Home Contents Insurance - why is Oz so expensive?
Mar 1st 2006, 7:17 pm
#1
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Thread Starter
Joined: Oct 2003
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Home Contents Insurance - why is Oz so expensive?
I had Home Contents Insurance, while living in Sydney, with NRMA.
I had full no claims discount, and on $AU 64K cover, (with special insurance on our wedding rings), the annual premium was over $AU 1000.
The same insurance, topped up to include the new stuff we bought when we got to Wellington, less the stuff we sold before leaving Oz, comes to $NZ 72K, and with State Insurance here, still having the special insurance on our rings, the premium is less than $NZ 400!!!
So, Oz was $AU 1000 ($NZ 1100), and NZ is $AU 360 ($NZ 400), for the same product. Call it just over one third of the cost!
What do you reckon? Is it the difference in premium caused by a similar difference in crime rates between Sydney and Wellington?
NRMA had the most reasonable quote we could find in Sydney.
Is Oz Insurance just a rip-off?
Thoughts anyone?
I had full no claims discount, and on $AU 64K cover, (with special insurance on our wedding rings), the annual premium was over $AU 1000.
The same insurance, topped up to include the new stuff we bought when we got to Wellington, less the stuff we sold before leaving Oz, comes to $NZ 72K, and with State Insurance here, still having the special insurance on our rings, the premium is less than $NZ 400!!!
So, Oz was $AU 1000 ($NZ 1100), and NZ is $AU 360 ($NZ 400), for the same product. Call it just over one third of the cost!
What do you reckon? Is it the difference in premium caused by a similar difference in crime rates between Sydney and Wellington?
NRMA had the most reasonable quote we could find in Sydney.
Is Oz Insurance just a rip-off?
Thoughts anyone?
Mar 1st 2006, 7:40 pm
#2
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Joined: Apr 2004
Posts: 10,375
Re: Home Contents Insurance - why is Oz so expensive?
Originally Posted by downunderpom
I had Home Contents Insurance, while living in Sydney, with NRMA.
I had full no claims discount, and on $AU 64K cover, (with special insurance on our wedding rings), the annual premium was over $AU 1000.
The same insurance, topped up to include the new stuff we bought when we got to Wellington, less the stuff we sold before leaving Oz, comes to $NZ 72K, and with State Insurance here, still having the special insurance on our rings, the premium is less than $NZ 400!!!
So, Oz was $AU 1000 ($NZ 1100), and NZ is $AU 360 ($NZ 400), for the same product. Call it just over one third of the cost!
What do you reckon? Is it the difference in premium caused by a similar difference in crime rates between Sydney and Wellington?
NRMA had the most reasonable quote we could find in Sydney.
Is Oz Insurance just a rip-off?
Thoughts anyone?
I had full no claims discount, and on $AU 64K cover, (with special insurance on our wedding rings), the annual premium was over $AU 1000.
The same insurance, topped up to include the new stuff we bought when we got to Wellington, less the stuff we sold before leaving Oz, comes to $NZ 72K, and with State Insurance here, still having the special insurance on our rings, the premium is less than $NZ 400!!!
So, Oz was $AU 1000 ($NZ 1100), and NZ is $AU 360 ($NZ 400), for the same product. Call it just over one third of the cost!
What do you reckon? Is it the difference in premium caused by a similar difference in crime rates between Sydney and Wellington?
NRMA had the most reasonable quote we could find in Sydney.
Is Oz Insurance just a rip-off?
Thoughts anyone?
Ask if installing a security system, metal grills to windows, deadlocks will bring the premium down, it usually does.
Mar 1st 2006, 7:55 pm
#3
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Re: Home Contents Insurance - why is Oz so expensive?
Originally Posted by jad n rich
Aus has got pretty high burglary rates, and they 'rate' premiums according to areas, sounds like you need to check the area, it might just be high burglary wise.
Ask if installing a security system, metal grills to windows, deadlocks will bring the premium down, it usually does.
Ask if installing a security system, metal grills to windows, deadlocks will bring the premium down, it usually does.
You can also accept a higher excess. That will bring down the price, too. But it's still beside the point. My excess here is $150 (NZ). It was higher in Sydney.
Mar 2nd 2006, 9:57 pm
#4
Melbourne Australia
Joined: Feb 2006
Posts: 4,169
Re: Home Contents Insurance - why is Oz so expensive?
Originally Posted by downunderpom
I wasn't so much interested in bringing down the (Oz) premium, as wanting to make the point that these are quotes for similar areas, each as close to a capital city, with similar house / security setups, yet Sydney is near three times the cost of Wellington for insurance.
You can also accept a higher excess. That will bring down the price, too. But it's still beside the point. My excess here is $150 (NZ). It was higher in Sydney.
You can also accept a higher excess. That will bring down the price, too. But it's still beside the point. My excess here is $150 (NZ). It was higher in Sydney.
We have gold/Jewery valued at A$70K before we even start looking at the housecontents. In the UK we had a valuation for £180K with a annual premium of £400.
Wondering whether it would be better to sell all possessions and live in a hotel!!!!
Mar 3rd 2006, 10:02 am
#5
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Joined: Feb 2005
Posts: 2,551
Re: Home Contents Insurance - why is Oz so expensive?
Originally Posted by downunderpom
I had Home Contents Insurance, while living in Sydney, with NRMA.
I had full no claims discount, and on $AU 64K cover, (with special insurance on our wedding rings), the annual premium was over $AU 1000.
The same insurance, topped up to include the new stuff we bought when we got to Wellington, less the stuff we sold before leaving Oz, comes to $NZ 72K, and with State Insurance here, still having the special insurance on our rings, the premium is less than $NZ 400!!!
So, Oz was $AU 1000 ($NZ 1100), and NZ is $AU 360 ($NZ 400), for the same product. Call it just over one third of the cost!
What do you reckon? Is it the difference in premium caused by a similar difference in crime rates between Sydney and Wellington?
NRMA had the most reasonable quote we could find in Sydney.
Is Oz Insurance just a rip-off?
Thoughts anyone?
I had full no claims discount, and on $AU 64K cover, (with special insurance on our wedding rings), the annual premium was over $AU 1000.
The same insurance, topped up to include the new stuff we bought when we got to Wellington, less the stuff we sold before leaving Oz, comes to $NZ 72K, and with State Insurance here, still having the special insurance on our rings, the premium is less than $NZ 400!!!
So, Oz was $AU 1000 ($NZ 1100), and NZ is $AU 360 ($NZ 400), for the same product. Call it just over one third of the cost!
What do you reckon? Is it the difference in premium caused by a similar difference in crime rates between Sydney and Wellington?
NRMA had the most reasonable quote we could find in Sydney.
Is Oz Insurance just a rip-off?
Thoughts anyone?
Mar 3rd 2006, 5:50 pm
#6
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Joined: Feb 2005
Location: Back in NZ & loving it - living in Orewa
Posts: 1,183
Re: Home Contents Insurance - why is Oz so expensive?
What do you expect insurance premiums to be like in a country populated by convicts?
