Just Car Insurance.

[xisled]

Got this email from Just Car this morning.

Dear Policy Holder,

We are sending you this email to advise you that Australian Associated Motor Insurers Limited is proposing to transfer its general insurance business to a related company AAI Limited ABN 48 005 297 807 (AAI) by way of a scheme, subject to confirmation by the Federal Court of Australia. This scheme is one of four proposed schemes which are occurring simultaneously as part of an internal reorganisation. If the scheme is confirmed, AAI will become the underwriter of all policies issued by Australian Associated Motor Insurers Limited on or about 1 July 2013 and will issue Just Car Insurance branded policies from that time.

What does this proposed transfer mean to you?

• Apart from the underwriter changing to AAI, the proposed transfer will not change your policy cover in place at the time of the transfer or affect the handling of your policy or any claim under your policy

• How you contact us will not change

• There is no action required by you, but you do have the right to attend and request to be heard at the Federal Court confirmation hearing.

If you would like more information or are interested in attending the Court hearing, please visit www.schemesummary.com.au/jci which will also provide access (when available) to a copy of the scheme summary, scheme and actuarial report on which the scheme is based or call us on 1800 064 521.

[AU Mont]

so suncorp taking over?

i wonder if that also means suncorp pricing........

https://www.schemesummary.com.au/aami/faq

[xisled]

Suncorp already owns Just Car, it is just who underwrites the policy.

But I was told the price could increase by 33%. Not sure how true or not.

[chopstar87]

Suncorp has owned "Promina" since 2007/8 - this is more about how the business is listed on the ASX more then anything. so no change to policies as such. its about stream lining things.

Promina group brands were: AAMI, APIA, Shannons, Just Cars, Insure my ride, bingle, Vero.

Which have been owned by Suncorp for the past 4-5 years.

so i cant see this affecting premiums, as its not changing ownership at all..

[xisled]

Originally Posted by chopstar87

Suncorp has owned "Promina" since 2007/8 - this is more about how the business is listed on the ASX more then anything. so no change to policies as such. its about stream lining things.

Promina group brands were: AAMI, APIA, Shannons, Just Cars, Insure my ride, bingle, Vero.

Which have been owned by Suncorp for the past 4-5 years.

so i cant see this affecting premiums, as its not changing ownership at all..

I know about the Promina/Suncorp take over. I worked for AAMI at the time in claims.

The current policy will not be changed, but what will happen when the policy is renewed, the price may increase. They may have new guidelines and pricing structure.

If you have a look now with all AAMI policy's. They have added an extra excess on. If a person under 24 is not listed and has an accident, then a $1400 excess will be applied. This Excess has only been added on recently.

[chopstar87]

Price may increase for several reasons, I don't think this will be a major factor in cost of premiums, as Suncorp brands have been sharing data and services for several years now.

this was only sent out as a legal requirement i would think.

the things that would more likely be affecting premiums at the moment is all the fires and natural disasters of late, more then change of underwriter (still staying within the same group)

[cobramania]

I don't know what will happen, but to my knowledge, all the Promina/Suncorp insurance companies are changing to be underwritten by AAI. I was notified by Shannons late last year of this.

What will likely change will be, all polices, no matter what final retail company, will be the same. If the underwriter doesn't want to insure a particular event, eg. Floods, none will have that cover. Pricing across the board may also reflect the similarities between different retail policies.

Whilst AAI is supposedly a related company. Unless they themselves are underwritten by a few other companies, being the one underwriter subjects them to far more customers/policies & may increase profits, but it also subjects them to the possibility of going broke from mass payouts, during times of multiple natural disasters occurring at the same time, as has been the case over the past few years. eg. QLD, NSW, VIC Floods, NSW, VIC, SA, Tas, WA bushfires.

[chopstar87]

Insurance companies shouldn't go broke due to natural disasters (well run one anyway) as the insurance companies themselves are insured for this.

for example, when a event costs 500million in damages to a insurance company and they have their re-insurance placed at 200million, any costs from that event above 200million will be claimed against their insurance company.

I personal don't think having the same underwriter will mean all the same policies, as each brand needs to met the needs of their costumer..

AAMI has been the underwriter for shannons, but their policies are different - AAMI no choice of repairer, but offer the hire car option for after an accident, but Shannons, offers choice of repairer but Doesn't offer hire car after a accident.

Also with AAMI and APIA, they also have provided different coverage compared to each other for several years, but have had the same underwriter.

[cobramania]

Originally Posted by chopstar87

Insurance companies shouldn't go broke due to natural disasters (well run one anyway) as the insurance companies themselves are insured for this.

for example, when a event costs 500million in damages to a insurance company and they have their re-insurance placed at 200million, any costs from that event above 200million will be claimed against their insurance company.

