Insurance -CIL or Ken Tame????

GypsyLynda · Veteran Member

Insurance -CIL or Ken Tame????

JeffRae · Guru

Never had Ken Tame Insurance, but to put it in perspective, CIL have increased their premiums this year. We were paying $39 per month, now $50 per month. CIL have also raised
their compulsory excess. I rang to query increase and have been given a discount to bring back price to more what I expected

Jeff

iana · Guru

I was with Ken Tame until I made a small claim, which was not our fault. We had a big jump in our no claims bonus, a huge increase in premium, I said bye bye Ken Tame, RAC here I come.

Meredith · Senior Member

We have had CIL insurance since we got our van in 2010 and have made 2 claims in that time. Both were paid out very quickly and easily, them paying the repairer direct without any issues. We did a check on the price again this year, comparing a few others, and felt for the service offered and the extras that CIL includes if an accident happens far from home that CIL was still our choice.

GypsyLynda · Veteran Member

Thank you for reply! Its a big savings of $800 for 12 mths for me from Ken Tame! So I think Ill give them a try! And they say I will get my rating 1back after a year of no Claims! as the excess Ken Tam now $1000 and CIL $500 I'll just make sure I have no more claim!!!!

GypsyLynda · Veteran Member

Thank you guys! I reckon Ill go with CIL this year! Just make sure I have a safe and no claim Year to get my rating 1 back! Safe travels everyone!.

mezza56 · Senior Member

IAG owns Suncorp which in turn owns CIL , unless Suncorp sold CIL off , AIG owns 20 or so insurance brands recently accquiring Wesfarmers ins whom we are with . How is it that one group can control so many co's . If you went to all of their brands and asked for a quote for ur particular needs , I bet you get 20 different prices , why is that . They make it appear competitive on the surface but is it really ? Would the ACCC have had to give the green light to the acquisition . If one group owns over half the market hows that work .

PeterInSa · Guru

GypsyLynda, we have one policy with Ken Tame. Question did you have the extra cover (cost) that holds your top rating even if you have an accident/s? From your comments I think unfortunately not.

Peter

GypsyLynda · Veteran Member

Hi Peter Obiviously not! How does that work???? But I had 3 claims in 2 years none involving anyone but me! and now premium due $2136 and $1000 axcess! Was $200 so had it good for that long!
But Cil $1325 and $500 and I told them of my accidents! Been with Ken Tame 4 years. So yeah big difference! Lost my no claim of course!

Roving-Dutchy · Guru

mezza56 wrote:
IAG owns Suncorp which in turn owns CIL , unless Suncorp sold CIL off , AIG owns 20 or so insurance brands recently accquiring Wesfarmers ins whom we are with . How is it that one group can control so many co's . If you went to all of their brands and asked for a quote for ur particular needs , I bet you get 20 different prices , why is that . They make it appear competitive on the surface but is it really ? Would the ACCC have had to give the green light to the acquisition . If one group owns over half the market hows that work .

Can someone that knows answer this question?

Does IAG as the underwriter of many companies actually own the companies that it provides the underwriting insurance for or is it just the insurance companies insurer and lays off the risk to many other insurers,

Please don't answer unless you actually know the correct answer, as I have often wondered how the above works

Cheers

David

PeterInSa · Guru

Hi GL Cannot recall what I pay for the Rating1 protection ( its shown on the Invoice as Rating 1 protection under our Additional Contents/Personnel Belongs of $1K mainly for SWMBO's e-bike), but from memory I think its $20 a year or $20 a quarter, its not itemised on our Invoice that I can see, also have the $200 min basic excess.

Have had no accidents in the 4 to 5 years with KTI just one break down ( High Pressure Fuel Pump) that they helped us out. On second thoughts during the 5 years also have had 2 windscreens replaced with their $100 excess each time.

Sorry to hear of your misfortune.

Peter

-- Edited by PeterInSa on Friday 12th of January 2018 05:21:10 PM

Pradokakadudavid · Senior Member

I remember doing a research project on company global ownership many decades ago when I did my Economics degree and the results staggered me, which are relevant to this question re "how can one company own so many (insurance companies)".

At the end of my research, I found that almost all of the world's listed companies are linked to or owned, at the very top of the pecking order, by a mere few of the big players.

