Very few as you suggest. Otherwise our premiums would be astronomical and unaffordable.
Although with the likelihood of many more major disasters and weather events driven by climate change, there is only one way they can go.
P.S.
The majority of consumers have most likely made relatively minor claims on household policies. At that level there is no consistency in our experience. RACQ were very good at responding to a roof water leak after a major storm (passing cyclone). But surprisingly obstinate when a large cyclone rated fixed glass door panel was cracked full width externally by a stone from the mower. Apparently the stone needed to have penetrated the glass on both sides of the polymer core. The quoted repair cost including labour was several times our policy excess. Not a massive hit relative to our annual premium.
Very concerned. They won’t honour the policy if the details don’t match.
Also if after applying to one company you get knock-backs from others it might be because they are all part of one group. Suncorp Bank subsidaries include
Suncorp Insurance
GIO
AAMI
APIA
Vero
Shannons
Bingle
Terri Scheer
Asteron Life
I am sure every company whether in the same group or not is completely independent, and by forcing a potential customer to state up front which company one is with (for any insurance product) they are quoting blind, each independently, and competitively. Right they are
Asking which company one is with should not be on until one has a quote and is signing up. At that point it might matter, but before I can only conclude there is one reason, not that their quotation forms don’t look alike within each group … ka-ching
This could equally apply to the underwriter and underlying reassurer…if their risk profile is not to provide cover due to a property characteristic or location, it is likely that different insurers using the same underwriters will also decline cover.
I have stayed with AAMI Home and Contents not because of their bad reputation at taking care of home and contents loses, but because their product has evolved since I signed up with them almost 18 years ago and at that time I could describe my property to their ‘system’.
Every time I check for other quotes the forms and questions do not and cannot define my property since they have become more generic over time, and some companies have over the top requirements for the limits I need (not just want). Notwithstanding a B2B monitored alarm in my equation, one requires all doors and windows to have dead bolts; the doors do but the windows are all sliders with stop rods so they cannot be opened or removed from the outside. That is not good enough so they don’t want my business, and that is their business. Nothing in any docs state if the dead bolt is not set too bad so sad, just that the deadbolts need to be there. (That would be interesting if taken to court, not that set deadbolts in some circumstances could be life threatening by trapping occupants in a burning building.)
It should be no surprise to anyone that in spite what insurance sells itself as being, it is a for-profit business and they are not interested in customers who might ever claim. They are generally good at what they are.
I also think it’s worth asking for the CS person’s full name. Most people take more care and recognise their accountability more fully when they know their name is recorded!
The reason that is usually declined is the person’s privacy and personal security from internet trolls finding them to actual physical assaults. Often the best one can expect is a first name (that may be a company pseudonym) and location or a company ID number.
I have noted that when dealing with organisations like Telstra on their online chat lines when you have an issue that I receive a hard copy of the online exchange - the message comes up “… is typing” and their answer appears on your screen and the “conversation” goes backward and forward until you call a halt. I usually receive a comment at the end that asks if I am happy with the response and is there anything else I need. I certainly make sure I print off results of our “conversation”. So far I have not had the need to ask for a transcript of a recorded conversation - however, I have advised the person I am dealing with to check my previous conversations if I am following up on a query and in most cases I was able to end with a satisfactory result.
One does not often search for and read about court cases when getting quotes, but seems to be worth the time searching for them to temper expectations of how a company operates or doesn’t prior to signing up. Unfortunately Youi is not alone in their inability or disinterest in taking care of customers from time to time but not so many get prime coverage (in the media).
And this customer is not alone with there experience with Youi. I outlined another example above…
Is saving a few dollars as claimed in their advertisements worth the stress and heartache for tardy claim settlement? I would say no and they need to improve their customer service and response times to something which is reasonable.
I just renewed my home contents insurance and did the usual annual check around rather than simply renewing. In the end I changed insurer because I found the identical insurance (including the specific add ons) right down to every comma and fullstop in the PDS only cheaper! Exactly the same policy just branded according to the seller. It pays to look at who the underwriter is!
When you get your insurance notice, and it has gone up particularly with contents, you can ask them to insure at lower cost, and or the same as what it was before, All insurance companies apparently have to increase the cost by a certain amount by law, so people are not under insured. You have a right to ask them to lower the cost
There is a risk that if one knowingly underinsures to save premium costs, insurance companies can prorata any payouts accordingly.
For example, if one underinsures their $100k contents for $50k to save money, when a claim is made the insurer may choose to pay out only 50% the value of the claimed goods. Many insurers have information on intentional underinsurance implications in their PDS.
I once called these jokers up for a quote on a 1993 Toyota Seca and they tried telling me that a $50 month premium, was generous , I was with CGU at the time, I told them what are they jokers, how can you call a quote that is over double that what I am paying with CGU gernerous?
I do understand that, but so many people also well and truly over insure. I thought that I would do a check out on CGU estimate for a 1 bedroom unit, It suggested that it would be around $75000, I know clothing, and so many other things can be expensive, and you may some times forget things that you may have, I do not have expensive business suits sitting in my wardrobe, and many other expensive items that was in that list. I only took my cover down by $5000, insured for $40,000 if I am under insured it would only be around $1 to $2 k, if that
Hello. Speaking from recent experience…yes, they make “errors” so they can use them to deny a Claim (in my case, a $500K+ Claim, now headed for Court). Simple solution is to inform them BY EMAIL (so it is in writing, and you can print copies down) of each and every single error, and request a written response/Endorsement showing the corrections (and don’t take phone calls about it). MOST importantly, state in your email, that non compliance with your request will constitute a breach of the Insurance Code of Conduct, (they “must” correct errors brought to their attention) and very possibly a failure of their “Duty of utmost good faith”. Warn that such will be broadcast by you, and brought before the appropriate “regulators”. You should have an email address, possibly something like “renewals@…” somewhere on your Renewal Notice…you could even be really “cheeky” and “cc” your email to: info@afca.org.au (AFCA won’t do anything about it, because you haven’t yet lodged a Complaint with them…but hey…there is nothing stopping you from doing so, and this is probably in the class of “systemic faults/failures” that AFCA supposedly oversee…). Just don’t stop until the corrections have been made, because I guarantee those errors WILL be used as denial tools if you EVER need to claim. Kind regards, J.
Not surprising…read ASIC v YOUI judgement, which is a case reviewed by the Royal Commission itself, and followed up on, in the Federal Court, by ASIC…YOUI were guilty of basically the same conduct, with a different Client, in that instance.