I personal don't think having the same underwriter will mean all the same policies, as each brand needs to met the needs of their costumer..

AAMI has been the underwriter for shannons, but their policies are different - AAMI no choice of repairer, but offer the hire car option for after an accident, but Shannons, offers choice of repairer but Doesn't offer hire car after a accident.

Also with AAMI and APIA, they also have provided different coverage compared to each other for several years, but have had the same underwriter.

AAMI to my knowledge has never been the underwriter for Shannons, they were & are underwritten by Australian Alliance Insurance (AAI), AAI also underwrite APIA insurance, not AAMI.
If you delve into it, Shannons & APIA policies are very similar/same.

Funnily enough, looking into it further. The Shannons/APIA underwriters (AAI) are the same company who's taking over all the other Suncorp companies.
Wonder why Shannons are notifying customers they're changing, when they're already underwritten by AAI?

[chopstar87]

again there is differences between the Shannons & APIA Policies.

Shannons: has Excess Free windscreen option, but no hire car and 1 year new car replacement if a write off, also has enthusiast cover and can take out race cover for certain vehicles

APIA: has Hire Car option, But no xs free windscreen option, also has a 10yr new car replacement after theft or 2yrs new car replacement after accidents if its a write off.

Also the same can be said about the AAMI and Bingle brands.. same underwriter (AAMI) but way different policies:

AAMI: Hire Car and XS free Options Available, they will waive XS if not at fault
Bingle: No Hire Car or XS free Options, you have to pay XS even if at fault, only will be refunded if the company makes a recovery from at fault person.

so same underwriter, but very different options available, so i cant see all of the "suncorp" group brands having the same coverage.

[xisled]

It is funny how things have moved on, when Suncorp took over Promina. They tried to sell off the insurance side of things. Suncorp only wanted the financial side of Promina

When AAMI was owned by Promina it was a great company to work for, but when Suncorp came in, it was game over.

But I do see the price increase happening due to this.

I have also spoken to a few people that are insured with Just Car. This year and late last year the excess was changed and more was added on and the price increase happened.

[xisled]

Originally Posted by chopstar87

Insurance companies shouldn't go broke due to natural disasters (well run one anyway) as the insurance companies themselves are insured for this.

for example, when a event costs 500million in damages to a insurance company and they have their re-insurance placed at 200million, any costs from that event above 200million will be claimed against their insurance company.

I personal don't think having the same underwriter will mean all the same policies, as each brand needs to met the needs of their costumer..

AAMI has been the underwriter for shannons, but their policies are different - AAMI no choice of repairer, but offer the hire car option for after an accident, but Shannons, offers choice of repairer but Doesn't offer hire car after a accident.

Also with AAMI and APIA, they also have provided different coverage compared to each other for several years, but have had the same underwriter.

AAMI does have choice of repairer, you jsut need to know how to work the system so you have a choice.

[Dash_XR]

Just cars has been going broke for a while apparently, drastically hiking up their prices must of been the last straw and allot of customers bailed.

[xisled]

Originally Posted by Dash_XR

Just cars has been going broke for a while apparently, drastically hiking up their prices must of been the last straw and allot of customers bailed.

Just cars are just a name now. If they are broke it means Suncorp has no money. The call Centre staff, the assessors, are all Suncorp employees. Just csrs can not go broke. The funny thing is. My premium dropped by $200 last year.

[chopstar87]

The pds doesnt support choice of repairer... You can get a quote from your chosen repairer, but the final decision is made by aami, you also have to get a quote from an aami repairer. So there is a chance u would get your repairer but there is a chance you wont.

Also as you said the past couple of years there has been increases to the policy and changes to excess, so dont you think that the suncorp ownership changes have come in to affect already??

[xisled]

Originally Posted by chopstar87

The pds doesnt support choice of repairer... You can get a quote from your chosen repairer, but the final decision is made by aami, you also have to get a quote from an aami repairer. So there is a chance u would get your repairer but there is a chance you wont.

Also as you said the past couple of years there has been increases to the policy and changes to excess, so dont you think that the suncorp ownership changes have come in to affect already??

Getting your repairer with AAMI is easy. I know of 2 AAMI recommended repairers that will quote higher than any other panel shop. They do great work and specialise in top end cars. For mid ranges cars such as a Falcon or Commodore, the still quote like it is a Lambo. (last time I checked which was a few weeks ago they charge about $300 an hour labour).

But to get the repairer you want, you get a quote from either one and the repairers and then go to your repairer to quote. Very simple.

