insurance premiums after claims?

[Truly Exotic]

ive recently had to do 2 insurance claims in a short period of time

my managing agent told me that most insurances have up to 2 claims pa

before premiums rise

first time ive heard that, but i checked with mine and it doesnt have anything like that

they told me, ill lose my no claim bonus and my premijm will increase by 10% next year,

but the damage for my last claim is anywhere between 2.5k to 6k

unfortunately, i set my excess at high at 500

anyway, for those with multiple proeprties, how do you guys deal with in terms of keeping premiums down, and that question on the application from asking have you made a claim in the past 5 years?

My current claim is a break in and theft of copper pipes, laptop, and damage to property so its well worth me paying for a claim,

 

[Scott No Mates]

anyway, for those with multiple proeprties, how do you guys deal with in terms of keeping premiums down, and that question on the application from asking have you made a claim in the past 5 years?

I use a broker - she shops the lot as a package. This year I have 3 insurers last year it was one. If there are claims, declare them.

 

[propertyVIC]

Scott - who's your insurance broker?

 

[Truly Exotic]

So how do you agree on prices etc,

I use different lenders, rimarily two because got1 quote for 800 and another Was 500 .and they wouldn't price match

Also, wouldn't your premiums go,up,every time you make a claim?

And do the companies increase your quote if you answer yes to making a claim in the past 5 years?

 

[brettc]

And do the companies increase your quote if you answer yes to making a claim in the past 5 years?

You have to declare it whether you like it or not. If you don't, and then there is a claim, you are leaving it open to the Insurer not paying as you have not declared everything that may have affected their decision to insure you. When you take out a policy you will be signing to say you have told them everything.

 

[Truly Exotic]

Yah , obviously don't want to,outright lie on an application,

But how do,lenders see you if you tick the yes box?

And for some one who has say 100 properties, on average say you did one claim per month, surely would this affect your future premiums especially with the same company?

 

[handyandy]

Yah , obviously don't want to,outright lie on an application,

But how do,lenders see you if you tick the yes box?

And for some one who has say 100 properties, on average say you did one claim per month, surely would this affect your future premiums especially with the same company?

Hi TE

Why are you talking about lenders when you are inquiring about insurance?

Is it that you have taken insurance via your bank?

Cheers

 

[Rolf Latham]

Yah , obviously don't want to,outright lie on an application,

But how do,lenders see you if you tick the yes box?

And for some one who has say 100 properties, on average say you did one claim per month, surely would this affect your future premiums especially with the same company?

that translates to one significant every 8 years for a single property

If u were applying for insurance with me, sure no probs

I can insure even a burning house for the right premium : )

ta
rolf

 

[Truly Exotic]

Oops, not lender, I meant insurers, having one of those days!

So yes, how much can I expect my premium to increase by for making two claims on two separate properties insured with the same group?

 

[brettc]

Oops, not lender, I meant insurers, having one of those days!

So yes, how much can I expect my premium to increase by for making two claims on two separate properties insured with the same group?

There is no simple answer to that, each Insurer would look at your history differently, but two claims on two separate properties is in my experience unlikely to flag any issue at all, but the more claims you have the more likely they will require further information.

This is probably also where brokers come in as (similar to the role that a finance broker would play in pointing you to the most appropriate finance for your situation), an insurance broker will not only have a good idea on how various insurers will look at you, they will also know how to negotitate with them on your behalf.