsvhel:

Insurance companies fit like undies, best suited to your needs at the time.

... and most of them offer deals for packages.

And all end up with holes that you don't notice until it's too late.

scuwp

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#3068161 26-Apr-2023 14:46

I am with AMI and so far no real complaints. All insurance premiums have increased so don't be fooled into thinking it's just AMI. I review our insurance annually and dollar for dollar AMI continues to offer the best coverage IMO.

Lazy is such an ugly word, I prefer to call it selective participation

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