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  Reply # 1813661 6-Jul-2017 10:51
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joff_nz:

 

Fred99:

 

I expect that price for contents insurance will go up considerably - if proposed changes to EQC do exclude contents from EQC natural disaster cover.

 

 

 

 

Yes and based on age, our life & trauma premiums will start to rise considerably over the next few years too for the same sum insured

 

 

Well I agree that it's probably good idea to review needs.  Not sure however that without considerable assets/investments, no life insurance is a good idea - especially with kids.  I cancelled our policies a few years ago, but no dependant kids (old enough to support themselves), no debts.  I think my wife does still have some, as well as income protection, but that came with the job.

 

I do not like insurance companies, but they're a necessary evil.  My opinion severely tainted by 3 year battle to get a few hundred thousand dollars out of them for earthquake repairs. Sorted in the end, but I ask myself if it was worth it - in that had I not had insurance, I would have just damned well fixed my house and saved three years of grief.  But not everybody could be in that position.

 

I also had extremely disappointing experience with private health cover.  By the time exclusions and limits came in, the "80% cover" was actually less than 50%.  How does this happen?  Well - when you're signing up for a policy, they know what "real" costs can be - you as non-expert have no real idea.  Nasty surprise when the best medical advice is recommending something other and more expensive than the maximum covered under your policy.  Nice room though - had Sky TV.


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  Reply # 1813674 6-Jul-2017 10:52
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The thing with insurance. People always dismiss it when they don't feel they don't need it. The problem with that thinking is that most insurances aren't there for the small bumps in life. Sure, reverse into another car at 5km/hr in the car park and you can cover it from cash rather than involving insurance. That's why there is an excess to discourage small claims. Same goes for being broken into and having your TV and a few other appliances stolen.

 

Insurance is there to cover you for unforeseen, completely left field major events that most non-millionaires could not possibly have the means to recover from. House fires, major debilitating illnesses, an accident that leaves you confined to a wheel chair etc...

 

An osteopath I was seeing once told me he doesn't ever have health insurance, his view was you are effectively *betting* on getting seriously ill. That resonated a bit with me to be honest. You are saying that you expect to have something bad happen so that you get more out that you put in (via premiums). It is a sub-conscious state of mind that is almost willing your body to get sick, to get your monies worth. Thought it was an interesting view point.

 

Interesting viewpoint indeed. I'm not betting on getting seriously ill but I'm comfortable in the knowledge that if anything ever does happen my wife and I will be able to manage. I would suggest that your osteopath is the one who is taking the bigger bet!

 

 


 
 
 
 


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  Reply # 1813678 6-Jul-2017 10:58
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Senecio:

 

I would suggest that your osteopath is the one who is taking the bigger bet! 

 

 

That was my final view on the matter as well!




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  Reply # 1813681 6-Jul-2017 11:00
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gcorgnet:

 

Are you really paying $100 per month for all these covers? I would be happy with that!
Thinking you might be missing a "0" here?

 

If not, I need to review my covers pronto

 

 

 

 

Yeah It's more than that - I didnt put too much effort into the exact numbers as that wasn't my intended point....

 

In fact, just checked & it's about $60/fortnight for car, contents, and the two small life policies. 

 

 

 

But yes, you always need to review your insurances 

 

 

 

 

 

Senecio:

 

The thing with insurance. People always dismiss it when they don't feel they don't need it. The problem with that thinking is that most insurances aren't there for the small bumps in life. Sure, reverse into another car at 5km/hr in the car park and you can cover it from cash rather than involving insurance. That's why there is an excess to discourage small claims. Same goes for being broken into and having your TV and a few other appliances stolen.

 

Insurance is there to cover you for unforeseen, completely left field major events that most non-millionaires could not possibly have the means to recover from. House fires, major debilitating illnesses, an accident that leaves you confined to a wheel chair etc...

 

An osteopath I was seeing once told me he doesn't ever have health insurance, his view was you are effectively *betting* on getting seriously ill. That resonated a bit with me to be honest. You are saying that you expect to have something bad happen so that you get more out that you put in (via premiums). It is a sub-conscious state of mind that is almost willing your body to get sick, to get your monies worth. Thought it was an interesting view point.

 

Interesting viewpoint indeed. I'm not betting on getting seriously ill but I'm comfortable in the knowledge that if anything ever does happen my wife and I will be able to manage. I would suggest that your osteopath is the one who is taking the bigger bet!

 

 

 

 

 

 

Yeah, I would retain the cover for the unforeseeable large ones - house insurance and third party for example. The car & contents covers are easily quantifiable though I think.

 

 

 

 

 

And the osteopath is right, insurance is all a bet. Each month you pay your premium, and bet against your insurer that you'll get sick (or crash your car or whatever). Mostly they win the bet, and every now and then you do.


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  Reply # 1813685 6-Jul-2017 11:04
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SumnerBoy:

 

 

 

That was my final view on the matter as well!

 

 

Good call. Its about perspective. I hope I never get my monies worth out of my insurances.


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  Reply # 1813687 6-Jul-2017 11:05
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Small example on health insurance.

