Author Topic: Australian Optimisation Council  (Read 823 times)

Fresh Bread

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Australian Optimisation Council
« on: August 23, 2019, 07:17:15 PM »
Have you seen the latest MMM post? He suggests getting together and sharing knowledge on insurance and finance deals to check that your aren't missing on savings.

http://www.mrmoneymustache.com/2019/08/22/1000-per-hour/

I thought maybe we could do a thread for Australia?

Eg Car Insurance: We are with AAMI paying $569 for fully comp on a 2012 hot hatch, with a $2150 excess.

Bloop Bloop

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Re: Australian Optimisation Council
« Reply #1 on: August 23, 2019, 07:46:54 PM »
Car insurance I have consistently found Bingle to be the cheapest insurer throughout my 20s and 30s. Not sure if they are inherently cheaper or if they just have a kinder view of the 'young-ish male' demographic but they are about 50% cheaper than the major insurers.

Their PDS is not as generous/broad as that of the major insurers, but I have had a good success rate with my TIO appeals. For example once I had a not-at-fault accident but Bingle took my excess anyway because they claimed it was uneconomical to pursue the other driver for the full cost of repairs (and under their PDS you only get your excess back if the full cost is recovered). A simple complaint to the TIO (took 30 minutes for me to write the email and attach my supporting docs) and I got the full excess back.

I have found with insurance, it's often easier to go with the 'cheap' option, so long as it's Australia-based, and rely on informal dispute resolution and formal ombudsman complaints on the rare occasion that anything goes wrong. You'll save lots compared to just paying for full-service.

It often costs these companies more money to investigate/respond to a complaint than to just pay out the complaint.

I also don't bother paying for roadside assistance because I have found that if you call up the dealership and play nice, they will often throw in an extra year's roadside assistance for free when you book in a service. You can later cancel the service.

Finally I never buy extended warranties because, again, we have strong consumer protection under the ACL and I have never had any difficulty with getting my money back even outside the warranty period, as long as it was a genuine fault not caused by me. You just have to be good at taking photos/documenting things.

middo

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Re: Australian Optimisation Council
« Reply #2 on: August 23, 2019, 09:48:54 PM »
We currently have 1 car with coles insurance.  It was the cheapest a year ago, but probably isn't anymore.

Hmmm.  Time to check this out.

marty998

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Re: Australian Optimisation Council
« Reply #3 on: August 23, 2019, 10:02:09 PM »
My 2 year old car (Toyota Corolla) is insured with AAMI, just paid $760 (comprehensive), have a $1200 excess I think. Insured value about $20k.

They did try and put my premium up by over 15% this year, so I called them up and asked them if they are taking the piss when inflation is 1%. They cut the increase in half. Still annoyed but it is competitive.

My landlord insurance went up 15% also, but it's still under what I budget for/expect so I was ok with paying that one. Felt like I've been getting too good a deal for 5 years and now karma is coming back :D

happy

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Re: Australian Optimisation Council
« Reply #4 on: August 23, 2019, 10:24:58 PM »
All my insurances are with NRMA. Not sure they are the cheapest, but I do get a good discount because of the number, and a good loyalty discount. Iíve occasionally over the years got other quotes and they havenít been cheaper , but I admit I havenít gone on a thorough mission to check it all out.

My view is that insurance companies are good at taking your money but not good at giving it back when/if you have to claim. NRMA havenít been that impressive on that front, but I have negotiated a good result a couple of times by pointing out how many policies I have, and how long Iíve been insured with them and threatening to change.

alsoknownasDean

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Re: Australian Optimisation Council
« Reply #5 on: September 02, 2019, 05:11:43 AM »
I'm paying about $540pa on full comp with AAMI, on an old Holden Barina. It's only worth about $1500. I think the excess is about $650 or $725 or something like that.

Honestly I should switch to third party when the next renewal is due, but NFI if that messes up my rating/NCB if I decide to go full comp on another car later on.

Third party is only about $100pa less than full comp with AAMI, but I'd be open to changing insurers.

Fresh Bread

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Re: Australian Optimisation Council
« Reply #6 on: September 02, 2019, 06:14:15 AM »
Until just recently I was paying about $350 for third party on a 2007 VW that was worth $5500 so I reckon you can do better than ~$440.

I came close to writing off our current car, cost the insurer about $15k but it didn't seem to affect the premium too much - I wouldn't worry about your record!

I think my cheap 3rd party ins was with Allianz if you want to try them.

urbanista

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Re: Australian Optimisation Council
« Reply #7 on: September 03, 2019, 02:34:09 AM »
I am paying 640 for comprehensive insurance Honda Jazz 2012 with Bingle, but this is right after I made a claim. It was 450 prior to that. 800 excess.

While processing my claim,  Bingle offerred excellent customer service. Highly recommended.

middo

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Re: Australian Optimisation Council
« Reply #8 on: November 14, 2019, 05:44:48 PM »
I've had a few insurances renewals come in in the last couple of months, and I checked them all with competitors.  Interestingly I didn't need to change any, which is very different from a couple of years ago.

A short summary, but no $ as I don't have the time to track them all down:

Car - Coles insurance for third party, fire and theft.
Motorcycle(s) - AAMI for third party fire and theft.
Vintage and collectable cars -  Shannons, for cost, and because I can opt to keep the wreck.
House Insurance - Allianz was cheapest as I could get a higher excess while still insuring for the same amount.
Hobby Farm - WFI was the only one that would provide the cover we needed, which included animal straying cover.

As a suggestion, you can always get cheaper coverage by insuring for a smaller amount, but that then kind of negates the point of insurance.  I would look for a higher excess, as it keeps the number of cost down without really punishing you in case of disaster.