Insurance Error??

[Simo]

got my new insurance policy today and it has dropped quite significantly, 50% to be precise.

My excess now is $550 and I am only paying $1200 a year for the policy

Does this sound normal for a 21 year old???

[kolourhero]

gosh that's cheap excess for 21 yo..

thats the excess ill get if im 25. :o

Have you called them up and ask?

[Simo]

I don't really wanna ring and ask in case it is an error and they charge me more :P

[Keisari]

The excess is pretty awesome, I'm 20. Although I only pay about $600 for the premium... ($900 excess)

[CAP]

Damn you younger guys have to pay alot!

[Mr Slippy]

For once it feels good to be 28. :D

[wishbone]

i have to pay 1700 if i crash some1 ...550 wow simo bud...i would keep tht under tight wraps...dont tell them nething...and when u have to pay ur excess (hopefully u wnt need to) and they try to charge u more...jst show em the document saying how much ur excess was...its thier fault if they made a mistake u shldnt have to pay for their problems....coz insurance companies r ******ers newayz....

Edited January 24, 2008 by wishbone

[daviboy]

thats damn awsome

Im 21 and im payind 1900 for my 05 sportivo and 1100 exsess. Whos the insurance company. Ide like to be part of a cheap company. Im with AAMI

My greenslip company made a mistake (NRMA) it had the old owners Age price on it which was around 600 including rego. But when i went 2 change my plates, they asked for ID and then changed the price to 600 just for greenslip cos of my young age of 21

[Simo]

im with AAMI, so yeh I think it is a rad error, so i am not going to tell them :P

[Northy]

im with AAMI, so yeh I think it is a rad error, so i am not going to tell them :P

I would be reading their T&C's as id be willing to bet that an insurance company would have a clause against this sort of thing where they can charge you the diff when and if they like...

[MT]

I'd get it checked too, pretty sure when the realise what they have charged you (if it is wrong) then they can just void your insurance.

[SuperDave]

Send 'Buddha' a pm and see what he thinks about it. But just like with the banks you should tell them about errors.

[Azza]

im with AAMI, so yeh I think it is a rad error, so i am not going to tell them :P

I would be reading their T&C's as id be willing to bet that an insurance company would have a clause against this sort of thing where they can charge you the diff when and if they like...

Agreed, they will all have a clause that states that they have the right to void the insurance at anytime they see fit.

THing you have to remember with insurance companies is that they are profit making businesses that are not their with the size businesses they have because they pay out willy nilly. The whole directive of an insurance company is for them to find a way to take your money up front then not pay out later....(I know this from first hand experience as well as being married to a woman that has spent the last 8 years of her life contracting to insurance companies to find ways for them to NOT pay....)

My suggestion dude, is to call them and speak with them. If they say that it is correct pricing (remember too it may be, if you have been with them for a while and they are now rewarding you for good history with them) then ask for them to send you a letter advising the it is correct. The reason for this is that if you need to make a claim and they say the policy is invalid as the correct premium was not charged, you can then challenge them on the grounds that you made contact to confirm and was told that it was correct and had this re-validated in writing.

Having to documents from them indicating the same price as correct will assist you down the track should they try and void the policy based on an invalid premium. You are them able to argue that you made the attempt to have the issue rectified in the first instance and was told that it was correct. The chances of them screwing up a calculation like that twice is pretty rare, so in my opinion, make the call.....

Hope this helps...

CHeers

Aaron

[Simo]

Righto lads, I will give me a ring tomorrow :)

Cheers