 

We pay $20 per month for each of our kids. They both needed grommets put in at about $3k each.

 

So say we paid for the first 3 years, that's roughly $1.5k for both kids. Compare that we the $6k of surgery we got for them...




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  Reply # 1813690 6-Jul-2017 11:07
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gcorgnet:

 

Small example on health insurance.

 

We pay $20 per month for each of our kids. They both needed grommets put in at about $3k each.

 

So say we paid for the first 3 years, that's roughly $1.5k for both kids. Compare that we the $6k of surgery we got for them...

 

 

 

 

Totally, we got our policy setup when I joined my previous employer, which covered pre existing conditions. I was able to make a single claim for surgical removal of my wisdom teeth a few months later at about $6k, and we've had two others since - and I must say, private hospital is lovely!


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  Reply # 1813695 6-Jul-2017 11:10
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joff_nz:

 

Mostly they win the bet, and every now and then you do.

 

 

I can assure, if I ever have to fall back on one of my insurance policies I haven't won anything.


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  Reply # 1813703 6-Jul-2017 11:18
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If you can get health cover and can afford it then my advice is get it.

 

My wife had it through an employer in Wellington and when she left, the premiums shot up by over 100% so we dumped it as at the time we needed the funds elsewhere. Foolish in hindsight, as it covered existing conditions as a benefit of being a corporate policy. As a result of my heart surgery, I cannot get health or life cover worth having now so if I die, my wife will get nothing unless it is an accident, because accidental death cover is not health related so I can get it.

 

My wife has Life Insurance, so if she goes I'm off to the Porsche dealer...! cool






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  Reply # 1813718 6-Jul-2017 11:35
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Based on a current claim experience, I'm considering self-insuring the bulk of of my contents. 

 

The contents of a home might be worth for example $60k.   If you took $60k of contents insurance, even in a total loss the insurer will not pay anywhere near that amount out.  This is because a lot of items are covered by indemnity value and the insurer will pay a depreciated value for them.

 

The indemnity values proposed for settlement of our claim are low.  Most are less than the second hand value of a similar item in similar used condition.  The proposed settlement for indemnity value items will be sufficient in aggregate to replace less than half of them (buying second hand). A lot of stuff we won't bother replacing at all.

 

This all adds up to two implications for me: -

 

  • After all is settled and purchases made we won't own as many items. 
  • Items that don't fit the replacement criteria, aren't worth insuring for more than a couple of years.

Together those add up to significant reduction in contents cover and a reduction in the associated premium.





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  Reply # 1813746 6-Jul-2017 12:25
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$25k is absurdly low. I don't think that would even cover the shelves and tables that I have my stuff ontop of. Let alone a bed which would be about 1/5th of that to replace.

 

 





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  Reply # 1813764 6-Jul-2017 12:54
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richms:

 

$25k is absurdly low. I don't think that would even cover the shelves and tables that I have my stuff ontop of. Let alone a bed which would be about 1/5th of that to replace.

 

 

 

But how much of that would you get replacement value for?  Depends on your policy.

 

Mixed age possessions that cost a total of $50k when new might have a settlement value of $30k in the event of total loss - due to indemnity values.

 

From an indemnity value perspective, it would be easy to have too much cover.

 

 





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  Reply # 1813777 6-Jul-2017 12:57
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Interesting topic.  Let me just add my 2 cents worth on the contents bit.  A few years ago we were robbed when 2 people broke into our house and drugged our 2 dogs.  They got away with portable things and with 4 adults in the house it was mostly laptops/cameras and jewelry, although they did help themselves to some booze and took all the Christmas cards that were ready to be posted!  Anyway, our insurance replaced the actual items rather than giving us money wherever they could.  So whilst you might think you could live without some things and use the $60k or so to replace what you want you might find that the insurance company will choose what you get replaced then discount any outstanding money by a % so that you end up with very little in cash.  


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  Reply # 1813778 6-Jul-2017 12:58
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networkn:

 

I don't know you, but I can tell you that with 3 kids and a house, there is little to no chance you have 25K of stuff in your house. In the event of total loss, you are talking about replacing everything, every bit of clothing, jewelery, furniture, appliance, gadget, toy, game, bed linen, towels, blankets. 

 

We went through this with the insurance company a couple of years ago, they asked us to go through each room in the house and list everything over $200, we didn't even get through the top part of the house before we realized we were underinsured by at least 60%, and that was just listing things over $200. 

 

You may not replace everything, but I'd still suggest you wouldn't get far kitting out a house with 25K. 

 

 

 

 

If youre ok sharing, to what number did you broadly come out to as being much more realistic?

 

It's hard to pick a good number for contents, as it's so easy to miss all the things that get built up over time





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  Reply # 1814133 6-Jul-2017 21:02
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networkn: 

 

I would consider 50K for life insurances exceptionally low, but I am guessing maybe you have no kids. I wouldn't consider life insurance under 250K, but more likely 500K.

 

 

Yes, $50 for life is very low, unless you aren't married/have kids. I have a $500 which includes disability, loss of employment and other stuff.

 

 


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