NRMA or AAMI Which is better, Your Insurance experiences

bigsta · 08-06-2011, 09:58 PM

Hey guys,

Just renewing my comprehensive car insurance and even though i have not made a claim for 4 years AAMI put my premium up by $400 odd so promoted me to have a quick look around, there is heaps of online company's which are quite cheap but im not sure i would go that way as you cant even call them.

I got a Quote from NRMA which was about $300 cheaper than AAMI so I was thinking of changing but AAMI has been very good to me over the last 10 years paying out very quickly on claims and in one case giving me the option to repair or write off the car, the moded suspension i did not tell them about was not even a issue.

On the other hand i had a bad run with NRMA 10 years ago in not wanting to write off a car in the end they spent $47k to fix a $30K car which was still stuffed even after a year of going back and forward for repairs. Hhhhhmmm typing that has brought back a few memories and i think i will go with AAMI again but what has your experiences been with these mobs.

I had another very bad experience with a CTP claim through Alinaz too.

Lets name and shame the dodge and name and glorify the good ones.

lamborghinifan · 08-06-2011, 10:02 PM

have one car with each, but haven't had to claim. interesting to see other's experiences. very unimpressed with aami mother company suncorp at the moment for a contents claim though.

b0son · 08-06-2011, 10:36 PM

dont pay the renewal figure they send you. do a new aami quote online, tell us how much cheaper it is.

b0son · 08-06-2011, 10:38 PM

Quote:

Originally Posted by bigsta

I had another very bad experience with a CTP claim through Alinaz too.

care to elaborate? allianz seems to be the CTP of choice with many dealers nowadays... would like to know if I should renew with them or move.

bigsta · 08-06-2011, 11:00 PM

Boson i did that actually it was more by about $100

Yeah it is, I brought a car with a Allianz green slip and 6 months later got rear ended by a smashed chick in an E class doing 80 in a 40 zone.

My car was written off by AAMI i had a cheque a few days later, Allianz was not so simple i had extensive back injury's which included my left ribs becoming separated from my spine, now forget compo for pain and suffering I could not even get my physio or medical bills cover past $3000 they said bluntly I will have to take them to court to get more, unfortunately for me the lady who hit me was also with allianz so i could only deal with them.

Unfortunately in NSW insurers have all the power Bob Carr saw to this and they have fixed pay out figures IE a lost eye is worth $3k a lost arm $5k etc the maximum they will pay is $200K for total and permanent prayalisis now no money can compensate for this but you should be able to at least have enough to be able to set up a house for yourself and pay for medical expenses for the rest of your life i mean 200K would not go far.

Allianz told me in no uncertain terms they would not be paying for my medical expenses and to sue them if i wanted to take it further with a strong warning that if i sued and lost i would be liable for all their costs.

After speaking to a lawyer he advised me that we would be in court for 5 years or more the most i could get out of them is about $40k and in the unlikely event we lost they would come after me for millions so i decided it was not worth the trouble.

Like i said Bob carr did this to us and the NSW CTP scheme is now the most profitable insurance market in the world they work on a 30000% profit margin or something, the government should really take control of this scheme as the only ppl its benefiting is the insurance companies.

4 years on my back is still screwed, i still take pain killers when i do work on my house i am screwed for days I am just lucky i am not a carpenter or someone who is in a physically hard job because if i was i would be out of a job.

BTW in CTP i have only had a claim with allianz so cant comment on what others are like but they are governed by the same laws.

ray38l · 08-06-2011, 11:28 PM

Quote:

Originally Posted by bigsta

Boson i did that actually it was more by about $100

Yeah it is, I brought a car with a Allianz green slip and 6 months later got rear ended by a smashed chick in an E class doing 80 in a 40 zone.

My car was written off by AAMI i had a cheque a few days later, Allianz was not so simple i had extensive back injury's which included my left ribs becoming separated from my spine, now forget compo for pain and suffering I could not even get my physio or medical bills cover past $3000 they said bluntly I will have to take them to court to get more, unfortunately for me the lady who hit me was also with allianz so i could only deal with them.

Unfortunately in NSW insurers have all the power Bob Carr saw to this and they have fixed pay out figures IE a lost eye is worth $3k a lost arm $5k etc the maximum they will pay is $200K for total and permanent prayalisis now no money can compensate for this but you should be able to at least have enough to be able to set up a house for yourself and pay for medical expenses for the rest of your life i mean 200K would not go far.

