Doing the shopping for you

Have someone doing the shopping for you?

More Australians are looking to shop around for a new insurance provider rather than simply renew their existing cover.

The majority of household Insurance policies are automatically renewed without approaching other insurers. However, there is an increasing trend to shop around prior to policy renewal, according to the latest findings from Roy Morgan Research’s General Insurance Industry Report.

In the 12 months to August 2012, 14% of households approached another company prior to renewal compared to 10% in 2008.

However, this increased trend to compare price before renewal is an indication that policy holders are increasingly price sensitive and as a result, some are deciding not to insure. More than half of all policy holders that shop around before renewing do so because of price.

The report, based on personal interviews with over 9,000 household insurance customers each year, also found home owners of all levels of income have turned their backs on household insurance during 2012 and created a deepening underinsurance problem.

One problem is, cheaper covers can be found but the cover can be greatly reduced. However, something is better than nothing. The proportion of Australian home owners holding a household insurance policy has declined from 92.2% in 2008 to 90.1% in 2012,

The adoption of household insurance is largely dependent on income, with the lowest being the under $15,000 pa households (83.9%) and the highest is the $100,000+ pa group with 93.7%. However, the decline in household insurance is across all household income groups.

Rising premiums and natural disasters including floods in particular have received publicity regarding the extent of coverage and the definitions used by the industry but price still remains the most important consideration.

Having an increasing trend for people to shop around at renewal time is a positive one providing consumers are aware of any change in terms and conditions. Our concern is that they do not.

By using an Insurance Broker and combining your needs, and getting them to obtain the best cover at the best possible price, gives you the best result. Get the Broker to go to the market for you.

You do get what you pay for. Balance price with the cover you need.

 

  

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It is the fourth time in six years Robert has received this honour.

It is a great recognition for CPR Insurance Services who strive to provide the best possible standard of customer care and service to assist obtaining the best possible cover at the best possible price to meet the needs of for our clients.

Such awards are not possible without the outstanding support provided in the office by Julia, Aidan and Mandy, along with the fantastic support our clients continue to show to us. Thank you to all.

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CPR Insurance nominated for Brokerage of the Year

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A Black Tie Gala Dinner in Sydney on the 4th May 2018 will announce the winner, so fingers crossed.

CPR Insurance Services has been in existence for more than 7 years now and continue to grow and develop. It is thanks to our wonderful clients who appreciate us being part of their own businesses as their Risk and Insurance Advisers.

We continue to follow the simple philosophy of providing Expertise, best possible service and being there for our clients when they need us, such as at Claim time. We are here to save you.

Find out who made the cut here!

The Insurance Business Awards will bring together industry leaders to celebrate excellence in the insurance profession, recognising leading brokers, brokerage businesses, insurers and underwriting agencies in Australia for their contribution to the industry over the past 12 months.

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