This is definitely the case with insurance company as those as the top, underwrite all of the mere mortals below so in fact, unless you do a lot of research, you never know who you are insuring with.

It common for customers to reject one company who has p----- them off only to insure with another 'different named" company that is in fact owned by the same parent company at the top of or further up the ladder.

The reason "the same" company by ownership can offer apparently more competitive policies is a deliberate marketing strategy they use to tempt different segments of the market and retain market share.

They would rather give you an apparent discount at one of their linked companies and keep your business and money than lose you to someone else, who they probably own anyway!

If you say, "too expensive" and insure with someone else, there is a high degree of probability that you will be insuring with the "same" mob owned by the same parent company further up the stock market chain.

The fact is that most of the world's insurers are owned by the big guys who are AXA, Zurich, Berkshire, Prudential, United Health, Munich, Allianz and Japan Post.

None of these have any ownership in Australia.

The trick I use every year my policies are due is to say to the insurers, "this is bull----" and they often trot out the empathetic arguments and give you a discount which costs them nothing in the multi - trillion dollar world of insurances, but means everything to most of us.

Do you think a $100 discount per annum to you means anything to a company who gives their executives annual bonuses of more money than you probably make in a lifetime!

Truth hurts I know.

David

-- Edited by Pradokakadudavid on Friday 12th of January 2018 05:41:00 PM

rockylizard · Guru

Gday...

Pretty much on the money (sorry for the pun) there David.

But also it needs to be remembered that insurance companies also "share the risk" by reinsurance.

That is one of the reasons for having more than one "insurance outlet" under the umbrella. Not only do they then attract customers of different types/needs/expectations but they can also then use reinsurance amongst themselves to offset/spread any risk.

https://www.investopedia.com/ask/answers/08/reinsurance.asp

https://www.cgu.com.au/blog/insurance/understanding-insurance/what-is-reinsurance

https://www.linkedin.com/pulse/reinsurance-its-importance-christian-winkler

Cheers - John

GypsyLynda · Veteran Member

Well so many answers thank you! But is anyone with CIL and had a good experience when making a claim??? Guess Im going with them anyway so thank you once again!

rockylizard · Guru

GypsyLynda wrote:
Well so many answers thank you! But is anyone with CIL and had a good experience when making a claim??? Guess Im going with them anyway so thank you once again!

Gday...

I have been with CIL since I began travelling eight years ago. At that time, CIL were the only company that covered caravans that were on the road full-time. I had trouble finding an insurer that covered more than sitting a driveway and travelling for X months of a year.

Apart from that, their overall policy was very good and their premium competitive - not the cheapest but a policy that met my needs for coverage.

In the past eight years, I have made two claims - one for an awning damaged by hail storm and damage to the offside panels caused by me hmm that required replacing of two aluminium strips.

Both claims were handled quickly, efficiently and with excellent customer service. I simply rang to make the claim, was given a claim number, fronted to a repairer, who took photos and quote which was emailed to CIL who provided approval within 24 hours.

Their premium is still very competitive and their policy still covers the way I travel and the things I want covered. Each couple of years I have done the "check around" with quotes and examined policies and CIL remain the best policy coverage for me.

cheers - John

GypsyLynda · Veteran Member

Thank you John! Thats sounds positive and Ill be happy to go with them for the next year to get my Rating 1back and not have any more claims!!!! yeah!!!

Chubby13 · Newbie

Well I have just spent 5 days waiting for a reply from Ken Tame. CIL and another broker got back to me same day as requested. I have sent Ken Tame 4 emails stating I am a CMCA member and would like to give them a go. All has been ignored, I guess I will stay with CIL. At least they care for their customers, I also made a claim for a weather damaged awning claim was processed easily with CIL.

Cuppa · Guru

Can anyone tell me whether I could expect to get a Rating one NCB fom CIL?

I have been with my current insurer for 6 or 7 years. No claims, no accidents, no convictions.

Problem is that my current insurer (Club 4x4) does not have No Claims Bonus to the insurance.

It's looking like CIL & Ken Tame are the only companies who will insure the vehicle we are buying. Club 4x4 have said they will not insure it.

Kebbin · Guru

Ken Tame has changed hands a few times this century first Allianz owned them and now Envest Group. KT Insurance seems to be the old Ken Tame also known as Lifestyle Insurance.

It is a dogs breakfast trying to sort the s**t from the clay, so good luck with that.