Flexi Premiums with AAMI
07-04-2004, 01:12 AM
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Flexi Premiums with AAMI
Hi Guys
Most of you might already know this but thought I'd share it just in case as I know how costly insurance premiums can be.
AAMI has just introduced flexi premiums which means say if you were paying 4k like me for yearly premiums with a 450 excess, you can now choose to pay a 50% of your premium and increase your excess i.e. in my case it will cost me 2k for the yearly premium wth a 2k excess... This may not be for everyone but it may help some of you paying silly amounts on premiums. This way if you don't claim you save.....
I still had 6 months to go for my renewal so just took out a new policy which cost me $2,050 and cancelled my old transfering the old refund of 1700 towards my new policy so all in all costing me 350 for an extra 6 months - another year done phewww
Cheers
Mike
Most of you might already know this but thought I'd share it just in case as I know how costly insurance premiums can be.
AAMI has just introduced flexi premiums which means say if you were paying 4k like me for yearly premiums with a 450 excess, you can now choose to pay a 50% of your premium and increase your excess i.e. in my case it will cost me 2k for the yearly premium wth a 2k excess... This may not be for everyone but it may help some of you paying silly amounts on premiums. This way if you don't claim you save.....
I still had 6 months to go for my renewal so just took out a new policy which cost me $2,050 and cancelled my old transfering the old refund of 1700 towards my new policy so all in all costing me 350 for an extra 6 months - another year done phewww
Cheers
Mike
07-04-2004, 02:31 AM
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mikenbn - I saw the adds for this and my first assumption was it was going to be BS. After all, the insurnace co will get its money from you one way or the other.
But after reading your post, it appears that I should do some investigating.
If it is exactly as you say it, then its a no brainer. With the new system, it appears that you at least have a chance to save 1/2 your premium if you don't claim in a year. Even if you do claim and have to pay your other 1/2 premium, you still have not lost. There must be a catch somewhere as if it is exactly as you state above, the insurance co will lose money and that's not why they are in business.
Do you maintain a max no claim bonus if you claim?
Perhaps they will charge greater premiums for those who take up the new option?
Something doesn't smell right, so I'll do some investigating.
But after reading your post, it appears that I should do some investigating.
If it is exactly as you say it, then its a no brainer. With the new system, it appears that you at least have a chance to save 1/2 your premium if you don't claim in a year. Even if you do claim and have to pay your other 1/2 premium, you still have not lost. There must be a catch somewhere as if it is exactly as you state above, the insurance co will lose money and that's not why they are in business.
Do you maintain a max no claim bonus if you claim?
Perhaps they will charge greater premiums for those who take up the new option?
Something doesn't smell right, so I'll do some investigating.
07-04-2004, 04:14 AM
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Yes I thought the same but after being with AAMI for more than 4 years now and not having a single claim (touch wood) I thought it was about time they bought in something like this to give good drivers an insentive.
Think about it they don't really lose out, when you make a claim however is when they lose big - yes you retain ur no claim for life if you have had it for more than 3 years - I'm on maxmum no claim 28 and live in an high risk Sydney suburb.
Just car, who is underwritten by AAMI have been doing this for years. You will always notice a 1500 excess on top of ur regular excess for high performance cars.
I think they have caught on that by saving more money everytime you make a claim they still make a profit.
Food for thought - Oh they also allow 3 mods as long as they are legal and you are over 25
Had my Audi S3 insured with them previously with bigger turbo,xzorst etc without complications...
Let me know how you go
Think about it they don't really lose out, when you make a claim however is when they lose big - yes you retain ur no claim for life if you have had it for more than 3 years - I'm on maxmum no claim 28 and live in an high risk Sydney suburb.
Just car, who is underwritten by AAMI have been doing this for years. You will always notice a 1500 excess on top of ur regular excess for high performance cars.
I think they have caught on that by saving more money everytime you make a claim they still make a profit.
Food for thought - Oh they also allow 3 mods as long as they are legal and you are over 25
Had my Audi S3 insured with them previously with bigger turbo,xzorst etc without complications...
Let me know how you go
Last edited by mikenbn; 07-04-2004 at 04:24 AM.
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