Allianz told me in no uncertain terms they would not be paying for my medical expenses and to sue them if i wanted to take it further with a strong warning that if i sued and lost i would be liable for all their costs.

After speaking to a lawyer he advised me that we would be in court for 5 years or more the most i could get out of them is about $40k and in the unlikely event we lost they would come after me for millions so i decided it was not worth the trouble.

Like i said Bob carr did this to us and the NSW CTP scheme is now the most profitable insurance market in the world they work on a 30000% profit margin or something, the government should really take control of this scheme as the only ppl its benefiting is the insurance companies.

4 years on my back is still screwed, i still take pain killers when i do work on my house i am screwed for days I am just lucky i am not a carpenter or someone who is in a physically hard job because if i was i would be out of a job.

BTW in CTP i have only had a claim with allianz so cant comment on what others are like but they are governed by the same laws.

yeah i wouldn't go anywhere near allianz.
Even though it was for a workers compensation claim my mum got treated the same as you by them. They said she would have to sue and that she was likely to lose and they would ask for costs. My mum called there bluff and ended up with a very nice cheque at the end of it. Plus all of her costs which were well over $100k were paid for by Allianz. Unfortunately the insurance companies know how to stall and rack up the costs for there "customers" and allianz seem to be the best at it.

bigsta · 08-06-2011, 11:39 PM

Quote:

Originally Posted by ray38l

yeah i wouldn't go anywhere near allianz.
Even though it was for a workers compensation claim my mum got treated the same as you by them. They said she would have to sue and that she was likely to lose and they would ask for costs. My mum called there bluff and ended up with a very nice cheque at the end of it. Plus all of her costs which were well over $100k were paid for by Allianz. Unfortunately the insurance companies know how to stall and rack up the costs for there "customers" and allianz seem to be the best at it.

Im Glad it worked out for your Mum, i regret a bit not going after them but it was a tough time i had just lost my dad and really just didn't want to deal with it, at first i wanted to sue but after speaking with the lawyer and hearing story's how ppl had lost everything taking them on i backed down. I guess they bank on that bastards.

b0son · 09-06-2011, 12:43 AM

Quote:

Originally Posted by bigsta

After speaking to a lawyer he advised me that we would be in court for 5 years or more the most i could get out of them is about $40k

surprised your lawyer didnt suggest going after the driver.

its also one reason i have trauma and income protection. different insurer, no way they'll be letting it go.

StrokedXT · 09-06-2011, 08:53 AM

Quote:

NSW CTP scheme is now the most profitable insurance market in the world they work on a 30000% profit margin or something, the government should really take control of this scheme as the only ppl its benefiting is the insurance companies.

.

you have no idea at all

bigsta · 09-06-2011, 10:42 AM

Quote:

Originally Posted by StrokedXT

you have no idea at all

Really well educate me than eh.

In 2006 the CTP scheme in NSW collected $1.4 billion in premiums and paid out $193 million now true enough thats not 30000% I think i heard that figure on the news last year when they slugged all motor cycle and unique car owners with a $100 extra levy.

But for the year 2006 which is all i can find figures for its 7253.8% gross profit now even allowing for a fair profit and overheads they really should not exceed 30% of takings thats a heck of alot and that does not allow for the traditional profit areas of insurance company's IE investing the premiums and making money from that, back when things were fairer the insurance companys would pay out as much as they receive but make money from investing the funds received.

The MAA has done a few things to make the insurers pay out more and reduce their premiums of late but its not enough I think its time that the government took back the scheme and administered it and the fund themselves much like the kiwis do for most of their insurances.

SteveJH · 09-06-2011, 06:06 PM

Quote:

Originally Posted by bigsta

In 2006 the CTP scheme in NSW collected $1.4 billion in premiums and paid out $193 million now true enough thats not 30000% I think i heard that figure on the news last year when they slugged all motor cycle and unique car owners with a $100 extra levy.

But for the year 2006 which is all i can find figures for its 7253.8% gross profit now even allowing for a fair profit and overheads they really should not exceed 30% of takings thats a heck of alot and that does not allow for the traditional profit areas of insurance company's IE investing the premiums and making money from that, back when things were fairer the insurance companys would pay out as much as they receive but make money from investing the funds received.

