Hey fellow ASF members,
Get this... I recently received my Home and Contents renewal from GIO and much to my surprise my insurance premium had gone up from $771.36 last year to $1786.64 this year..... This is almost a 132% increase in one year!!!
And just to confirm, I have had no claims in the last year and have no idea why the rise was so steep, in fact I thought it must have been a mistake.
So I did what any good haggler would do and started calling up other insurance companies to see what they could offer me.... I made sure that they gave me the exact same excess and cover that I was after in an attempt to make it as fair as possible however some companies offer more than others as standard.
Here is what the others offered:
AAMI - $722
Allianz - $871
ING - $768
NRMA - $772
So as you can see there is a massive difference between any of the above and the amount GIO was asking for.
Armed with this I rang up GIO and asked what was going on.... the bloke on the other end sympathized with me saying that it seemed excessive and that it might be a 'glitch', he proceeded to check with his supervisor for further assistance. When he came back he said that it was right and there was not much he could do besides play with the excess which would hardly put a dint in it. The best excuse they could offer me was that the policy is now called 'Classic Home and Contents Insurance' and that it includes 'Automatic flood cover'..... Ok fair enough...thats all good but there is still a $1000 plus difference compared to what the others are offering and what I paid last year... seems very excessive to me... especially when you consider that the other companies are offering everything I would need. Some with a few little perks as standard too.
Has anyone else had a case like this before?