Annual Insurance Renewals for Dwellings, Motor Vehicles and Farm Cover

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12 years 5 months ago #21553 by GrantK
Next month it will be that time again when our insurance policy falls due for renewal. For many, many years we have used a particular insurance broker to cover all our needs, but it has come to my attention that we have been paying a lot more than we should be for insurance of our Dwellings and also Motor Vehicles.

In deciding where to place our business this year, my first port of call was this table:

www.interest.co.nz/insurance/house-rates.asp

AA Insurance stacked up pretty well as you can see. My parents recently also switched to them after being with State for more years than I can remember.

After calling AA Insurance for a detailed quote, the premiums they have offered are looking very sharp indeed. While on the phone, I also got premiums quoted for our two Hilux Utes and again was very pleasantly surprised.

AA Insurance don't offer Farm Cover though, so I am waiting for a call back from RD1's Farm Cover provider: A nationwide brokerage called Crombie Lockwood.

Has anyone had any experience with Crombie Lockwood?

Or if anyone has suggestions of alternative insurance providers I should be talking to, any tips would be appreciated.

Thanks in anticipation.

Live weather data and High/Low records for our farm at: www.keymer.name/weather

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12 years 5 months ago #312381 by skyline_glenn
I gve up using a broker when my work ute insurnce went up a significant mount. Decided to ring around and just about all quotes were cheaper, so now I just handle all insurance myself, the brokers obviously get pid more from certain companies.

Glenn
_______________________
23 acres, a cat(olive), Maddison the chocolate lab, 2 ewes, Mumma the cow, 4 steers, 10 chooks and lots of hares.

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12 years 5 months ago #312384 by Simkin
Some insurance companies don't work with brokers - AMI is one of them. They prefer to deal with their customers directly and rather pass the savings on to the customer than pay a commission to a broker. We stopped using a broker after each year for 4 consecutive years we were referred to a different insurance company. The new quote from AMI compared VERY favourably to what the broker had negotiated for us.

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12 years 5 months ago #312385 by hilldweller
I shifted to a new company via Crombie Lockwood a year or two ago after I discovered, when my house was attacked by sabre-toothed possum-rats, that my insurance co no longer had real people based locally (they had when I joined them). The claim wasn't straightforward and getting beyond the call centre goons was very difficult (though when I did, they paid out). I didn't want to have to go through that again. Haven't had to claim since I've been with CL so can't comment on that, but they have so far offered good professional service and I know where to find them if any problems arise. From memory their quote was slightly cheaper for what I got but it was their assurance that I'd be able to get hold of a real person (by the throat if necessary) that swung it.

hilldweller

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12 years 5 months ago #312388 by DiDi
Grant - I am with Crombie Lockward and so far, excellent service. They have their own insurance company called Monument that I have certain things covered through and the farm stuff that doesn't fit that criteria is with another company but all under Crombie Lockward. Mild confusion at claim time until I asked for the Monument claims person. Perhaps a new staff member?

I had a headlight smashed and a stone chip from going through roadworks that was absolutely no problem. Some insurance companies only cover certain glass i.e. not headlights so it pays to check what you are actually getting for your dollars. Others won't cover Farm Liability type needs. Pumps are another item to look at.

When you get a quote, ask for their book(s) that explain what is and isn't covered under the particular policy they are quoting e.g. Lifestyle or Farm etc! How old are your items etc. I'm sure you know all this from earlier threads Grant but worth a reminder for our newer members I hope.

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12 years 5 months ago #312391 by DiDi
Simkin, I rang and had a quote from AMI about two years ago and they may well have changed how they do their quoting but having worked in the industry, I was very concerned that the onus was put on me to choose what I wanted as opposed to being offered everything and deleting what I didn't want. Sorry if that sound convoluted!

My concern was that if you did not know to ask about your submersible pump, it was not mentioned. Things I raised meant the quote got higher and higher to the point where they were far too expensive for me. Each to their own and I am not wishing to denegrate them as a Company but feel, especially for people new to the rural lifestyle that it is important to have all options offered and explained. They may well do that now and great if they are.

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12 years 5 months ago #312394 by sod
HD thats the reason we have stayed with State here as they have an office and we know the people by name and have their phone numbers, have had claims delt with quick and well done.

Having time is a measure of enthusiasm:rolleyes:

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12 years 5 months ago #312397 by Pumpkingirl
I was with AA for many years and found them to be good value and excellent in their customer service, but had to change due to their lack of farm cover.

They also refused to take my sprinkler system into account - personally, I think if my house ever does catch fire, a minimal amount of water damage would seem to be a far better thing to pay out on than a whole house burnt to the ground (as my local rural brigade have told me almost always happens to rural properties here due to the distances involved).

I then got quotes from FMG (who do take sprinkler systems into account, and gave me a discount) and they were cheaper, and offered better, more specific cover.

I haven't heard of Crombie Lockwood, so I will be giving them a call.

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12 years 5 months ago #312401 by Hawkspur
We have general farm and indemnity cover with Crombie Lockwood. I had a chat with a friend who is an insurance broker, and he said that it was very unlikely that he could do better than them.
We have not tried claiming (yet). :D

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12 years 5 months ago #312429 by LongRidge
We shifted from FMG when they moved their representative from out of the area, and have been with AMI since then. Back in the good old days only those 2 gave Public Liability insurance.
We haven't had many problems with AMI, but The Manager has to work hard to keep them honest with all the cover we want, and the excesses.

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12 years 5 months ago #312430 by wiredkiwi
I a also with Crombie Lockwood who have been great. I moved to using them as my broker because i discovered that my hayshed was not covered when half of it blew down in a storm three years ago. I rang round a lot before going to CL and most places (including AA) do not cover farmlets. you've got the choice of house insurance, or farm. Farm insurance is much more expensive than farmlet. I realised I'd be about 40k in the hole if my hayshed burned down (with tractor, trailer, motorbike and horse covers in it) so i decided i needed the farmlet cover.

Grant, feel free to PM me if you want to know details of my policy and how much it costs.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Horses must be magnetic. Have one and others come along to join it.

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12 years 5 months ago #312443 by GrantK
Thanks very much to everyone who replied to my thread.

It looks like Crombie Lockward will be hard to beat, as they have specialist expertise in this area. That is the kind of provider we are looking for, and from the various comments, it seems that they have an excellent track record in providing Farm Insurance.

I will also get quotes from AMI and FMG for the House and Motor Vehicle cover. Probably won't bother with State though as my parents were told by them that the reason for this year's steep premium increase was due to last year's Australian Bushfire claims :confused:

Huh, you might say, how does that work?

Well, it turns out that State Insurance is owned by an Australian company, which is a branch of worldwide insurer IAG.

However, I don't see any justification for loading the costs of Australian Bushfire claims onto NZ Policyholders as the actuarial rates for NZ have nothing to do with Australia. I'm damn sure that Australians would object to paying extra premiums to cover claims from NZ floods in previous years!

Live weather data and High/Low records for our farm at: www.keymer.name/weather

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