Err, its not 7253%, its 725.3%. Its all a matter of where you put the decimal place.

As for CTP, yeah, if true its quite insane....

30% of that 1.207 Billion minus costs and any interest on loans the company pays goes straight to the federal government.

Yellow_Festiva · 08-06-2011, 11:06 PM

My car is with AAMI. Haven't had a claim as yet, but they were the cheapest.

NRMA on the other hand..... In my experience they are overpriced, pedantic about silly details and when my parents had a straightforward house insurance claim with them they were put through hell.

Never again will anyone from my family give NRMA insurance business.

Oh... they (my parents) took them to court and won.

ray38l · 08-06-2011, 11:47 PM

Yeah it is still a risk no matter how good of a case you have. My mums case was before all the changes to injury payouts. If she was going through it today i think her lawyer might have talked her out of taking the risk.

rancidpunx · 09-06-2011, 05:55 AM

Ring Aami and let them know NRMA are cheaper and se what they say.
My last renewal with Aami was more expensive and after ringing them the girl reduced it there and then.
A lot of the time people just pay the bill and be done with it as it a lot easier to do. The companies know this and add more on the top and laugh when people just pay it.

BLUEYBA · 09-06-2011, 10:14 AM

Well I've been with NRMA for awhile now and have a few things with them. They have always been the cheapest for me and if they were dearer it was only a small margin. Everytime I've had to claim I haven't had any issues at all, its been quick in getting my car back on the road. For one claim I was not at fault but the other driver disputed it and they handled everything and I didn't have to pay a thing. I've found that sometimes depending on how much more expensive a policy you have to look at what you're going to get and how easy/hard it is to claim. I agree that $400 is too much especially that you haven't claimed.

Ben73 · 09-06-2011, 04:10 PM

NRMA Gave me a $700 discount this year. So I stayed with them.
Never had a claim with them o I can't comment on that.

**TUF_302** · 09-06-2011, 04:25 PM

I'm with niether of them,i choose RACT, they are always cheaper and very helpful, although with my XR8 i have to use Just car as no one will touch me as im under 25

Smoke Pursuit · 09-06-2011, 04:38 PM

AAMI here.. But yes requoting online every year gets a cheaper deal...

I had a drama with some repairs they did to my g/fs Mondeo and they were great.. Ended up sorting them out over and above my expectations, which gave me some more faith in them!

Now that they have merged with Suncorp it seems that they have brought some of Suncorps people / policies over which has helped AAMI.

hawke · 09-06-2011, 05:55 PM

Bigsta.

The Motor Accident Authority in 2006 reported that the average profit for CTP insurance in NSW that year was 8.7%.

SteveJH · 09-06-2011, 06:08 PM

Quote:

Originally Posted by hawke

Bigsta.

The Motor Accident Authority in 2006 reported that the average profit for CTP insurance in NSW that year was 8.7%.

Much more reasonable.

I'd be interested to know where he got his numbers from.

StrokedXT · 09-06-2011, 06:05 PM

...............

bigsta · 10-06-2011, 12:06 AM

Ended up just sticking with AAMI interesting quote i came across was Coles insurance $600 cheaper than AAMI tempting but ill stay away from wesfarmers as they mainly deal with fleet clients and i would not expect to get decent service come claim time.

As for the CTP figures google has all your answers, figures took some digging but i found some interesting reads on the NSW bar association website and the MAA website is a bit of a mixed bag but is worth checking out.

for those that think the insurers are doing the right thing by us i suggest you use that search bar yourself and see what you are really covered for, its a joke and I really hope you never find out first hand.

Hawke i think you are making my mistake earlier and getting decimal points mixed up the MAA position is that the insures should not make more than 8.7% profit which is in their recommended premium of $324 made in 2005 which was more than doubled on average for 2006 http://www.parliament.nsw.gov.au/prod/parlment/committee.nsf/0/54331712c649fef9ca2571ef0006ab6e/$FILE/Review%20of%20exercise%20of%20functions%20of%20the %20MAA%20and%20MAC%20report%2031.pdf

another good read http://archive.nswbar.asn.au/Media/M...r10-154452.pdf

anyway judge for yourself, i think we all have had drams with the insurance mobs over the years for me i have dealt with Lumelys, Allianz, NRMA, Zurich & AAMI. the only good experiences were was with AAMI comprehensive.

Ill stop my rant now as I feel like im