Got to love insurers don't ya?

[The Stranger:Me]

The bike is insured with NZI, I ring up and make a claim.
I enquire as to the gear and am informed that this is covered by my contents insurance. I am further advised that I will not have to pay an additional excess as the excess is on a per incident basis, however I will have to call another number to claim on the contents policy.

That's fine, I get quotes for damaged gear this morning and fax this off to NZI to support my contents insurance claim and the woman wants to settle the claim - great, but I am now informed that I must pay the second excess as well.

Now as long as I can remember the excess has been per incident, as when I wrote off my brothers car quite some time ago, and it used be be explicitly stated on the policy of house and contents insurance.

And apparently this is still the case, except, because I went for a voluntary excess I have to pay twice.
Now I thought that meant a voluntary increase in excess to get a cheaper rate, I had no idea that it also changed the circumstances under which the excess was applied.

They must employ some of the most creative people in the world to assist with finding reasons not to pay claims or scam you out of as much money as possible.

My personal favourite being - if you under insure they decrease your claim by the same percentage as they believe you are under insured. For example you insure for a loss of 75000 but it is actually worth say 100000.
You think, the chance of total loss is slim and I am prepared to wear the 25000.
If you have say a 50000 loss they say you were underinsured by 25% so instead of getting the 50000 they reduce the payout to 37500, thus deducting the 25% that you were under insured, regardless of the fact that you were paying a premium based on 75000.

[Karma]

Insurance in general is a rip-off... but in this country it's a joke.

Still... seeing as you get charged everytime you use EFTPOS, or write a cheque, or check your balence, or use the toilet, or breathe then you should be used to it

[Colapop]

I just wanna know why the preiums go up but the valuation goes down? Learned a big lesson there about agreed value.

[bugjuice]

yeah, it's stupidly scary stuff. Can't live with it, cost too much to live without it.. Hope it gets sorted quick at least

[Mental Trousers]

My bike is 3rd party only. Unless the bike is a write off I'm willing to wear the cost as I've never actually written a bike off or done more than a couple of grands damage. After getting out the abacus and scratching my head a bit it's worked out cheaper to just wear the cost of any damage to the bike than it is to pay premiums for something I'm highly likely to be ripped off on.

[myvice]

If you want to hear a total fucking nightmare of a insurance company screwing with you then ring my wife and ask her about her ongoing sager with her Subaru, now one and a half YEARS after a crash that wasn’t her fault!
Unless Subaru now equips their cars with an up button to avoid being rear-ended by a 4WD when sitting in a queue!

For sale, one well looked after regularly serviced Subaru Legacy GT, Mags, AC (now not working), alarm (now not working), inter-cooler (pump now not working). Turns left with ease... automatically! Could be caus its BENT!
and on and on and on...

To bitch about State might be a bit harsh, its not there fault that there sub-contracted assessment crowd are a pack of lowlife lying two-faced back stabbing pack of wankers that collectively need to be re-employed as fertiliser or bait.

[gamgee]

My bike is 3rd party only. Unless the bike is a write off I'm willing to wear the cost as I've never actually written a bike off or done more than a couple of grands damage. After getting out the abacus and scratching my head a bit it's worked out cheaper to just wear the cost of any damage to the bike than it is to pay premiums for something I'm highly likely to be ripped off on.

yeah but how gutted would you be if your bike was stolen, thats the only reason i started paying for full cover insurance, no one that i've found will do third party +theft for a motorbike

[madboy]

Well, I work in insurance. Not domestic or motor vehicle, so don't start on me - nothing personal, but I don't care that Insurer A didn't pay out on the 450 CDs, leather jacket, brand new video camera and laptop that you left lying on the passenger seat of your unlocked and wide open convertible parked in a dark alley at 4am.

Almost all of the people I deal with have one singular thing in common - they didn't read their policy document. Hell, I don't read my policy documents, and I should know better! So when they complain that this wasn't what they thought they signed up for, I have to hold their hand and explain in the nicest possible way that it is exactly what they've paid their premiums for all of these years for. If they had read the document 4 years ago, done the math and questioned it then, they'd probably be much happier people... who would have paid a much different premium for a much different product.

Sorry, CaN, not a dig at you mate. My sympathies are with you - I'm dreading my first bike claim. Make sure whatever they're going on about is backed up by the policy document. If it's not, or if it's not completely clear, scream blue murder and keep whinging up the tree until you get someone senior. Half the time they'll roll over.

[Phurrball]

When I got my bike a few months back, I had the task of lining up insurance. What the 'big name' general insurance companies had on offer did not make me happy at all. Got the impresion that if you didn't already have insurance with them, they didn't want to touch any motorcyclist with a barge-pole.

Ended up with Star insurance - they only do bikes, and if you pay an extension, they cover all your gear (and any pillion's gear) in an accident - maybe not the cheapest, but I'm well covered. This isn't a plug for Star, but if you're like me, and a poor student - you probably don't have contents insurance to cover your gear.(Can hear my dearly departed dad who spent his life in insurance spinning in his grave about now...)

I think Star are the only company offering such an extension. Correct me if i'm wrong...

Good luck CaN...

