Insurance Premium Renewal - mine went up 45%!

[cozza]

Anyone else experience a significant increase in their insurance premium?

I'm with AAMI and have just received notification that my annual premium is going from $1200 up to $1750!

I've made no claims, am still at the same address, and the car is now 1 year old, as opposed to brand new when I first took out the policy.

[Zuzu]

Mine did too..$1495 to $1850(GIO).. rang up and had a whinge..wasnt happy and was made sure i was put through to a mgr..Then they reduced the premium back to last years with no loss of benefits..Give them a call mate..

[cozza]

No shit! You did alright. The best AAMI said they'd do was knock $10 a month off. Still not happy about it. Might try a few other insurers and see what comes of it.

[Zuzu]

There was a post about this 3 months ago..Premium increases on the 1st anniversary..

Takashi had a method he uses to ensure the best premium..

Hopefully he will pop up soon on the forum and enlighten us..

[Blacky]

I don't like insurance companies that much, but the premium increase could be due to the cars being on the market for a little while and they are now getting some stats on accident / incidents and they are having more than expected.

Good Luck with the adventures.

[Taymaishu]

Originally Posted by Blacky

I don't like insurance companies that much, but the premium increase could be due to the cars being on the market for a little while and they are now getting some stats on accident / incidents and they are having more than expected.

Good Luck with the adventures.

This is worth +9000.

[WOPALX]

This does not surprise me as the cost of repairing a 135 from an average accident will be an awfully high % of the cars cost.

For instance recently I mounted a small curb (10cm high) and clipped one of those bendy posts. All the damage was a front bumper cover, wheel bearing, axle stub and alignment would have done it at any body shop not BMW approved.

I took it to a BMW approved repairer who then read out the repair instructions from BMW to the insurance agent;

wheel bearing
axle stub
lower control arm
caster rod (or something similar)
steering rack
wheel repair
tyre replacement
front bumper + paint

Cost was about $11K.

So when you consider what the car's replacement value is on a 135 a decent fender bender may well result in a write-off. Also make sure you get choice of repairer as there are shops out there that would not do it to the BMW standards.

[CT135]

ouch - that hurts. I think they count on laziness for you to just stick with them and not bother changing.
I got my insurance through a broker in Melbourne - Jardine Lloyd Thompson (JLT). It is a Llyods policy ... only cost $1300 (from memory) which was the same as what my Liberty cost ... and the WRX before that.

[Taymaishu]

Originally Posted by CT135

ouch - that hurts. I think they count on laziness for you to just stick with them and not bother changing.
I got my insurance through a broker in Melbourne - Jardine Lloyd Thompson (JLT). It is a Llyods policy ... only cost $1300 (from memory) which was the same as what my Liberty cost ... and the WRX before that.

Same here - mine was around 1300 for the 125i, but that's also cause i'm Under 25...

Still, got my NCD Rating 1, and for a new BMW i wasn't complaining at all.

Considering GIO quoted me 1950!

[ihadablackdog]

In the UK it seems any insurance company will give you a competitive quote the 1st year that you go with them in order to get your business, then they send you the renewal quote and hope you don't shop around, as you will generally find it is more expensive, even though you haven't changed any details or made any claims (which logically means you have proven you are a safer driver).

Try getting a quote from the same company as if you were a new customer, this is often cheaper than they're renewal quote and doesn't really give them any room to move when you say they have quoted you cheaper as a new customer than they have for your renewal.

ALWAYS check your premium - just because a company gives you a brilliant price one year doesn't mean they will be competitive the following year.

[Choclove23]

Just go with another company. Never renew a policy without seeing what the others are doing.
Ratecity.com is a good place to get rate comparisons.

[2bob]

Just renewed with Allianz and the cost was 375 LESS NTHAN LAST YEAR.

[SimonB]

Just got my renewal from Ryno, $924 pa, was $945 last year. Will be renewing.

[takahashi]

Originally Posted by Zuzu

Takashi had a method he uses to ensure the best premium..

Hopefully he will pop up soon on the forum and enlighten us..

Sorry I was to tired after gym work and did not log in to the forum.

Corey. Don't call AAMI. Take out another policy with them. Do that on line too! You have an agree value on your renewal and use that as a bench mark. Use their online system and buy it on line. See the difference.

I recently let the renewal of my 4WD go... also from AAMI. Only to take out another policy with them on the same car. Save $300 ($950 to $650)

Who cares what they think.

You are also right to go with other insurers.

I check my policies every quarter on line. As I know I can cancel any policy (fully paid or monthly debit) any time I like.

Good luck mate.

[bfi2906]

I shopped mine pretty hard a few months back (when the car was new). Ended up going with Ryno - it's a LLoyds policy. Not the cheapest (but pretty close), but they had the conditions I wanted in the policy - Low'ish excess, choice of repairer, guaranteed work, guarantee use of new OEM parts, and my panel shop of choice was OK with them.

I never looked at AAMI - i don't like the way they do business. They're always the cheapest - there's a reason for that.

[takahashi]

You can get your own repairer when you are with AAMI. You just have to know how - good to get a repairer that will do the leg work for you with AAMI.

Shannon is similar price but way better in service. They investigate every crash though.

[cozza]

Thanks for the feedback, guys. I called around, and the best insured value I could get was for $46,000 through Shannons, with a premium of $1600. Considering I paid $69,000for the car just a year ago, there's no way I'm insuring it for this little.

AAMI have left my agreed value at $70,000, so I'll be sticking with them.

[andrew@southernBM]

Thats fine if its about dollars cozza and fair point, but personally i rather my car go to a BMW Authorised repairer that i can oversee the repairs and not some hole in the middle of no-where that AAMI would want. The truth is that the top end repairers will not work for AAMI locally. I have seen this first hand, both my local BMW Authorised repairers will not do AAMI work. I prefer to pay a little more and get my real choice of repairer however my premium is less than yours at around a 1K. I'd say shop around like Taka says, there must be better value out there for you.

[WAY]

I am with BMW insurance, and my premium is less than Cozza's (about $1400 from memory). Go figure.

[amk2912]

Originally Posted by WAY

I am with BMW insurance, and my premium is less than Cozza's (about $1400 from memory). Go figure.

My 135i renewal premium with BMW Insurance was $1,100. I cancelled it a month after paying it as I got rid of the car - all I got back was $800!

BTW - the M3 premium was $2,000.

[Breville]

I just saved $250 moving from BMW to Shannons, also got half the excess, $65k agreed value plus another $150 saving when moved the family wagon there too.

[05C4R]

Originally Posted by cozza

Anyone else experience a significant increase in their insurance premium?

I'm with AAMI and have just received notification that my annual premium is going from $1200 up to $1750!

I've made no claims, am still at the same address, and the car is now 1 year old, as opposed to brand new when I first took out the policy.

definately try ryno cozza