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2009 GMC Yukon Denali HybridAUTO INSURANCE IN AUSTRALIA
AUTO INSURANCE IN AUSTRALIA Several overseas companies have been circling the Australian market, but Progessive's entry represents by far the biggest headache for the local companies.Separately, insurance underwriters cited climate change as the most important issue confronting the industry.In South Australia, Third Party Personal insurance from the Motor Accident Commission is included in the licence registration fee for people over 16. A similar scheme applies in Western Australia.In Victoria, Third Party Personal insurance from the Transport Accident Commission is similarly included, through a levy, in the vehicle registration fee.In New South Wales, Compulsory Third Party Insurance (commonly known as CTP Insurance) is a mandatory requirement and each individual car must be insured or the vehicle will not be considered legal. Therefore, a motorist cannot drive the vehicle until it is insured. A 'Green Slip' another name CTP Insurance is commonly known by due to the colour of the pages the form is printed on, must be obtained through one of the seven main insurers in New South Wales.
Profitability collapsed last year after companies such as Suncorp-Metway and Insurance Australia Group had large payouts for a string of natural disasters, including bushfires and heavy storms.
At the same time, the global financial crisis caused earnings from insurers' investment portfolios to collapse, causing a drain on capital reserves.
Home insurance premiums are under the most pressure to rise, with rates projected to jump by about 9 per cent over the next year, according to the latest JPMorgan Deloitte general insurance industry survey.
House insurance premiums increased 10 per cent last year as insurers sought to reverse years of heavy discounting.
Car insurance premium rises are expected to match last year's 5 per cent increase.
The large number of payouts in recent years, including the more than $1 billion paid out in the wake of the Victorian bushfires, had insurers rethinking the cost of cover, said JPMorgan insurance research analyst Siddharth Parameswaran.
''The rate increases that have been pushed through are largely a reflection of re-estimation of how much these events cost and how frequently they are likely to occur,'' said Mr Parameswaran, one of the co-authors of the report.
Natural disaster payouts since 2007 of nearly $4.3 billion are more than twice the 20-year average.
Mr Parameswaran said the price increases marked ''a real turn'' in the insurance cycle after underwriters were locked in a discounting war for most of the past 10 years.
Elsewhere, compulsory third-party car insurance premiums in NSW are expected to increase by 10 per cent, rounding off the second year of double-digit gains, while Queensland motorists will be hardest hit with prices expected to soar by as much as 15 per cent, mostly due to more generous benefits.
While prices are tipped to run up, gains are likely to be tempered by competition in personal insurance, particularly among internet-based companies.
US company Progressive Direct has recently entered the Australian market, looking to snare a slice of the nation's $9 billion car insurance market with internet-only selling.
In Queensland, CTP is a mandatory part of registration for a vehicle. There is choice of insurer but price is government controlled in a tight band.
These state based third party insurance schemes usually cover only personal injury liability. Comprehensive vehicle insurance is sold separately to cover property damage and cover can be for events such as fire, theft, collision and other property damage.
Progressive Direct Insurance Co. [00649] believes there is an opening in Australia's sophisticated insurance landscape for it to explore the online-service motor insurance segment.
Progressive Direct, a unit of U.S.-based Progressive Corp. [58454], opts not to compete directly with established players in the traditional market but to gain a position among proliferating online businesses, said Simon Lindsay, country manager of Progressive Direct in Australia.
This market segment offers room to evolve in Australia, where a high number consumers enjoy the online experience for personal finance, given the country's high broadband penetration, said Lindsay in an interview.
In Australia, two major players -- Insurance Australia Group Ltd. [86837] and Suncorp Metway Insurance Ltd. [77922] -- have 75% of the market share for motor insurance. Nevertheless, Lindsay said smaller players can pursue "small yet compelling" market segments in the country.
A sound regulatory environment and stable market conditions contributed to Progressive Direct's choice of Australia as the first Asia-Pacific country in which to advance its online motor insurance business, said Lindsay. The market dynamic is suitable for international market exploration and for employing the insurer's Internet-based insurance know-how and online segmentation skills.
Progressive Direct Australia's online technology structure is being built up from scratch in Australia, based on skills acquired from parent company in the United States, said Lindsay. The model is designed to attract a growing alternative online market segment, rather than the general mass segment.
Web site technology is important to deliver quality and customer service. Lindsay said online functionality is a driver to attract customers who have not been offered the experience before.
A recent survey of Google found the proportion of people applying for car insurance online has been on the rise in Australia, with 68% applying online and three-quarters using the Internet at the initial research stage. Currently, Lindsay said the trend is to apply online for car insurance quote rather than buying the product or managing the policy online.
