Re: Car Insurance

j*oono · ‎09-09-2014

I dumped my old car insurance with GIO and took up a policy with Coles, underwritten by Wesfarmers.

I was a bit shocked with the renewal policy from GIO, or Resilium. $763 with a $500 excess on a car that is only insured for $12,900. No claims in the past and with 65% no claim bonus.

Coles/Wesfarmers gave me a quote and with extras it came to $490. It's fully comp. Has anyone else switched to Coles and any problems?

Joono

cherry*135 · ‎10-09-2014

No, looked at Coles. It is more of a 'budget' policy so didn't bother changing from the one I have.

The budget policies have larger excesses etc for drivers under 30, whereas mine is for under 25's. With 23 yr old that drives my car sometimes, that is important. When she is 25, there won't be higher rate for her.

j*oono · ‎10-09-2014

It's only under 25 drivers Am. They don't need to be named if they drive the car only occasionally. They have their own cars anyway.

Also, why is it a budget policy? Why should I not pay less for the same deal?

Joono

kilroy_is_here · ‎10-09-2014

Cheap isn't always best you need to compare the policies to see if there is any exclusions or extra or differences in the policies

cherry*135 · ‎10-09-2014

My daughter has her own car but needs to use mine sometimes. The excess is about $2000 for an under 25 yo, if they are driving and have an accident. About $600 for me.

Must have been other ins co's I looked at that were under 30's.

Did you compare every little detail from old policy with new one?

j*oono · ‎10-09-2014

There don't seem to be any Kilroy. It is the same agreed value, not market value. Fully comprehensive. I think I was getting totally ripped off but then I guess you don't know unless you try to make a claim. As I have never claimed on car insurance I wondered if anyone had made a claim with Coles or had a problem.

Joono

j*oono · ‎10-09-2014

Am, the only difference I can see is that GIO excess for me was $500 and with Coles it's $550. Premium takes care of that well and truly.

Joono

kilroy_is_here · ‎10-09-2014

Be careful with agreed value policies if the car is over 10 years old as they can automatically change the policy to market value without your approval

cherry*135 · ‎10-09-2014

Differences in wording in PDS

Coles ( note the pay UP TO)

Agreed or Market value
If you have chosen Comprehensive cover, you can choose to insure your car for:
• an agreed value and we will pay up to the sum insured on
your schedule, or
• the market value and we will pay up to an amount we
assess your car to be worth immediately before it was damaged or stolen.
The basis of valuation you have chosen will be shown on your schedule.

My insurance pays the agreed value stated on my certificate of insurance.

j*oono · ‎10-09-2014

It's only 5 yrs old Kilroy. Wow, time flies.

It's agreed value Am. The same that I had with GIO.

Joono