Insurance premium hike - 14%?

[Waxxa]

received my insurance statement today and from next month it is increasing 14%!

how can this be justified? what is the current inflation rate? 3-5%? This I could except but 14% is bullshit.

I phoned the insurance company and was told that prices of parts are expensive (the NZ dollar has been running very high) that there was a lot of claims at the moment (how many bikes are off the road this year compared to last year -due to ACC) and the fact that I personally have not had any claims (5 years), WTF?

I have asked that her manager contact me to explain the increase. Is anyone else facing such a huge increase on their insurance?

[short-circuit]

Who are you insured with?

[Quasievil]

Ring Dave at Kiwibike insurance brokers 0800 629 253

[Maha]

14% is excessive no question on a per month payment or indeed any payment contract.
I got a 2nd quote for my insurance when the premium was due, $300 cheaper for the full comp!...bye bye John Baker.

[baffa]

Tis the nature of the beast.
I work in Insurance and some companies have had massive hikes for certain premiums, particularly private house insurance.
Ring around, get some quotes, then ring them back and see if they can match it.
Unlikely, but there is no harm in trying.

And I hear what you're saying about being penalised for others, but if the company is getting the same amount of money every year, then one year they have to pay out on a higher amount of claims, and pay more for parts, they have to raise the premiums to compensate.

[jellywrestler]

received my insurance statement today and from next month it is increasing 14%!

how can this be justified? what is the current inflation rate? 3-5%? This I could except but 14% is bullshit.

I phoned the insurance company and was told that prices of parts are expensive (the NZ dollar has been running very high) that there was a lot of claims at the moment (how many bikes are off the road this year compared to last year -due to ACC) and the fact that I personally have not had any claims (5 years), WTF?

I have asked that her manager contact me to explain the increase. Is anyone else facing such a huge increase on their insurance?
maybe you haven't heard there was a few big earthquakes in christchurch...

[BEAMER89]

Dont know why and lm not going to query it but my insurance has decresed by 13%:shutup:
l was paying $290 a year + $100 per bike after that x4 a year so my end of year bill was $690 for $23,000 cover of 5 bikes, now its only $600 and lve just had a claim:innocent:
ps lm with Swann maybe ring them:yes:

[AllanB]

Phone the same company and ask for a quote for the same bike, year etc - don't tell them you are insured with them.

If it is cheaper they have some questions to ask.

[ukusa]

Phone the same company and ask for a quote for the same bike, year etc - don't tell them you are insured with them.

If it is cheaper they have some questions to ask.

+ 1

had a mate do it with a car a few years ago, they quoted much cheaper than he'd been paying them for years. He then changed companies.

[Corse1]

Phone the same company and ask for a quote for the same bike, year etc - don't tell them you are insured with them.

If it is cheaper they have some questions to answer.

Fixed it for ya.
Yep in theory everyones insurance for anything should go up due to Chch

[Waxxa]

Who are you insured with?

I shall keep the name of the company confidential...I don't want to sully a companys' name

[Waxxa]

maybe you haven't heard there was a few big earthquakes in christchurch...

and how many motorbikes have had to be fixed or repaired? I would also expect that the premiums in the affected area (Christchurch) would go up because of the risk (earthquakes). That should have no reference on motorcycle owners in Auckland.

[Mental Trousers]

Was looking at some insurance (not bike related) a couple of weeks back and was told I should've asked the previous day. Premiums had gone up that day by about 15% for that company. But that was nothing, the guy I was talking to said a different company had put it's rates up by %53 (not kidding).

My insurance with Dave @ Kiwibike went up this year by a good chunk. Can't remember what off the top of my head but that's what happens when you're a relatively new customer that hasn't been there long.

As another guy I was talking to last night said, everythings changed/changing in the insurance industry. Not towards being cheaper either.

[Waxxa]

update: just had insurance company call me. they have reduced the increase to 8% which is more in line with the cost of living.

It was good that they actually returned the enquiry.

[ukusa]

I'm expecting mine to go up a big chunk! Am with Kiwibike, 4 months after moving to them it fell over, $4.5K damage from the quake in Feb. It's fixed now (looks great again), but am expecting a bit of a hike come renewal.
On the positive side, they were nearly 50% cheaper than Vero anyway.

[LBD]

What I don't get, is the apparant double whammy....costs of insurance go up but as bikes age the payouts go down....that just does not equate in my books.

That aside....I have had a an earthquake related claim to two of 3 bikes and Dave at Kiwi bike was promt, generous and helpful through the process.

[baffa]

and how many motorbikes have had to be fixed or repaired? I would also expect that the premiums in the affected area (Christchurch) would go up because of the risk (earthquakes). That should have no reference on motorcycle owners in Auckland.

If only Insurance worked that way.
If one area starts having more claims, say for theft or earthquake, the Insurance company will raise premiums in that area, since it has become a bigger risk to insure there. But it has to remain profitable. An Insurance company is no use to you if they are bankrupt, as Western Pacific recently showed. If your company is losing money, and paying out a large amount of claims, they have to recover their premiums somehow, so the increasesed costs are shared around all of their customers.

After all, what's more important. Keeping you happy with cheap premiums, or having the financial capability to pay their claims.

[Morcs]

Lots of insurance claims in christchurch means im more likely to crash my car in auckland according to premium increases.

[Banditbandit]

received my insurance statement today and from next month it is increasing 14%!

how can this be justified? what is the current inflation rate? 3-5%? This I could except but 14% is bullshit.

I phoned the insurance company and was told that prices of parts are expensive (the NZ dollar has been running very high) that there was a lot of claims at the moment (how many bikes are off the road this year compared to last year -due to ACC) and the fact that I personally have not had any claims (5 years), WTF?

I have asked that her manager contact me to explain the increase. Is anyone else facing such a huge increase on their insurance?

That's a dangerous question to ask .. Last time I checked out my insurance rates, I swapped companies, talked to the bank and reorganised the mortgae ... and with the savings I made I bought a new bike ... even borrowing the price of a new bike from the bank AND insuring it we were paying less per month than previously ...

Missus wasn't impressed tho' .. this year she checked out the insurance and didn't tell me a thing ...