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Thread ID: 120119	2011-08-25 12:05:00	Commercial Insurance Help	Iantech (16386)	PC World Chat

Post ID	Timestamp	Content	User
1226120	2011-08-25 12:05:00	Hi All, I have my commercial Insurance renewal due and see my insurance broker has started rocketing up the prices with admin fees, interest and crap which they never used to do (they got their fees/payments from the insurance co. when they got a policy) so want to start shopping around on my own for commercial insurance. What I need is: Commercial motor vehicle insurance Professional Indemnity Cover to $1,000,000 Material Damage Insurance (contents) Currently insured with Lumley and Vero I've had a quick browse online and found Tower, dont know alot about them. I hate dealing with Insurances and stuff, just want to go and work, which is why I have a broker, but..... If anyone has any suggestions or can point me in the right direction, I would be very greatful. Thanks Ian	Iantech (16386)
1226121	2011-08-25 12:35:00	Suggest you go direct to a few Insurance companies - Start with NZ!, the General Accident Group were very good, couldn't comment now, I have had good experiences with Sun Alliance. CGU is OK, so is QBE (if in NZ) I am with them in Australia People often make the mistake of shopping for the lowest premium - not necessarily smart unless you never plan to claim - Do a bit of research on the various companies' track records on dealing with claims, that is why you are paying premiums. The object of insurance is to get an honest claim fairly dealt with, the cheapest insurers don't plan to make zero profit, so as a rule you get what you pay for. In general insurance there are two basic risk profiles, you need to understand what you are getting. Specified Risks - gives risks on which they will pay out a claim. Excluded Risks - it is not excluded it is generally covered. After the recent floods in Queensland there are a lot of very unhappy Insurance Company clients, who found out the hard way what wasn't covered - I will make this comment on brokers, they frequently put self interest before client interest, ie they will put a client into a policy that is the most beneficial to them - there is a system of commissions, (unless it has now been banned) called over-rides that provide volume related commissions and rebates to the broker based on the volume of business they place with a particular Insurance Company	KenESmith (6287)
1226122	2011-08-25 13:09:00	Ken, really appreciate the comments, cheers. Yes, I'm finding that out about my broker, first few years they were good, now I'm beginning to wonder. It looks like mine is getting kick-backs from the Insurance Co. and trying to rob me. I'm happy with my Policies and what I'm covered for, just dont like the idea of the broker getting an extra 20% out of me (when they are getting paid by the Insurance Co.) which amounts to quite a few hundred $$ that I cant afford to give away. Business is tight enough now with higher rent/phone/power/fuel/etc costs. Thanks again	Iantech (16386)
1226123	2011-08-25 20:28:00	found Tower, dont know alot about them. Tower. Great until you make a claim. Then forget it.	pctek (84)
1226124	2011-08-25 20:51:00	Tower. Great until you make a claim. Then forget it. Thanks for the heads up :thumbs: They may not be hearing from me after all :)	Iantech (16386)
1226125	2011-08-25 22:18:00	I used State for years. No problems but then I never made a claim.	CliveM (6007)
1226126	2011-08-25 22:39:00	Currently insured with Lumley and Vero Is there any reason why you don't want to reinsure with your current providers but bypassing the broker? I would be considering the companies who have been the least difficult to extract compensation claims out of after the earthquakes. Those have usually been the bigger companies.	FoxyMX (5)
1226127	2011-08-25 22:48:00	Is there any reason why you don't want to reinsure with your current providers but bypassing the broker? I would be considering the companies who have been the least difficult to extract compensation claims out of after the earthquakes. Those have usually been the bigger companies. I've thought about that, kinda feel a bit...um...uncomfortable about doing that, but at the end of the day I may have to as its my business I need to look after, not the broker. I've never made a claim yet either but when it costs around $2800 per year, if I ever need it, I want to be damn sure they are going to cough it up!! Thanks all for your help and suggestions to date, appreciate it. Cheers	Iantech (16386)
1226128	2011-08-25 23:16:00	Have you talked to your broker about the extra costs, and explained that you are not happy? If they still insist on charging you, then go directly to the insurance companies with a clear conscience. You will have a history with them, which may well count in your favour. Use every advantage you have.	Richard (739)
1226129	2011-08-25 23:37:00	Ian, once again, you should try SIS, which originally started out as being for the older generation. Think it's now part of AA Insurance. You no doubt get a subsidy from the AA membership, for being a Veteran member. This is why NZ is in such c r a p, subsidising us oldies. Lurking.	Lurking (218)
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