In the next five years, Lindsay said the trend for buying and managing online motor insurance will become more popular. Online claims management is still new in the market, according to Lindsay. The aim is to promote effective and efficient applications of the online platform as "A to Z" functions of motor insurance.
In Australia, Lindsay noted traditional motor insurers remain strong in the market, and this is not going to be changed in the short term. These traditional players launched their own online brands to attract new customer segments.
Progressive Direct's market position is "more independent" with online insurance, said Lindsay. The company recognizes a trend of rising online consumerism, hence its move to explore the segment.
In recent years, Australia's nonlife insurance sector has seen new players such as Australia Post and Virgin Money, an affiliate of U.K.-based conglomerate Virgin and supermarket Coles for the launch of car, home and content insurance
Profitability collapsed last year after companies such as Suncorp-Metway and Insurance Australia Group had large payouts for a string of natural disasters, including bushfires and heavy storms.
At the same time, the global financial crisis caused earnings from insurers' investment portfolios to collapse, causing a drain on capital reserves.
Home insurance premiums are under the most pressure to rise, with rates projected to jump by about 9 per cent over the next year, according to the latest JPMorgan Deloitte general insurance industry survey.
House insurance premiums increased 10 per cent last year as insurers sought to reverse years of heavy discounting.
Car insurance premium rises are expected to match last year's 5 per cent increase.
The large number of payouts in recent years, including the more than $1 billion paid out in the wake of the Victorian bushfires, had insurers rethinking the cost of cover, said JPMorgan insurance research analyst Siddharth Parameswaran.
''The rate increases that have been pushed through are largely a reflection of re-estimation of how much these events cost and how frequently they are likely to occur,'' said Mr Parameswaran, one of the co-authors of the report.
Natural disaster payouts since 2007 of nearly $4.3 billion are more than twice the 20-year average.
Mr Parameswaran said the price increases marked ''a real turn'' in the insurance cycle after underwriters were locked in a discounting war for most of the past 10 years.
Elsewhere, compulsory third-party car insurance premiums in NSW are expected to increase by 10 per cent, rounding off the second year of double-digit gains, while Queensland motorists will be hardest hit with prices expected to soar by as much as 15 per cent, mostly due to more generous benefits.
While prices are tipped to run up, gains are likely to be tempered by competition in personal insurance, particularly among internet-based companies.
US company Progressive Direct has recently entered the Australian market, looking to snare a slice of the nation's $9 billion car insurance market with internet-only selling.
In Queensland, CTP is a mandatory part of registration for a vehicle. There is choice of insurer but price is government controlled in a tight band.
These state based third party insurance schemes usually cover only personal injury liability. Comprehensive vehicle insurance is sold separately to cover property damage and cover can be for events such as fire, theft, collision and other property damage.
Progressive Direct Insurance Co. [00649] believes there is an opening in Australia's sophisticated insurance landscape for it to explore the online-service motor insurance segment.
Progressive Direct, a unit of U.S.-based Progressive Corp. [58454], opts not to compete directly with established players in the traditional market but to gain a position among proliferating online businesses, said Simon Lindsay, country manager of Progressive Direct in Australia.
This market segment offers room to evolve in Australia, where a high number consumers enjoy the online experience for personal finance, given the country's high broadband penetration, said Lindsay in an interview.
In Australia, two major players -- Insurance Australia Group Ltd. [86837] and Suncorp Metway Insurance Ltd. [77922] -- have 75% of the market share for motor insurance. Nevertheless, Lindsay said smaller players can pursue "small yet compelling" market segments in the country.
A sound regulatory environment and stable market conditions contributed to Progressive Direct's choice of Australia as the first Asia-Pacific country in which to advance its online motor insurance business, said Lindsay. The market dynamic is suitable for international market exploration and for employing the insurer's Internet-based insurance know-how and online segmentation skills.
Progressive Direct Australia's online technology structure is being built up from scratch in Australia, based on skills acquired from parent company in the United States, said Lindsay. The model is designed to attract a growing alternative online market segment, rather than the general mass segment.
Web site technology is important to deliver quality and customer service. Lindsay said online functionality is a driver to attract customers who have not been offered the experience before.
A recent survey of Google found the proportion of people applying for car insurance online has been on the rise in Australia, with 68% applying online and three-quarters using the Internet at the initial research stage. Currently, Lindsay said the trend is to apply online for car insurance quote rather than buying the product or managing the policy online.
In the next five years, Lindsay said the trend for buying and managing online motor insurance will become more popular. Online claims management is still new in the market, according to Lindsay. The aim is to promote effective and efficient applications of the online platform as "A to Z" functions of motor insurance.
In Australia, Lindsay noted traditional motor insurers remain strong in the market, and this is not going to be changed in the short term. These traditional players launched their own online brands to attract new customer segments.
