If you are not satisfied with your insurance broker, you can change to one who may service you better. You may have to write an official letter of appointment to allow the new broker to take over your current policy with an insurance company.
You can change insurance company almost anytime. You have to notify both the current insurer and the new insurer of the actual date you would like the change to occur. Your current policy may be cancelled and your new policy commenced at the same time to avoid a time gap in insurance cover. There could be a coverage difference between insurers’ policies. We suggest you carefully read the schedule of cover and policy wording before you decide to change.
Can I cancel a policy midway into the insurance period?
The insurance company will need the exact date of cancellation so they can refund the balance period of insurance. The refundable amount may or may not be prorated according to the balance period.
Which insurance company is the best?
There is no best insurance company. All insurance companies have their strengths and weaknesses. We take the time to understand your situation and requirements before finding a suitable insurance company or policy for you.
Choose an insurance broker who understands your needs, clearly communicates to you what insurance cover is available or suitable, reminds you of policy renewals, and assists you with claims if or when an incident occurs.
All insurance companies have their strengths and weaknesses. A suitable company should have their product meeting most, if not all, of your needs. Their product should be fairly priced and they should be financially able to meet claims demands and actually have experience in handling the products they sell.
Why do insurance premiums differ between insurance companies?
The insurance premium is calculated based on the information you have provided. This gets matched with the insurance company’s statistics and experience. Insurance companies all have different claim processes, loss statistics and operating expenses resulting in them providing different premium quotations for the same risk.
Are insurance policies the same between companies?
Over the years, insurance companies change their policy according to their own experience, so policies between companies are likely to be different.
How do I decide which insurance policy to buy?
You must carefully read the schedule of cover and the policy wording to ensure it meets your needs and is the best possible solution for your budget.
1. Provide correct and honest information to the broker. Providing false, misleading, incorrect covered-up information will not allow the insurance broker to provide their best service.
2. Be prepared to accept that not all your risks are insurable by an insurance policy. Ask your broker what may not be covered. You may not have this opportunity if you are not transacting the business with a qualified and experienced insurance broker.
3. Provide information in a timely manner. Delay or indecision in providing relevant information to the insurance broker may result in a delay in insurance cover placement.
What is the difference between Accidental Damage and Listed Events cover in Home insurance?
Listed Events cover means the policy only covers against a list of perils in the policy wording, such as fire, storm, earthquake, malicious damage, water damage due to burst pipe, or impact damage.
Accidental Damage cover will not cover the perils listed but will cover for all damages within the policy’s definition of accident not within its exclusions. This means that Accidental Damage cover is actually wider than Listed Events cover. Accidental Damage cover therefore costs more. Please read policy wording carefully as there are sometimes differences between insurers’ Accidental Damage policies.
Is an insurance premium purchased from an insurance broker higher because insurance companies pay insurance brokers commission?
It is true that in most cases insurance brokers do receive a commission which is factored into the total premium. However, you will also benefit from the cost savings insurers experience when transacting through insurance brokers. Here are some examples of how insurance companies benefit from using brokers：
Lower advertising cost – Insurance brokers receive a large number of enquiries and referrals, and are able to place a large number of policies with any insurer. Insurance companies need not pay high advertising costs to acquire new customers.
Lower direct or staff cost – Insurance brokers are capable of taking enquiries, providing consultation, and issuing and administering customers’ insurance policies. Insurance companies therefore do not need to employ as many staff to do these jobs.
Insurance brokers are often able to manage customers’ expectations in the event of a claim, making the claim process much smoother and fairer for both insurance company and customer. It is evident that the number of complaints from policy holders through brokers is much less than through other channels. Insurance companies therefore save on staff costs related to claims handling and disputes, saving on not just their time but also their reputation.
What are the common reasons for a claim not payable?
Below are some common reasons why a claim may not be paid:
1. Wrong information provided during the purchase of insurance; e.g wrong owner name, entity name, address, occupation, use of property, property information.
2. Policy coverage conditions; e.g. non-accidental causes, not a listed cover perils, not compliant with safety, security or maintenance requirement.
3. Policy exclusions; e.g. war, nuclear, biosecurity, biochemical, acts of insured, government authority related, specially noted policy exclusions, crime-related (on the part of insured), fraud, moral hazard.
4. Non-payment or late payment of premium.
Insurance is a contract between the insurance company and the insured/policyholder. If there is any claim denial (not payable), the insurance company has to base their denial on the contract terms. The insurance company will refer to the information provided, policy cover schedule and policy wordings applicable.
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Collins Insurance Services / The Trustee for Colin Jong Family Trust (CAR No. 438636｜ABN: 72 823 954 337) Corporate Authorised Representative of Community Broker Network Pty Ltd | AFSL: 233750 | ACN: 096 916 184
Information on this website may not be complete as you may require professional consultation to determine your insurance product and services need • Our role as insurance broker is to provide our services based on our understanding of customers’ insurance need • Our service objective is not solely based on price • Insurance products we recommend may not always fully cover all risks our customers face • The choice of product and services may be influenced by customer’s budget objective • We can provide consultation or written information on common losses insurable but not for all losses possible • We keep customers’ best interests in mind when providing our services • We also treat insurers fairly during insurance negotiations and claims. We believe we put in reasonable effort before placing insurance needed by our customer with insurance company(ies). If customers exercise their right to cancel insurance cover during cooling off period, the insurance company may cancel and fully refund the insurance premium but we reserve our right to retain our broker fee for the effort we put in before placing the insurance cover • Insurance companies remunerate us with commission when we choose to place insurance with them. This commission is refundable to the insurance company when a policy is cancelled before expiry • Our broker fee is charged for the services, skills, knowledge, experience, dedication and after-sales service we put in to a transaction • Customers are free to discontinue our services if they are not agreeable to our terms of services • Agreeing to accept our insurance quotation includes acceptance to our Financial Services Guide and the disclaimer and terms of services listed above.
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