Contents Insurance Providers

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khull

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Topic # 124662 15-Jul-2013 14:10

Just got my Contents Insurance renewal bill for the year and it is well over $500.

Does anyone have recommendations for their provider? What perks/extras do you get with your current agreement?

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Reply # 855866 15-Jul-2013 14:23

Premium would vary based on sum insured but 1 thing I like about my cover with Tower is 'Excess refund' which basically means that you get your excess refunded in case of a claim which is more then your excess.

e.g. on a claim of $499 or under using a policy with excess of $500 it would be useless to claim.
But, on a claim of $501 or above using a policy with excess of $500 it would mean you pay nothing and get full claim without excess deduction.

ANZ offers this but premiums were much higher for same cover amount when I compared last year.

idle

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Reply # 855871 15-Jul-2013 14:31

Would recommend that you review the items in your contents folder. Insurance companies have a tendency to increase the total content value by 10%, whereas the value will have decreased except for new purchases. For example, a TV that cost $5000 6 years ago is worth very little and could be replaced by a similar sized TV costing $800. Same with all electronics, furniture, carpets etc.

mattwnz

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Reply # 855887 15-Jul-2013 14:55

Don't they often have new for old. Also TVs do drop in price, but other electronics and gear can increase in price.
I have to have something electronic repaired, and the cost just for a part is more than the price I paid for the entire device. And the device has more than doubled in price over the last 10 years.

bazzer

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Reply # 855895 15-Jul-2013 15:02

Not enough info to give a recommendation. What is the value of the contents insured? What excess? What location? etc. All these things make a difference.

I could recommend my insurer but that is more or less useless for you because they might be even more expensive in your situation.

khull

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Reply # 855956 15-Jul-2013 16:21

Sorry I was approaching this question from a cost perspective when in reality I would like to know how others get along when it comes to claims, turn around times etc....

Value of contents insured is $47k, Excess $500 in Wellington CBD

No prior claims for the last 3 years

mattwnz

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Reply # 855962 15-Jul-2013 16:26

khull: Sorry I was approaching this question from a cost perspective when in reality I would like to know how others get along when it comes to claims, turn around times etc....

Value of contents insured is $47k, Excess $500 in Wellington CBD

Have you had previous claims, as that sounds quite high for a relatively low amount of coverage.

khull

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Reply # 855992 15-Jul-2013 16:55

mattwnz:
khull: Sorry I was approaching this question from a cost perspective when in reality I would like to know how others get along when it comes to claims, turn around times etc....

Value of contents insured is $47k, Excess $500 in Wellington CBD

Have you had previous claims, as that sounds quite high for a relatively low amount of coverage.

It does seem ridiculous - I don't have any special items/or clauses to add to the cover.

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Reply # 856171 15-Jul-2013 22:55

khull: Sorry I was approaching this question from a cost perspective when in reality I would like to know how others get along when it comes to claims, turn around times etc....

Value of contents insured is $47k, Excess $500 in Wellington CBD

No prior claims for the last 3 years

AA insurance is who i use, can totally recommend them. Had 3x claims over the last 10 years. All were very easily done over email.

AA insurance also does "new for old" for everything, including sports equipment. Others make a ton of exclusions in their new for old policies.

They also cover mobile phones, laptops, cameras, etc and the value before you have to 'list' them on the policy is high enough that i dont have to list any of my gear.

Think i pay about $800 for $130k cover in AKL, dont recall the excess value but suspect its $200 or $300 (dont quote me on that).

TIP: if you're paying your policies monthly, you might find that you can save money by moving to an annual payment. Insurance companies often charge more for monthly/weekly payment regimes.

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Byrned

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Reply # 856237 16-Jul-2013 08:28

khull: Sorry I was approaching this question from a cost perspective when in reality I would like to know how others get along when it comes to claims, turn around times etc....

Value of contents insured is $47k, Excess $500 in Wellington CBD

No prior claims for the last 3 years

Are you living in a flatting situation? This usually adds to the cost of insurance.

My insurance is through Lumley and from memory it is somewhere around $500 for $150k cover with an excess of $250.

kiwingenuity

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Reply # 858146 17-Jul-2013 16:37

I had a bad experience with ASB insurance.

When I made a claim the insurer first quoted me a ballpark $1600 cash settlement, then changed to $1200 replacement laptop, before finally reading my policy properly and telling me I was only entitled to indemnity value ($535 - $350 excess and $100pa increase in premiums). The claim was on a 3 year old laptop which I payed $2500 for. Really crap service, now I have disclose the claim that I would never have lodged if I had been told correct info in the first place.

Have since changed to AA Comprehensive insurance, which seem great. No premium increase for claims, and old for new replacement. They were also the cheapest out of the companies I got quotes from.

Elpie

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Reply # 858152 17-Jul-2013 16:48

AMI offer a good policy and their prices are competitive. Don't touch them! Since the Christchurch quakes they have been slow to respond and appalling at settling claims.

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Reply # 858190 17-Jul-2013 17:14

Elpie: AMI offer a good policy and their prices are competitive. Don't touch them! Since the Christchurch quakes they have been slow to respond and appalling at settling claims.

they responded just fine to a vehicle claim i made last week. Are you quoting from personal experience, or hearsay?

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Elpie

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Reply # 858215 17-Jul-2013 17:52

Regs:
Elpie: AMI offer a good policy and their prices are competitive. Don't touch them! Since the Christchurch quakes they have been slow to respond and appalling at settling claims.

they responded just fine to a vehicle claim i made last week. Are you quoting from personal experience, or hearsay?

Personal experience. I've been with them for years but have had two claims in the last three years, neither of which has been resolved yet. I realise that every branch is different, just as every claim is different, however they told me that they are strapped for assessors. I've got one outstanding claim where I cannot get a repair done until they get a building assessor out and, despite bi-monthly follow-ups I am still waiting two years down the track.
I expect that they wouldn't necessarily have the same problem with vehicle or contents assessment but I don't even get email replies in a timely manner.

Aredwood

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Reply # 858329 17-Jul-2013 21:30

If you have house insurance always have the house and contents policies with the same company. Also recomend going through an insurance broker. My broker saved me $400 per year just by cutting out the bank. And the insurance is through the same company that the bank uses.

Also choose the highest excess option. The money you will save on preniums will cover any claims after about 3 years.

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Reply # 858338 17-Jul-2013 21:35

Aredwood: If you have house insurance always have the house and contents policies with the same company.

Why? i'd suggest the opposite. You normally get better policies going to seperate companies...

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