Progressive Direct's market position is "more independent" with online insurance, said Lindsay. The company recognizes a trend of rising online consumerism, hence its move to explore the segment.
In recent years, Australia's nonlife insurance sector has seen new players such as Australia Post and Virgin Money, an affiliate of U.K.-based conglomerate Virgin and supermarket Coles for the launch of car, home and content insurance
HOW DO YOU GET MONEY FROM AUTO INSURANCE
HOW DO YOU GET MONEY FROM AUTO INSURANCE You will receive the fair market value for your vehicle. An insurance company is only required to compensate you at the fair market value. This may be more or less than is still owed on a vehicle if it is still under a finance note The amount still owed on any finance note has no bearing on the current market value of your vehicle. The easiest way for a layman to determine the fair market value is simply to look around at other similar or preferably same type vehicles currently for sale in your area. Look for same type vehicle with similar options, similar mileage and wear. After finding several vehicles for sale, determine the average sale price of those found. You will generally find that the amount offered will be near that average. Should your offer be less, then you should negotiate the settlement price with the adjuster. Adjusters are not paid to haggle with anyone. They are paid to follow their states Insurance laws and adjust claims fairly.
HOW DO YOU GET MONEY FROM AUTO INSURANCE Never what you owe or what it will cost you to replace it. So the answer to the problem is GAP insurance! Small amount to pay for peace of mind that pays you the difference between loan/cost and adjusters appraisals, (which start at the bottom, wholesale)The haggling is what the adjuster is paid to do, not to be fair, but to save the insurance company the most they can, they are not your pals! Wife rear ended, she's ok totalled car retail $20,000, offered $15,500
HOW DO YOU GET MONEY FROM AUTO INSURANCE You should get ACV (actual cash value)
Do your homework before settling with the adjuster. Check newspaper ads, dealers etc., to see what a car like yours, similar condition and like mileage is worth in your area. Have 3 or 4 bona-fide local examples to take with you and show the adjuster.
A new car should not be a problem unless you have over-financed.
Some folks borrow more than the vehicle is worth to pay off an old one and you are what is termed to be "upside-down", meaning you owe more on the vehicle than its worth. If this is your situation and the car is totalled, you will be paid off the value of the vehicle but not what you over-financed.
HOW DO YOU GET MONEY FROM AUTO INSURANCE Having been in this situation in WVa, the insurance people have a standrd which is used. Usually it involves the the NADA book value. The low value - a certain amount if the the engine milege is 100,000 or more = settlement. My experiance was not good as I did not receive enough to pay the vehicle loan principle, even though the loan was for less that the purchase price.
Answer
HOW DO YOU GET MONEY FROM AUTO INSURANCE Ok. So I have just been told by the Claims Agent that my car it totaled. In my case to repair the damage would cost $3500. The value of my vehicle was only $4200. If it cost more than 70% of the total car value to fix, it is considered totaled.
So now I have two things to do. 1)Check the value of my car for myself. 2) Locate what it would cost to replace my exact car in the market today.
For the first item I will use these three websites and take the best results to use as a basis for determining what I will expect to get paid from my Insurance Agency. www.kbb.com, www.edmunds.com, and www.nada.com. Be sure to include your milage and all your vehicle features before caculating a price with these sites. Also, always use the RETAIL price that they generate because that is what you will have to pay to replace your car in the open market.
The second item takes a little more leg work. But thankfully for the internet this process is now a lot easier. Use the website www.autotrader.com. This will allow you to locate your specific car to see what people are actually selling it for. Most often is will be selling for more money than what your first step revealed.
Note: If you are having trouble locating a vehicle within 200 miles of where you live, then try and find a similar replacement vehicle you are interested and use that as your leverage.
I have been told that by law, your insurance company is only require to pay out the wholesale price of the vehicle. This is usually at least half of what the blue book value is. So don't get your insurance company mad at you, but also stick to your guns when trying to get more money to replace or fix your vehicle!
I recently had my car totalled. We got rear-ended. Based on the condition of your car, you can negotiate a little to get a fair price for the vehicle. Honestly, the insurance company has already a price in mind. They will stick to it once they have decided the price. In my case, I got almost what I was targeting for a price. You should closely look at the features of your car and ensure that the Insurance company is comparing an apples to apples comparison. The Insurance Company looks at Actual Cash Value. This is a lot of legwork required on your end. All in all, I was able to settle with the Insurance Company on the Totalled price within a month for the property damage settlement portion. Also, it is easier to negotiate with your own Insurance Company as compared to the other party's insurance company. You can negotiate with your insurance company and firm up the price. Then, the other insurance company can provide you the deductible.
