Insurance renewal rescinded (Australia)

[askitee]

Today, I was informed by my insurer - Australia’s largest - that they will not be renewing the insurance policy for my '17 RTL.

As mentioned in a separate discussion, I spoke with a friend who is a lawyer at another major insurer. She mentioned that concerns such as parts availability, the resulting delays in repairs, and the increasing likelihood of write-offs are all factors that make insurers particularly cautious.

I had contacted my insurer some months ago to confirm their intention to reinsure the vehicle. A few weeks ago, I received the renewal documentation via email.

Today - just one day before the renewal was due - I was contacted and told that they’ve decided to withdraw the policy offer and will not be proceeding with the renewal.

They did not provide specific reasons, only stating there were "particular issues they preferred not to disclose." With a 65% no claim bonus, the closest competitive quote is almost 80% dearer!

 

[Vinkon]

Today, I was informed by my insurer - Australia’s largest - that they will not be renewing the insurance policy for my '17 RTL.

As mentioned in a separate discussion, I spoke with a friend who is a lawyer at another major insurer. She mentioned that concerns such as parts availability, the resulting delays in repairs, and the increasing likelihood of write-offs are all factors that make insurers particularly cautious.

I had contacted my insurer some months ago to confirm their intention to reinsure the vehicle. A few weeks ago, I received the renewal documentation via email.

Today - just one day before the renewal was due - I was contacted and told that they’ve decided to withdraw the policy offer and will not be proceeding with the renewal.

They did not provide specific reasons, only stating there were "particular issues they preferred not to disclose." With a 65% no claim bonus, the closest competitive quote is almost 80% dearer!

Well, that's garbage.

 

[Mikey]

If I had any other insurance with them, I think I would be thinking about moving that also!! It is a known fact that insurance companies tend to sneak up your premiums over time, things depreciate, and you should sit down, price shop, and re-evaluate your policy's. The last time my bride did that we saved $3000! Granted, it took about all day and a LOT of phone time, but even the company that we go through told us right out that we should do this every three years! Good luck, it sucks, but insurance is one of those gambles in life where you never get out what you put in, and in today's world where people tend to be sue happy, you need it.

 

[TheMariner]

That's a pretty poor effort from the Insurer. They certainly aren't there to help look after customers interests... just their own.

My Spyder is currently insured with Swann & while I've never had any issues over many years of being a policy holder, my renewal is due in a month so I'll be crossing my fingers.

 

[CloverHillCrawler]

I am with Progressive and even after 2 accidents over the last 4 years where I was not at fault and so far have paid out over $18k in repairs on a $15k F3, my rates went down this year.

 

[racoon]

I'm with State Farm for my Spyder, my truck, and my home insurance policies.

The only issue I had was when I went to get coverage for my Spyder was they had trouble with finding it in their database.
The problem was they searched for "canam" without the hyphen. Once we resolved the hyphen issue I had insurance within a few minutes.

 

[askitee]

I've been with them since I was 17 (now 60) and in that time had:

• 1 "at fault" car claim.
• 1 "at fault" bike claim.
• No loss of license for any reason

We have

• home ins,
• home contents ins,
• Comprehensive Car ins x 2,
• Business ins x 2,
• CTP x 3 (our Compulsory Third Party injury insurance linked to our cars and bike registration)
• and until now RTL and 622 trailer

I ended up calling a smaller insurer who is popular among Car and Bike enthusiasts and insured with them. I negotiated my 65% no claim bonus into the deal with the new insurer, but still at a higher premium.

It has taken me a few hours to not be so angry about it all with 3 comments lingering - "Oh, Its a Can-Am isn't it", "It's a trike we don't insure either any more" and "particular issues we prefer not to disclose.". Had they explained in some detail why they decided to not insure, I may have understood, especially if it's related to Can-Am parts supply issues. There did seem to be confusion between trike (those built by a small niche builder) and a Spyder. For the Aussies reading this its NRMA.

 

[Peter Aawen]

... We have

• home ins,
• home contents ins,
• Comprehensive Car ins x 2,
• Business ins x 2,
• CTP x 3 (our Compulsory Third Party injury insurance linked to our cars and bike registration)
• and until now RTL and 622 trailer

I ended up calling a smaller insurer who is popular among Car and Bike enthusiasts and insured with them. I negotiated my 65% no claim bonus into the deal with the new insurer, but still at a higher premium.

... For the Aussies reading this its NRMA.

I'm guessing that the new mob will only insure the bike & cars anyway @askitee, but would you get any further discount for transferring ALL of your vehicle insurance policies to the new insurer, or maybe even everything, if they'll do it??

I know I did a few years back - my old insurer was happy enough when they had ALL of my insurance business, but once I stopped needing some of the coverage that they previously included in my coverage package, they wanted to pick & choose JUST the lucrative parts, leaving me in the lurch for the 'not so attractive' stuff - so I did some ringing around and ultimately took ALL of my insurance business to a specialist vehicle insurer, where I got a much better deal that covered everything to boot!!

That said, many general &/or specialist insurers in Oz are having issues continuing to provide cover for some people/properties/vehicles, largely because of their difficulties in finding underwriters who'll still back them for a whole raft of reasons; but also because of the recent spate of weather events which have highlighted that doing anything in some areas of the country face significantly higher risks than doing the same thing elsewhere! So some places/areas of the country are rapidly becoming 'insurance blackspots' for anyone seeking insurance, pretty much regardless of it being for their property, homes, businesses, vehicles, whatever... Or if they DO provide coverage, some insurance companies are demanding ridiculous premiums!

Maybe it's time for some of us to start looking into what just Third Party Property insurance (maybe with Fire & Theft added?) would cost on a Spyder that doesn't still need full comprehensive &/or owe you anything anymore??