Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




14878 posts

Uber Geek
+1 received by user: 2790

Trusted
Subscriber

# 212759 11-Apr-2017 15:16
Send private message

When you sign up to a new insurer you typically get various discounts - first year discount, online discount, etc. Sometimes there can be significant, sometimes even up to 30%. When it comes to renewal time these prices go up to standard.

 

Is there any downside to changing insurers every year to get the best price?

 

If course you want to use good companies - for car insurance I'm looking at state (incumbent), AMI, AA, and Tower. Tower's the cheapest by a reasonable margin for my car - $720 for state, $520 for tower, same excess and same type of policy. No idea about the detail of the cover.

 

Consumer customer satisfaction puts AA Insurance way out in front, State and AMI a little below average (they've been fine for me), Tower the bottom by a fair margin. I guess that's why Tower is cheaper

 

I guess if you're with an insurer for years they might be a little nicer during claims. I suspect though insurers will find any way they can to deny paying the claim or reduce the claim value regardless of the time you've insured with them.

 

I may also try calling my current insurer to see if they'll match the price before I change companies. I think I did that once before, they pointed out all the ways they were better but can't remember if they offered a discount or not.


Create new topic
538 posts

Ultimate Geek
+1 received by user: 119


  # 1761749 11-Apr-2017 15:57
Send private message

Since most of those companies are owned by the same insurance company not sure if they will count you as a new member.


5060 posts

Uber Geek
+1 received by user: 3791

Trusted
Lifetime subscriber

  # 1761755 11-Apr-2017 16:15
Send private message

You won't get a no-claims bonus if you keep changing insurers - I get a 33% discount with AA.





Sideface


 
 
 
 




14878 posts

Uber Geek
+1 received by user: 2790

Trusted
Subscriber

  # 1761758 11-Apr-2017 16:22
Send private message

throbb:

 

Since most of those companies are owned by the same insurance company not sure if they will count you as a new member.

 

 

It's quoted and paid online, and if prompted I sign in with the same email or credentials as before. If they want to count that it's up to them.

 

 

 

Sideface:

 

You won't get a no-claims bonus if you keep changing insurers - I get a 33% discount with AA.

 

 

Many actually give you the no claims bonus, carried over from a central claims registry.


1955 posts

Uber Geek
+1 received by user: 514

Lifetime subscriber

  # 1761777 11-Apr-2017 16:54
Send private message

No doubt we could shift and get a lower price just like the switching incentives in other high-concentration industries like the banking, telecommunications and electric power industries. But of those industries, the insurance industry is the most difficult to compare.

 

Low premiums is our secondary aim behind good payouts as our primary aim. Payouts are relatively infrequent events for us so it is relatively risky to change insurers particularly when our existing insurers have been good payers. The terms and conditions and policy details are different enough that it requires some work to compare insurers head to head.

 

There's a good chance that a switch will be to the same owner with at least 70% owned by two Australia companies. Approximately:

 

45% IAG (Insurance Australia Group)

 

25% Suncorp

 

I'm been with one company for several years - they bought the consumer business of our previous insurer who we were with for over 20 years. For half that time it has been an IAG subsidiary.




14878 posts

Uber Geek
+1 received by user: 2790

Trusted
Subscriber

  # 1761780 11-Apr-2017 16:59
Send private message

I was with the same insurance company (state) for years, but when we got our new car I thought it was time to look around. That's why I wondered about this. I know my father in law in the UK changes just about every year, but there's much more competition over there.


510 posts

Ultimate Geek
+1 received by user: 171

Lifetime subscriber

  # 1761787 11-Apr-2017 17:21
Send private message

timmmay:

 

Many actually give you the no claims bonus, carried over from a central claims registry.

 

 

I was susprised when I signed up with State a few years back that they started me off with a no claims bonus based on my no claims with my previous insurer. So definitely worth checking you can claim that with a new insurer.

 

- James


12967 posts

Uber Geek
+1 received by user: 4342

Trusted
Lifetime subscriber

  # 1762066 12-Apr-2017 11:29
Send private message

We changed house insurers because FMG offered a lower premium plus a policy of the old type where there is no capped cost on replacing the home. Also we get discount there on top if we pay using our Farmlands shareholder account. Of course there is no NCD on house insurance to take into account.

 

Our broker (who did the insurance before that) went to 3 or 4 insurers every year and there was never any problem switching annually, same with vehicles.






Create new topic



Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Dunedin selects Telensa to deliver smart street lighting for 15,000 LEDs
Posted 18-Jul-2019 10:21


Sprint announces a connected wallet card with built-in IoT support
Posted 18-Jul-2019 08:36


Educational tool developed at Otago makes international launch
Posted 17-Jul-2019 21:57


Symantec introduces cloud access security solution
Posted 17-Jul-2019 21:48


New Zealand government unveils new digital service to make business easier
Posted 16-Jul-2019 17:35


Scientists unveil image of quantum entanglement
Posted 13-Jul-2019 06:00


Hackers to be challenged at University of Waikato
Posted 12-Jul-2019 21:34


OPPO Reno Z now available in New Zealand
Posted 12-Jul-2019 21:28


Sony introduces WF-1000XM3 wireless headphones with noise cancellation
Posted 8-Jul-2019 16:56


Xero announces new smarter tools, push into the North American market
Posted 19-Jun-2019 17:20


New report by Unisys shows New Zealanders want action by social platform companies and police to monitor social media sites
Posted 19-Jun-2019 17:09


ASB adds Google Pay option to contactless payments
Posted 19-Jun-2019 17:05


New Zealand PC Market declines on the back of high channel inventory, IDC reports
Posted 18-Jun-2019 17:35


Air New Zealand uses drones to inspect aircraft
Posted 17-Jun-2019 15:39


TCL Electronics launches its first-ever 8K TV
Posted 17-Jun-2019 15:18



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.