But back on topic, I do still see changes to the policy. I see JCI changing from what they specialise in. I also see big price increase.

[LTDHO]

Good read. I didn't know this was going on.

xisled, let us know if you see any other changes.

[cobramania]

Originally Posted by xisled

But back on topic, I do still see changes to the policy. I see JCI changing from what they specialise in. I also see big price increase.

I've no doubt JCI will change from what they specialise in, Shannons changed from what they specialise in after Suncorp took over.

Having Shannons insurance, I used to be able to call them up, & get cover for a day/week only, added on to my general comprehensive policy to allow me to be covered whilst using my car on a track day or club racing event. This is no longer the case, Shannons, is now just general insurance (like any other company), if I want insurance on the track, I have to take out a separate policy with a specialist race car insurer.
There are still a few "motoring enthusiasts" things there, like they insure performance/modified cars when others won't, but even then, they're watered down from what they were. They're really no different to AAMI, GIO or any other general insurance company.

Yes I can get the same cover as AMMI, GIO, etc. if I want to pay extras for things. Some things standard with AMMI, (Hire car after accident), are optional extras with Shnnons, & vice versa, same with GIO & probably Just Car, Bingle & APIA.

[Dash_XR]

Originally Posted by LTDHO

Good read. I didn't know this was going on.

xisled, let us know if you see any other changes.

If your with just cars double check your excess, mine went from $500 to $1500 because I have a turbo.

[Yellow_Festiva]

And today in my inbox from AAMI:

Dear Policy Holder,

We are sending you this email to advise you that Australian Associated Motor Insurers Limited is proposing to transfer its general insurance business to a related company AAI Limited ABN 48 005 297 807 (AAI) by way of a scheme, subject to confirmation by the Federal Court of Australia. This scheme is one of four proposed schemes which are occurring simultaneously as part of an internal reorganisation. If the scheme is confirmed, AAI will become the underwriter of all policies issued by Australian Associated Motor Insurers Limited on or about 1 July 2013 and will issue AAMI branded policies from that time.

What does this proposed transfer mean to you?

• Apart from the underwriter changing to AAI, the proposed transfer will not change your policy cover in place at the time of the transfer or affect the handling of your policy or any claim under your policy

• How you contact us will not change

• There is no action required by you, but you do have the right to attend and request to be heard at the Federal Court confirmation hearing.

If you would like more information or are interested in attending the Court hearing, please visit www.schemesummary.com.au/aami which will also provide access (when available) to a copy of the scheme summary, scheme and actuarial report on which the scheme is based or call us on 1800 064 521.

Grant Taylor
Head of AAMI Distribution

[xisled]

Originally Posted by Dash_XR

If your with just cars double check your excess, mine went from $500 to $1500 because I have a turbo.

I remember you posting that in the another section of the forum.

From what I am seeing, now with AAMI. Seems like Suncorp just want the name of the insurance company and everything else controlled by them.

[Yellow_Festiva]

And today in my inbox from Shannons:

Dear Policy Holder,

We are sending you this email to advise you that the underwriter of your Shannons CTP policy, GIO General Limited is proposing to transfer its general insurance business to a related company AAI Limited ABN 48 005 297 807 (AAI) by way of a scheme, subject to confirmation by the Federal Court of Australia. This scheme is one of four proposed schemes which are occurring simultaneously as part of an internal reorganisation. If the scheme is confirmed, AAI will become the underwriter of all policies issued by GIO General Limited on or about 1 July 2013.

What does this proposed transfer mean to you?

• Apart from the underwriter changing to AAI, the proposed transfer will not change your policy cover in place at the time of the transfer or affect the handling of your policy or any claim under your policy

• How you contact us will not change

• There is no action required by you, but you do have the right to attend and request to be heard at the Federal Court confirmation hearing.

If you would like more information or are interested in attending the Court hearing, please visit www.schemesummary.com.au/gio which will also provide access (when available) to a copy of the scheme summary, scheme and actuarial report on which the scheme is based or call us on 1800 064 521.

Julian Benton
Executive Manager - Shannons

[manny.miner]

I got the same but im with AAMI.......

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[Yellow_Festiva]

Originally Posted by manny.miner

I got the same but im with AAMI.......

Sent from my GT-I9210T using Tapatalk 2

So am I, see post 20. ;)

[manny.miner]

Originally Posted by Yellow_Festiva

So am I, see post 20. ;)

I thought I'd jump on board when I saw the Shannons post, I missed yours

How do YouTube them? I thought $770 for my gt was very.good.

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[manny.miner]

*find

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