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Thread: Insurance Companies Suck!

  1. #1
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    Insurance Companies Suck!

    Due to the global recession, our family business has been struggling a bit these past three years or so. I am usually able to take an overseas trip at the end of each year, but have been unable to do so for the past three years simply because I have had to leave the money I would have spent on these holidays in the business to keep it afloat.

    So during the past six months or so I have been looking at ways to decrease my expenses ... personal and company. I thought I would start with my personal insurance and have a look at that.

    Now I have an Insurance Broker who is also a good friend. Anyway, I approached an insurance company who had been advertising that they would beat any quote or they would pay you 400 bucks yadayadyada. I gave them the details of the contents of my home etc and asked for a quote for what I would have to pay monthly. They came back with a quote that was 1000 bucks a month less for the same cover. (I have NOT had a claim in the last five years.)

    So I meet with my broker/friend and he goes: "No well get all the fine print from them cos they have a bad reputation etc etc etc." And I go: "Look, if you can meet their premium I'll stay with you, if not I will go for them."

    So he comes back to me with a monthly premium that is 600 bucks less than they were charging me. And I go ... "How come they were charging me 1600 a month & now suddenly they can reduce it by 600?"

    He goes: "Well, its like they want to give this other crowd a shot in the eye and so they have reduced their admin fee and I have reduced my fee too ... yadayada."

    So in the interim I contact another two insurance companies and both give me a monthly quote that is also 1000 less than my original company were charging me.

    Now I ask: why would my broker/friend and the insurance company I have been with so long without a claim rip me off in this way??
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    Re: Insurance Companies Suck!

    Quote Originally Posted by jones jones View Post
    Due to the global recession, our family business has been struggling a bit these past three years or so. I am usually able to take an overseas trip at the end of each year, but have been unable to do so for the past three years simply because I have had to leave the money I would have spent on these holidays in the business to keep it afloat.

    So during the past six months or so I have been looking at ways to decrease my expenses ... personal and company. I thought I would start with my personal insurance and have a look at that.

    Now I have an Insurance Broker who is also a good friend. Anyway, I approached an insurance company who had been advertising that they would beat any quote or they would pay you 400 bucks yadayadyada. I gave them the details of the contents of my home etc and asked for a quote for what I would have to pay monthly. They came back with a quote that was 1000 bucks a month less for the same cover. (I have NOT had a claim in the last five years.)

    So I meet with my broker/friend and he goes: "No well get all the fine print from them cos they have a bad reputation etc etc etc." And I go: "Look, if you can meet their premium I'll stay with you, if not I will go for them."

    So he comes back to me with a monthly premium that is 600 bucks less than they were charging me. And I go ... "How come they were charging me 1600 a month & now suddenly they can reduce it by 600?"

    He goes: "Well, its like they want to give this other crowd a shot in the eye and so they have reduced their admin fee and I have reduced my fee too ... yadayada."

    So in the interim I contact another two insurance companies and both give me a monthly quote that is also 1000 less than my original company were charging me.

    Now I ask: why would my broker/friend and the insurance company I have been with so long without a claim rip me off in this way??
    First if he was a good Broker/Friend he would have read and explained the differences to you in the competing contracts. Don't fault the Insurance company, your friend/broker is blowing smoke up your a--.

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    Re: Insurance Companies Suck!

    I agree with Lon.
    Never mix friends with personal or business matters specially where money is involved. You always find out your "friend" is more of a fiend.

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    Re: Insurance Companies Suck!

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    Insurance is one of those businesses where Customer loyalty seldom really means much. You can usually do better shopping around every few years.
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