Insurance Whinge

When I bought the latest car, my 2006 Rush, it is the newest most expensive car I have owned.
It cost just over $100,000.
Ami insured it for $10,000 and ten we moved. A less risk area, now in garage, not carport like before. No claims, no speeding tickets or anything.They renewed it at $6000.
I protested. I checked 3 valuations, all were higher.
In the end they agreed to keep it at $10,00 and I said if ou dump it that much again, I won't bother, I'll just go elsewhere. Oh no they said. we won't.

So they did. $7000 this time.

My mums (at same house) year 2000 battered thing, parked in carport, didn't go down that much, only $1000. She has had speeding tickets and several claims.
It's scruffy, scratched and the back bumper is no longer straight.

Ditto friend who bought her same age car just before mine, hers went down $1200.

All AMI.

Why so much on mine?
I reckon it's cause I no longer have house and contents, and they do.

All 3 valuations, including Redbook say it's lowest (poor condition) is $7500, and highest $11000,
In between is good - minor scratched etc.

It is in good nick, tyres perfect even the spare, only one small scratch on back left bumper.
All the other insurance companies value it at $8800 - $10,000.

So I moved. And got a cheaper premium.
The only downside is no more $100 excess. But stuff AMI.
They then had the cheek to send me How happy are you surveys and emails.

Before, all I got was the form letter - values affected by location and claims. etc.

We moved husbands old ute once too, 1986 Datsun. AMI had it at $1800. The rest were quite shocked and said no, $4000.
Yep I know they go down, all the crappy old things I had before did, but never so much.

Different cars of different ages depreciate differently, but this isnt an unusual scenario, what they dont seem to understand is that say if you wrote the thing off tomorrow in a crash, and you had to go out to a dealer (which is generally the quickest way to get something ready to go instantly) to get an identical car, is that $7k going to get you one of identical year, kms and general condition? They are supposed to be fully compensating you for your loss and minimizing inconvenience. I went through this BS with State over 20 years ago and told them to shove their valuation, and went to another company that WAS agreeable that I'm still insured with to this day.

2006 Toyota Rush can be bought for $6k on TM here. Depends on spec and mileage to what yours is actually worth. AMI could be closer to the money than you are.

Also where did you move to? You have very limited options to stay away from IAG insurers. You have AA, Tower or FMG.

Most insurance co,s give multi policy discounts so that could explain part of it.Also what is the excess,a higher excess usually means lower premiums(at Least tower did when I complained) Try getting a quote or 2 on line ,might help

Yes only worth 6 to 8 k. It will go down yearly unless you get an agreed value.

only insurance i will ever be with is fmg but i save all the money and have non if you dont crash and avoid all potential m. s who could crash in to you then you wont need no insurance . i also dont have candles at home so also dont need house insurance either.
nz is worlds best country for not needing any insurance for nothing.

It goes down anyway. I worked for an insurance company years ago, doing re-rates.
The point is not the fact it drops, it's the amount they dropped it. $4000 the first time and $3000 the second. Which disagrees with all the other insurance cos, and Redbook and other valuers.

Yes you can buy a Rush in Auckland for $6000, although it depends on mileage. mine was low. And I am not in Auckland now so that's irrelevant.

And the fact that they never dropped one so much UNTIL I stopped having contents and house with them.
Yes you get discount having a bundle. but that's on the premiums, NOT the sum insured of your items

Hawkes Bay.

Club Auto, Protecta, Vero, AA, Cove.

I thought Tower were now part of IAG?

Nope. Tower bought Youi's NZ policies though.

Value of your car has very little impact on your premium. Sometimes a brand new $60K Toyota is cheaper to insure than an old $6000 rusty Toyota. Run some quotes online and you will be surprised. This is why your car depreciates while premiums keep increasing.

Also, 90% of claims are not for replacement, it's for repair etc.

Unless of course it's a performance car or super luxury car then that's a different level of risk.

I'm not complaining about the premium.