I have to say that my experience of dealing with insurance company to settle my total loss case was very unpleasant. The other party's insurance company wasn't straightforward with me at all, and they were the at fault party. I know a lot of folks who work in insurance industry will disagree with me, but from my own experience, insurance company's interest is not aligned with consumers at all regardless if you're at fault or not.
I didn't buy into the "fair market value" estimate -- it's just an arbitrary number determined by a "3rd-party" authority. I challenged this number, and was able to negotiate $1000 more back.
HOW DO YOU GET MONEY FROM AUTO INSURANCE My recommendation is not to accept the initial offer from insurance company, and always negotiate. You've nothing to lose, but have a lot to gain.
HOW DO YOU GET MONEY FROM AUTO INSURANCE Never what you owe or what it will cost you to replace it. So the answer to the problem is GAP insurance! Small amount to pay for peace of mind that pays you the difference between loan/cost and adjusters appraisals, (which start at the bottom, wholesale)The haggling is what the adjuster is paid to do, not to be fair, but to save the insurance company the most they can, they are not your pals! Wife rear ended, she's ok totalled car retail $20,000, offered $15,500
HOW DO YOU GET MONEY FROM AUTO INSURANCE You should get ACV (actual cash value)
Do your homework before settling with the adjuster. Check newspaper ads, dealers etc., to see what a car like yours, similar condition and like mileage is worth in your area. Have 3 or 4 bona-fide local examples to take with you and show the adjuster.
A new car should not be a problem unless you have over-financed.
Some folks borrow more than the vehicle is worth to pay off an old one and you are what is termed to be "upside-down", meaning you owe more on the vehicle than its worth. If this is your situation and the car is totalled, you will be paid off the value of the vehicle but not what you over-financed.
HOW DO YOU GET MONEY FROM AUTO INSURANCE Having been in this situation in WVa, the insurance people have a standrd which is used. Usually it involves the the NADA book value. The low value - a certain amount if the the engine milege is 100,000 or more = settlement. My experiance was not good as I did not receive enough to pay the vehicle loan principle, even though the loan was for less that the purchase price.
Answer
HOW DO YOU GET MONEY FROM AUTO INSURANCE Ok. So I have just been told by the Claims Agent that my car it totaled. In my case to repair the damage would cost $3500. The value of my vehicle was only $4200. If it cost more than 70% of the total car value to fix, it is considered totaled.
So now I have two things to do. 1)Check the value of my car for myself. 2) Locate what it would cost to replace my exact car in the market today.
For the first item I will use these three websites and take the best results to use as a basis for determining what I will expect to get paid from my Insurance Agency. www.kbb.com, www.edmunds.com, and www.nada.com. Be sure to include your milage and all your vehicle features before caculating a price with these sites. Also, always use the RETAIL price that they generate because that is what you will have to pay to replace your car in the open market.
The second item takes a little more leg work. But thankfully for the internet this process is now a lot easier. Use the website www.autotrader.com. This will allow you to locate your specific car to see what people are actually selling it for. Most often is will be selling for more money than what your first step revealed.
Note: If you are having trouble locating a vehicle within 200 miles of where you live, then try and find a similar replacement vehicle you are interested and use that as your leverage.
I have been told that by law, your insurance company is only require to pay out the wholesale price of the vehicle. This is usually at least half of what the blue book value is. So don't get your insurance company mad at you, but also stick to your guns when trying to get more money to replace or fix your vehicle!
I recently had my car totalled. We got rear-ended. Based on the condition of your car, you can negotiate a little to get a fair price for the vehicle. Honestly, the insurance company has already a price in mind. They will stick to it once they have decided the price. In my case, I got almost what I was targeting for a price. You should closely look at the features of your car and ensure that the Insurance company is comparing an apples to apples comparison. The Insurance Company looks at Actual Cash Value. This is a lot of legwork required on your end. All in all, I was able to settle with the Insurance Company on the Totalled price within a month for the property damage settlement portion. Also, it is easier to negotiate with your own Insurance Company as compared to the other party's insurance company. You can negotiate with your insurance company and firm up the price. Then, the other insurance company can provide you the deductible.
I have to say that my experience of dealing with insurance company to settle my total loss case was very unpleasant. The other party's insurance company wasn't straightforward with me at all, and they were the at fault party. I know a lot of folks who work in insurance industry will disagree with me, but from my own experience, insurance company's interest is not aligned with consumers at all regardless if you're at fault or not.
I didn't buy into the "fair market value" estimate -- it's just an arbitrary number determined by a "3rd-party" authority. I challenged this number, and was able to negotiate $1000 more back.
HOW DO YOU GET MONEY FROM AUTO INSURANCE My recommendation is not to accept the initial offer from insurance company, and always negotiate. You've nothing to lose, but have a lot to gain.
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