Insurance In Australia

[rdhopkins2]

Are you a property owner? Renter? Car / caravan / motorbike owner? Then general insurance is relevant to you?

Have health insurance? Income protection? Life?

Are you a business owner insuring premises and machinery & stock? Workers compensation?

A farm owner?

Travel and need to be covered for the unexpected?

Live in a high crime rate or high risk area for natural disasters?

Let’s get some discussion going around insurance in Australia.

What are your experiences?
Tips for obtaining insurance?
Suggestions for dealing with claims?

Go at it and hopefully we all learn ideas from each other.

Caveat:- insurance fraud is just a big no- keep it legal.

 

[GreyCrow]

No health insurance and have had all my major life health experiences sorted - sure its not immediate but neither is anyone else

Had top level eye surgery due to SA Gov wanting to clear the books - still waited 18 months

I buy cheap frames at opticians - well within my budget and far far far less than a monthly insurance payment

I dont have contents . I am one of the lucky ones who has not been robbed but I am also wary of my neighbourhood and how to secure my area - plus its really my tv that is at risk and its cheaper to pay for 1 than the premiums

I do have car insurance but just a general policy and made no claims in my life either

More money I could have saved

 

[MrsEddieBetts]

Had an incident at our house that we need to claim on our home and contents insurance this week...realised we are GROSSLY underinsured eeeek

 

[rdhopkins2]

Had an incident at our house that we need to claim on our home and contents insurance this week...realised we are GROSSLY underinsured eeeek

Sorry to hear. Not good at all.
Under insurance unfortunately isn’t uncommon.

 

[rdhopkins2]

No health insurance and have had all my major life health experiences sorted - sure its not immediate but neither is anyone else

Had top level eye surgery due to SA Gov wanting to clear the books - still waited 18 months

I buy cheap frames at opticians - well within my budget and far far far less than a monthly insurance payment

I dont have contents . I am one of the lucky ones who has not been robbed but I am also wary of my neighbourhood and how to secure my area - plus its really my tv that is at risk and its cheaper to pay for 1 than the premiums

I do have car insurance but just a general policy and made no claims in my life either

More money I could have saved

Touchwood nothing ever happens (ie fire prevention/ flood / storm damage etc) that could potentially destroy your contents.

Chances are nothing will ever happen but if it does how much would it cost you to replace your bed, clothes, electronics (tv, computer, iPad, phone, Xbox, fridge, washing machine, dryer), jewellery, other furniture etc brand new.

You’ll probably find you have at least 10-20k worth of stuff if not more. Worth considering ringing around and seeing if you can get some quotes.

Friends of mine had their house burn down. Eldest daughter was on the computer which short circuited. Thankfully she got out ok but almost everything was destroyed and they had to rebuild the majority of the house along with replace everything in it. Thankfully they had insurance but her Dad actually had considered insuring for a lot less, then realised it wasn’t that much more to have everything insured.
Insurance paid the rent at too when they had to move into a rental to rebuild.

 

[GreyCrow]

Chances are nothing will ever happen but if it does how much would it cost you to replace your bed, clothes, electronics (tv, computer, iPad, phone, Xbox, fridge, washing machine, dryer), jewellery, other furniture etc brand new.

Minimal. Sure its an inconvenience but I live a simple life and there are outlets where you can get stuff at minimal cost

The photos and memories are priceless but how does insurance replace them anyway? Alternatively how many times a year do we go through our photos and baby cards?

 

[ash_1050]

I've got 7 years of insurance experience, happy to answer any questions to the best of my ability*.

*I don't know everything, but do know some things.

 

[Billy ray]

Premiums already high. Gonna get worse following this cyclone.
Might reconsider being a home (asset) owner and just rent until just before retirement. Invest in shares instead

 

[Chief]

Friend up here just built a house. This week they needed to get house insurance. Had trouble finding an insurer.

 

[Cruyff14]

Home owner. We have our house insured at about $500k from memory, and our contents at about $120k I think - much better to be over insured than under.

Don't have private, my daughter is going to need surgery and will probably cost us about $15k. We have the money, but it's still a big chunk.

Have life insurance and income protection.

Car insurance I show no loyalty, I go with who has the best rate.

 

[rdhopkins2]

Home owner. We have our house insured at about $500k from memory, and our contents at about $120k I think - much better to be over insured than under.

Don't have private, my daughter is going to need surgery and will probably cost us about $15k. We have the money, but it's still a big chunk.

Have life insurance and income protection.

Car insurance I show no loyalty, I go with who has the best rate.

Definitely wise- don’t pay the loyalty tax (especially if you don’t claim.

 

[rdhopkins2]

Embargoes now placed in QLD areas likely to be effected by TC Alfred. So no cover for cyclone, storm, flood damage etc.

This is to prevent people taking out a policy only to cancel it once the threat passes if they haven’t needed to claim (basically prevent freeriders).

 

[ash_1050]

Embargoes now placed in QLD areas likely to be effected by TC Alfred. So no cover for cyclone, storm, flood damage etc.

This is to prevent people taking out a policy only to cancel it once the threat passes if they haven’t needed to claim (basically prevent freeriders).

You'd be amazed how many people try take out an embargoed policy, and then lodge a complaint with AFCA when their claim is denied. Dealt with a claim for the Ballarat bushfires a few years ago where someone took out a policy 45 minutes before their home was wrecked by bushfire and they expected a full payout.

 

[The Golden Glenferrie]

You'd be amazed how many people try take out an embargoed policy, and then lodge a complaint with AFCA when their claim is denied. Dealt with a claim for the Ballarat bushfires a few years ago where someone took out a policy 45 minutes before their home was wrecked by bushfire and they expected a full payout.

Ditto.

Bloke bought a decrepit shit hole, insured it and expected Section 1 to respond when a storm came through forgetting you need to actually maintain and keep a place liveable!!!