[BLACKYOSHI1000]

SORRY TO HERE ABOUT YA SCOOTA CAN

[Lou Girardin]

If they had read the document 4 years ago, done the math and questioned it then, they'd probably be much happier people... who would have paid a much different premium for a much different product.
.

That's all very well, but when every company uses the same clauses and you are told to take it or leave it, what do you do?

[Grahameeboy]

The bike is insured with NZI, I ring up and make a claim.
I enquire as to the gear and am informed that this is covered by my contents insurance. I am further advised that I will not have to pay an additional excess as the excess is on a per incident basis, however I will have to call another number to claim on the contents policy.

That's fine, I get quotes for damaged gear this morning and fax this off to NZI to support my contents insurance claim and the woman wants to settle the claim - great, but I am now informed that I must pay the second excess as well.

Now as long as I can remember the excess has been per incident, as when I wrote off my brothers car quite some time ago, and it used be be explicitly stated on the policy of house and contents insurance.

And apparently this is still the case, except, because I went for a voluntary excess I have to pay twice.
Now I thought that meant a voluntary increase in excess to get a cheaper rate, I had no idea that it also changed the circumstances under which the excess was applied.

They must employ some of the most creative people in the world to assist with finding reasons not to pay claims or scam you out of as much money as possible.

My personal favourite being - if you under insure they decrease your claim by the same percentage as they believe you are under insured. For example you insure for a loss of 75000 but it is actually worth say 100000.
You think, the chance of total loss is slim and I am prepared to wear the 25000.
If you have say a 50000 loss they say you were underinsured by 25% so instead of getting the 50000 they reduce the payout to 37500, thus deducting the 25% that you were under insured, regardless of the fact that you were paying a premium based on 75000.

CaN

I suggest you ask to speak to a Supervisor about the excess. I worked at Nzi in Claims and you should only pay the higher excess of the 2. Make a fuss.

If you insure contents, there is no 'under insurance clause'....just means that that the most you they will pay is the Sum Insured (plus Gst) so if the Sum Insured is $75,000 and you have a $50,000 loss you still get $50,000.

It is important to remember that if you insure your bike for lets say $10,000, it gets stolen or written off and is valued at say $11,000 you are entitled to the wreck value up to max $1,000.....a little known fact that may come in handy.....so if the wreck value is $800 you can keep the bike.

Good Luck

[Cibby]

. Make sure whatever they're going on about is backed up by the policy document. If it's not, or if it's not completely clear, scream blue murder and keep whinging up the tree until you get someone senior. Half the time they'll roll over.

Can, i'm an insurance bunny as well, specifically domistic & commercial stuff like this,

as Madboy so rightly says, if it isnt clearly spelt out in your policy wording about the voluntary excess then your..

edit - just read the NZI Contents policy wording... Page 20 if you have one CAN, it states "You only have to pay one excess if one event causes loss to contents and also causes loss to any part of the home if you own the home and it is covered by anothe rpolicy with us. The Excess you must pay is the higher of the excesses under the policies involved."

Also just talking to a lovely guy at NZI, he says that what that the two excesses is correct according to the enternal workings of NZI, however it is not in the policy document and for you to go and jump up and down like a small child about it!!!!!!!

CAN - if you would like assitance further with this please call me on 355 7339..

Cheers

Rach.

Edit again - Lovley guy at NZI just called me back, because of the way the wording is worded, ie... that it relates specifically to the home adn contents not motor cycle and contents, you might be shit out of luck.

Try anyways.

God loves a trier.

[Grahameeboy]

Can, i'm an insurance bunny as well, specifically domistic & commercial stuff like this,

as Madboy so rightly says, if it isnt clearly spelt out in your policy wording about the voluntary excess then your..

edit - just read the NZI Contents policy wording... Page 20 if you have one CAN, it states "You only have to pay one excess if one event causes loss to contents and also causes loss to any part of the home if you own the home and it is covered by anothe rpolicy with us. The Excess you must pay is the higher of the excesses under the policies involved."

Also just talking to a lovely guy at NZI, he says that what that the two excesses is correct according to the enternal workings of NZI, however it is not in the policy document and for you to go and jump up and down like a small child about it!!!!!!!

CAN - if you would like assitance further with this please call me on 355 7339..

Cheers

Rach.

Aha.....got there first...you were just 250 slow....ha ha......the 2 excess thing is not correct....it has always been an unwritten internal organ thing and it just depends on whether you speak to a drone....sounds like you were flirting again Rach......ha ha.

CaN....if you cannot get hold of Rach (not difficult I hear) - 09 374 2276.
.......

[Oscar]

My personal favourite being - if you under insure they decrease your claim by the same percentage as they believe you are under insured. For example you insure for a loss of 75000 but it is actually worth say 100000.
You think, the chance of total loss is slim and I am prepared to wear the 25000.
If you have say a 50000 loss they say you were underinsured by 25% so instead of getting the 50000 they reduce the payout to 37500, thus deducting the 25% that you were under insured, regardless of the fact that you were paying a premium based on 75000.

Yer about 10 years too late.
What you describe is the condition of Average, which was pretty much killed by the Fair Trading Act.
This no longer applies to most policies (the exceptions being some types of marine cargo cover).

In respect of your voluntary excess - you can't have it both ways, by accepting the discounted premium, you accepted responsibility for that portion of your loss.