Insurance! Who has it and how much?

[Edbear]

Hot topic lately,especially health insurance with the public health system in the state it is.

There have been a few threads on here about bike insurance and there are a few companies specialising in this area, some very good.

However most of us view insurance as a necessary evil, and to be avoided where possible, so I'm curious as to what people believe to be "enough" insurance and what types of insurances everyone has.

[Oldfulla]

A couple of years back as a student I had nothing apart from a huge student loan and a crappy Honda civic, didn’t have much so no need for insurance then. However now as an owner/part owner of 1 house, 2 cars, 1 motorbike and 1 wife, I pay enough insurance to finance a small 3rd world country.

House, contents and wife are with Westpac, not a clue of hand how much I pay for this lot, but from memory its plenty

Cars and motorbike are with AA, each costing anywhere from $300 – 800 per year I think.

Yes it is a necessary evil, I have only ever had to claim once for my 1st ever bike which stolen, boy was I glad the salesman talked me into insurance that time.

[Pussy]

We have got all our policies with John Baker Insurance. From memory it is about 12-13 hundred a year for BOTH K6 GSX-R750s, which I reckon isn't too bad. All up about $3000.00 a year for house, contents, 2 cars and 2 bikes.
We wouldn't be without comprehensive insurance, and we're pretty happy with JBI

[The Pastor]

I have full insurance for a mc22 insured for 6k costing me $500/year 1k excess.

[Bullitt]

I have bike insurance and contents insurance. Ive always had car insurance until August when I stopped having a car to insure. No house = No house insurance. No dependents = no life insurance. Young enough to think im invincible = no health insurance

[Usarka]

I'll buy some insurance as soon as i can find an "independant" financial advisor.

Diary, the year is 2199 things aren't going quite as we planned.

[Edbear]

I'll buy some insurance as soon as i can find an "independant" financial advisor..

Ahem...

But you're right, many "advisers" are tied to a particular company. For example our own life insurance was through a "broker" who turned out to be no more than an agent for Asteron. I'm not swithching, though, as Asteron are a good company and their rates for life insurance are good. Not always the case and we've seen some unfortunate circumstances. I'm switching my son, as he was stitched up by an agent with an isurance company that markets aggressively but the Insurance Ombudsman sees more disputes with this company than all other companies put together! Their rates aren't that cheap either!

One of the major insurance companies, and a reasonably good one, too, insists on a minimum of 85% of the adviser's business. Consequently we don't deal with them at the moment, though with the clout my boss has, (when insurance companies want to know stuff, they ask my boss), we can in a pinch if they're the best for that client's particular interests.

A big issue both with insurance brokers and financial advisers in the news is that of "independence". If a "broker" is dependent on commission, he's more likely to be interested in his income rather than your best interests and we've come across people who have been way oversold and also sold the wrong product which could cause a headache come claim-time.

Not all insurance companies are very good at everything and while one may be very good for Fire and General, they may not be for health and life, so being truly independent means being able to design packages that get you the best for each need from the best company for that need. This takes not just independence but influence with the companies, too.

With health insurance, there are something like 60 providers and about 180 policies, most of which are out of date and too expensive for what you get. There are very few which will pay the full bill and many are finding that they simly can't afford the balance out of their own pocket meaning they have to go on the public waiting list despite having the insurance. The difference can be tens of thousands of dollars! Health insurance doesn't need to cost as much as many are paying in order to get full cover and can be much less than you expect if you know where to look.

What's the odds? You insure your house - 200 to 1 it will burn down. Contents? - about 25 to 1 they will be stolen. Your car? -about 15 to 1 it'll be stolen or wrecked. Your health? 5 to 1 for a heart attack, 4 to 1 for a stroke, and 3 to 1 of getting some form of cancer.The number of people dying on waiting lists? Up 128% in the last five years despite the Govt. pouring billions more into health.

My company is a genuinely independent advisory service, salaried, not commissioned and our services are free to clients. While there are some independent brokers, Lighthouse is unique in NZ and we have available the best in their fields for all things financial. We specialise in reviewing and restructuring insurance and financial packages to give the best possible outcomes - you know you've got exactly what you actually need at the best price available and you're not spending a cent more than you have to. In other words, I don't have to sell you anything but if you want to know where the best place for anything listed in my sig is, or you want a review of what you have to make sure it's what you need and want, or just if you have any questions about anything, (like just who's behind Lighthouse and how do we operate? Or in what circumstances can I reduce my insurance outgoings by up to 80% while maintaining full cover?), it's free to ask!

[Grahameeboy]

I have House, Contents, Van, Bike, Pai and Southern Cross Insurance....need to makes sure I am up and running asap for Nats...........would get bored of the wheelchair racing after a wee while...cause she would win

Lighthouse have a good reputation...........think I thought of applying for a job there once but I only have General Insurance experience........

[SimJen]

got 2 cars with AMI, house/contents, bike with Classic cover.
Also got life insurance of 1/2 mill so my wife and kids can live a decent existence without me (no mortgage and about 5 years where wifey doesn't have to work). Got life cover on her too, but not so much, so I will have to keep working unfortunately.
Given my bike riding is risky, I thought it prudent to get some kind of decent life cover just in case!

[Blackbird]

Fully comp insurance on all our vehicles, house and contents insurances. No life cover as we have investments and a good superannnuation scheme to take care of the future. I'm currently covered medically by a Southern Cross company scheme but when I semi-retire in April, I'll be just taking out surgical and specialist cover.

[bungbung]

I have house/contents/two bikes/two cars/health/life

[Edbear]

We have got all our policies with John Baker Insurance. From memory it is about 12-13 hundred a year for BOTH K6 GSX-R750s, which I reckon isn't too bad. All up about $3000.00 a year for house, contents, 2 cars and 2 bikes.
We wouldn't be without comprehensive insurance, and we're pretty happy with JBI

Did you go through Jetboy? He's a KB'r and got me a discount. Our F&G insurance is with State and we're very happy with them, but they don't do well with bikes, so Tim got us a good rate with Star. JBI, I believe is an agent for Star and not an independent brokerage. Had it not been for Tim, I'd have probably gone with Classic.

[Mikkel]

Everyone who isn't a complete asshole will have 3rd party insurance period.

As for myself and my partner - comprehensive cover on both car and bike, contents insurance and health insurance. And it's not *that* expensive...

[sunhuntin]

currently with star, costing some $500/year. have called them out twice, first time was i left the lights on. guy that showed up had NO tools, and his booster pack was flat. second time was mum locked her keys in the car. guy showed up, had all the equipment necessary.

recently did an online quote with kiwibike, and they gave me $300-odd/year. i will be going to see them next time im up in new plymouth.

[Edbear]

currently with star, costing some $500/year. have called them out twice, first time was i left the lights on. guy that showed up had NO tools, and his booster pack was flat. second time was mum locked her keys in the car. guy showed up, had all the equipment necessary.

recently did an online quote with kiwibike, and they gave me $300-odd/year. i will be going to see them next time im up in new plymouth.

Give Jetboy a call at John Baker, his name's Tim so ask for him personally. The normal Star quote I got was much higher than he got me and was on par with KiwiBike and Classic. All good companies for bike insurance!