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Topic # 54008 15-Dec-2009 10:04
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I got my State annual car policy renewal the other day, my policy is increasing 3%. Just chucked that in the filing cabinet, that sort of increase is fine.

But today I got my AMI annual renewal, wow, my contents is increasing 18%, and car is increasing 35% for next year. Now there has been no claims or anything I have done to cause this, does anyone have any idea why AMI are hiking their prices so much in a single year?

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  Reply # 282569 15-Dec-2009 10:15
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I would shop around the various insurance companies. My Mum & Dad were quoted a 30% increase by State to reinsure their House/Contents. When they went to the local State Insurance office, a staff member explained that it was due to the huge amount of claims made after the Australian bush fires last year.

WTF??? State Insurance is a NZ company they thought, but it turns out to be Australian owned.

Whereas our House/Contents policy provided by ASB Bank only went up a couple of dollars per month, so I was quite happy with that.



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  Reply # 282646 15-Dec-2009 12:31
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Just called AMI to increase the agreed value on the car that was always set too low. While at it I asked for a quote for my other car - which is double the value and 7 years newer. The quote was far lower despite this.

This prompted me to ask why the large difference, and why the sudden jump in price. I was told cars are seperated into 12 risk bands, and my car went up a few notches. There must have been costly claims in the last 12 months nationally to increase the premium, plus parts must be getting increasingly harder to obtain in NZ??

I did I search and found my car has gone up a place in the top 10 stolen, could this really have had any effect?

 
 
 
 


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  Reply # 282681 15-Dec-2009 13:29
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Dang, I though State was NZ owned as well. I suppose NZI isn't either. As bad as ASB touting that they are a Kiwi bank !!!

I do believe there is a bump in premiums - some to do with the flooding etc in the lower NI last year. I'm sort of under the impression that the insurance companies pay into some kind of pool, and buffer each other, but the overall insurance rates will increase as the contribution into this pool has increased.

Can pay to shop around, but eventually they will be approx level to one another.




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  Reply # 282684 15-Dec-2009 13:30
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the car make and model makes a huge difference in insurance premiums.

when we sold our 10 year old crummy beemer worth <6k, and bought a non-BMW practically brand new car worth >20k, with a considerably bigger engine, our premiums went down.


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  Reply # 282703 15-Dec-2009 13:59
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It may have something to do with the area you live in also, Insurance Companies look at what activity has been like in your area as part of assessing the risk of your policy.
Also have to factor in things like inflation, and things like it costing the insurance companies more to replace lost/stolen items, etc



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  Reply # 287704 7-Jan-2010 09:47
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I have just been into AMI, from what they said increase is not as previous guy said - to do with my car specifically, they said that ALL premiums with AMI have gone up. My mates must be all thick then as I asked them if their premiums had shot up astronomically this year and everyone said no.

Are you with AMI and has yours gone up ~ 20 - 50%???

They also said they wouldn't honour the quote I got online as its 3 weeks old (no expiry date on quote).

They also added that even as of today the policy has gone up even more (so 4 increases in 4 weeks), so now my policy is 50% higher than last year!

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  Reply # 287748 7-Jan-2010 12:24
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I'd be interested to find out as well, although my car insurance policy with AMI isn't up for renewal until August, but that amount seems a bit steep!

Maybe it's time to shop around Laughing

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  Reply # 287800 7-Jan-2010 15:00
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Interest.co.nz added a new insurance section at the end of last year, compares pricing from different providers for common household profiles. 


Might be of intrest to you:


http://www.interest.co.nz/insurance/home.asp
http://www.interest.co.nz/insurance/contents-rates.asp


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  Reply # 287891 7-Jan-2010 20:38
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SepticSceptic: Dang, I though State was NZ owned as well. I suppose NZI isn't either. As bad as ASB touting that they are a Kiwi bank !!!


NZI is (ultimately) American.  It's our branch of Australia's branch of IAG.  State is ALSO owned by IAG.  Tower is majority owned by Guiness Peat and the Reserve Bank of New Zealand.  Sovereign is the Commonwealth Bank of Australia.  Apart from Kiwibank, TSB or PSIS, it looks like Tower is the closest to NZ we have.




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  Reply # 287906 7-Jan-2010 21:20
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yeah just got my contents insurance - WAY up. but the thing is they (AMI) pay out though ... don't know ... might just have to stick with all these increase in price - ACC, food, milk, insurance, car ... viscious cycle.

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  Reply # 287908 7-Jan-2010 21:29
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Our annual insurance renewals come up next month, so I have been shopping around today. With the help of those tables at interest.co.nz (as per Ragnor's post), I phoned AA Insurance and got a much better deal for our House Insurance and also Motor Vehicle Insurance.

If you are in a position to take a $1500 excess on your House Insurance, the premiums drop dramatically.

In 30 years we have never made a claim on our House Insurance, so in the event of something happening, we would have saved the $1500 excess many times over in reduced premiums. For the first few years, we wouldn't have been in a position to afford a $1500 excess, but now it makes a lot of sense.

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  Reply # 287922 7-Jan-2010 22:04
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Kyanar:
SepticSceptic: Dang, I though State was NZ owned as well. I suppose NZI isn't either. As bad as ASB touting that they are a Kiwi bank !!!


NZI is (ultimately) American.  It's our branch of Australia's branch of IAG.  State is ALSO owned by IAG.  Tower is majority owned by Guiness Peat and the Reserve Bank of New Zealand.  Sovereign is the Commonwealth Bank of Australia.  Apart from Kiwibank, TSB or PSIS, it looks like Tower is the closest to NZ we have.

Actually AMI is almost the only local NZ company out of all of the general insurers, not only that, they are a "mutual" company, so no profits off to shareholders - if you are a policyholder, you effectively own a part of the business.

AA Insurance is not strictly an NZ owned company as it is a joint venture between the NZAA and Suncorp-Metway Limited based in Brisbane.

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  Reply # 287924 7-Jan-2010 22:06
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I just got my AMI renewal which has an increase of only $3 a month, although I was only paying about $50 to start with (I have an old car and minimal home contents) so I guess 6% is a moderate increase.

I was thinking of shopping around but I don't stand to save much and AMI have provided me with very good service thus far.

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  Reply # 287930 7-Jan-2010 22:13
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grant_k: Our annual insurance renewals come up next month, so I have been shopping around today. With the help of those tables at interest.co.nz (as per Ragnor's post), I phoned AA Insurance and got a much better deal for our House Insurance and also Motor Vehicle Insurance.


i have my house, contents and car insurance all with different companies as that gave me better value than any 'multi-saver' type of arrangement seemed to.  different companies have different coverage.  with AMI you can pay extra to get a 'new for old' contents policy but it does not cover sports equipment.  i've been with AA for years for their contents and their 'new for old' policy includes sports equipment.  I have made a couple of claims with AA over the years for theft & accidental damage.  Both times the service was excellent and i can thoroughly recommend them for contents.


nb: AA was the only company that would give me contents insurance when i was living as a 'flatmate'.  most other companies would not insure contents in that arrangement.  I've also seen people have their insurance declined when they were flatting with others with a regular policy.




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  Reply # 287933 7-Jan-2010 22:17
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i wonder if our contents insurance went up bcos of our claims!

are there any AMI contents customers who had NOT had a policy rise (and never made a claim in say the last few years)?

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