WA Renewing insurance?

Discussion in 'Property Management' started by D3xx, 25th Oct, 2019.

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  1. D3xx

    D3xx Well-Known Member

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    Its common practice to get a honeymoon rate when you sign up for new insurance. Subsequent years are more expensive. A curious thing ive noticed with insurance from RAC WA is you can get a quote for a new policy on a property you already have insured with them. It appears their system will allow you to take out a new policy straight after the date the old policy is due for renewal. I would have thought it would detect this and alert you with "you already have a policy on that property".

    So, whats to stop you taking out a new policy with the same company every year?
     
  2. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I do this with car insurance. The new quote is always cheaper and there is usually an online discount if you do the whole thing online.
     
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  3. D.T.

    D.T. Specialist Property Manager Business Member

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    Wouldn't this affect the years of no claim discount?
     
  4. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Shopping around for insurance is a mugs game. Loads of people say that even once you have the best quote you call up and they often better it. I saved about 15% with our cars. Worst of the lot was Youi. The ads are a lie. If you switch to agreed value they will save you heaps. But you must drop your pants on what the insured value is. You change their default quote to agreed value and its not even competitive.
     
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  5. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Nope. I'm with SGIO/NRMA and you can do the online thing - even use their system to find you and the rego as a new policy and it will always come up cheaper than the renewal notice. My no claim bonus belongs to me, not the policy.
     
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  6. chooke

    chooke Well-Known Member

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    That's why I take care of my insurance rather than leaving it to the PM so to avoid the "lazy" or "loyalty" tax. I always obtain three quotes for each property prior to renewal, comparing like for like as far as possible. I often change insurers sometimes saving over 20%, even with the same insurer. That is why automatic renewals
     
  7. thydzik

    thydzik Well-Known Member

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    I find this with all insurance types, nationally.

    referred to as lazy tax