Author Topic: Australian Optimisation Council  (Read 5369 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.

itchyfeet

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Re: Australian Optimisation Council
« Reply #9 on: November 27, 2019, 10:35:42 AM »
Once upon a time my wife had a car accident (she was at fault) and wrote off our car and the car she crashed into.

We then Realised that our insurance had expired a month earlier, and I had missed the payment.

I was young and dumb.

The insurer was AAMI.

AAMI agreed to cover us for the accident despite having no obligation to do so.

If AAMI hadnít covered us we would have been in a massive financial hole at the time as we had just leveraged up on a big mortgage on a new home.

Consequently for the subsequent 15 years I have always insured both cars and houses with AAMI. (At that time we had only been insured with AAMI for maybe 3 years).

deborah

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Re: Australian Optimisation Council
« Reply #10 on: November 28, 2019, 02:23:49 AM »
Once upon a time, my car lost its gearbox sump plug in the middle of nowhere. After sitting by the side of the road for most of a day, the local grazier came by on his second hand posties motorbike, and fixed me up enough to make it to the nearest dot on the map, who fixed me up enough to make it to a town. The NRMA then paid for my accommodation for several days until a tow truck (that they paid for) could take me and my car six hours to a mechanic who could fix it. They also paid for the hire car I had while my gearbox was being replaced, so I could continue my holiday. Iím sure that no matter what I pay roadside assistance for the rest of my life, Iíll still be in front.

happy

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Re: Australian Optimisation Council
« Reply #11 on: November 28, 2019, 10:59:04 PM »
Question re small landholding insurance
Any advice/wisdom appreciated, since I have no experience in this area.

Prompted by a comment by @Memo on my journal about public liability for people doing stuff on my land, and catastrophic fire warnings,  Iíve been giving this more consideration. I have 3 houses on my block of a couple of hectares, which are insured with NRMA which includes public liability.

Possibly naively, I hadnít really given more insurance than that much thought.

And since then we are slowly accumulating large block stuff eg ride-on mower, tools, and now have goats inside an electric fence., which we have moved nearby a boundary with a number of backyards from urban houses backing onto it. Although its all signposted and wonít do anymore than give a human a jolt, I now worry about kids coming in and mucking around and getting into trouble with it.  We also have 8 sheds/outhouses of various sizes and in various states of repair (some unusable). Initially I was a bit dismissive of their value, but now can see if they were destroyed along with their contents I might be up for a fair bit.   

Iíve also been made aware there are already several neighbours collecting wood, walking their dogs etc (without asking, and in spite of a private property/no trespassing sign).  I donít have a particular problem with  their activities, but I wouldnít like them to sue me if something happened!

NRMA doesnít seem to do this insurance. Anyone had any experience with other providers?

middo

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Re: Australian Optimisation Council
« Reply #12 on: November 29, 2019, 01:06:27 AM »
Question re small landholding insurance
Any advice/wisdom appreciated, since I have no experience in this area.

Prompted by a comment by @Memo on my journal about public liability for people doing stuff on my land, and catastrophic fire warnings,  Iíve been giving this more consideration. I have 3 houses on my block of a couple of hectares, which are insured with NRMA which includes public liability.

Possibly naively, I hadnít really given more insurance than that much thought.

And since then we are slowly accumulating large block stuff eg ride-on mower, tools, and now have goats inside an electric fence., which we have moved nearby a boundary with a number of backyards from urban houses backing onto it. Although its all signposted and wonít do anymore than give a human a jolt, I now worry about kids coming in and mucking around and getting into trouble with it.  We also have 8 sheds/outhouses of various sizes and in various states of repair (some unusable). Initially I was a bit dismissive of their value, but now can see if they were destroyed along with their contents I might be up for a fair bit.   

Iíve also been made aware there are already several neighbours collecting wood, walking their dogs etc (without asking, and in spite of a private property/no trespassing sign).  I donít have a particular problem with  their activities, but I wouldnít like them to sue me if something happened!

NRMA doesnít seem to do this insurance. Anyone had any experience with other providers?

If you have livestock and they stray and cause a car accident you are liable.  Particularly for animals that are known to be difficult to keep behind fences such as goats.  Liable for damage to property and person.  We insure with WFI for our hobby farm for this reason.  It costs more than normal house insurance, but the stock liability cover is worth it in my mind.

happy

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Re: Australian Optimisation Council
« Reply #13 on: November 30, 2019, 03:25:32 AM »
Thanks @middo, I'll give them a call tomorrow. 

chasingthegoodlife

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Re: Australian Optimisation Council
« Reply #14 on: February 27, 2021, 03:29:46 PM »
Thought I'd bump this old thread (love the idea) as I just did a review of all our bills.

Car Insurance (comprehensive, 2009 Toyota Aurion) - Switched from RACV to AAMI, lowered kms as I'm now WFH, raised the excess. Down from $1116 to $425 per year.

Internet - With Internode, and had moved from the $55pm to $75pm plan during lock down. Belong and Tangerine had unlimited plans for $60pm but when I called to cancel they price matched for 6 months so I will review then.   

Power - Switched from Simple to Momentum (self service plan, website only, not on Vic Energy Compare). Estimated saving of $300+ per year plus we're now on 100% Green Power. I'm sure how 'green' that actually is but probably better than nothing.

Gas - Switched from Origin to Altina, Vic Energy Compare estimated savings  $200 per year

Mobile - Switched from Amaysim to Moose Mobile - $12.80 pm for 6gig data and unlimited talk/text.

Home insurance - Still cheapest with AAMI.

Mortgage for investment props - Refinanced last year with Macquarie. Will look at it again in a year or two.

Total estimated savings - $1365 for the year.

Time taken - 2-3 hours.

I noticed that several companies (AAMI, Simple Energy) were offering a year of free roadside assistance as a sign up bonus. I guess many people cancelled their RA in 2020 when they weren't driving as much. I passed this up because it's not worth the hassle (to me) of cancelling and renewing with RACV but FYI.