Insurance premium hike - 14%?

[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 ...