2y ago

Anyone experience with claiming anything with insurer Cove?

We're currently with AA, who decided to increase prices by almost 10% for our upcoming renewal. Cove is much cheaper and has got good reviews, mainly about their website and sign up process. However I can't find any reviews about their claims process. In the past AA has been very good for us whenever we had a claim. Anyone got experience claiming something with Cove?

33 comments

I can't help, but would like to know as well. One of our cars is currently insured with Cove too.
I feel like I might have seen some comments about them on the PersonalFinanceNZ subreddit, if you don't mind going back to reddit.
- Just found out that on Feefo you can filter on people with claims. They don't seem to have recent reviews, but the rest looks pretty solid: https://www.feefo.com/en-GB/reviews/cove-insurance?withMedia=false&timeFrame=ALL&displayFeedbackType=SERVICE&team-tags=Claims
  Based on this Reddit post: https://www.reddit.com/r/PersonalFinanceNZ/comments/o12a5q/experience_with_cove_car_insurance/
  
  I had a brief look through the reviews, everyone was happy with how good the website was or the customer service. No one seemed to have made a claim. It reminded me of this:
- Oh, feel free to DM me your referral link, as I may sign up and I believe you'll get a discount then?
  
  Didn't even realise they had a referral! I'll find it and send it through thanks!
- I don't mind going back to Reddit. While I like Lemmy, it still doesn't have the numbers & engagement as Reddit still has unfortunately. Thanks!
In terms of claims paid out, it would be good to know companies' premiums to claims paid out ratio is. For health insurance, there is a huge range. Southern Cross pays out around 86c for every dollar collected, compared to Nib's 60c per dollar.
I have tried and failed to find data for other kids of insurance. I suspect because Southern Cross explicitly advertises their payout rate, other companies feel they need to provide that data as well. But for other types of insurance it's just not publicly available.
- Thanks for those stats! We have health insurance with AA which is underwritten by NIB. They are substantially cheaper than SC but have better terms for eg major surgery and cancer care, things we find important. We pay about $200 monthly for a family of four and it includes specialist care and has a $500 excess. SC for a similar plan was almost double.
  But they must make up for the difference somehow. Do you have any explanation for this difference? I appreciate this is going off topic.
  
  The stats come from Cosnsumer NZ, and you need an account to see it, but it's not explained. It's not in an easy to copy format (it's a comparison tool), but I'll copy the survey here. Nib had the worst satisfaction survey, which the article says was because of a poor claims experience. Personally I'd be worried about claims getting rejected, but I've never had to make a claim.
  Here's the survey article:
  
  With insurance, I'm aiming to cover what we can't cover ourselves. We have a $1,000 excess and don't have cover for doctor or specialist appointments which are all likely to be under a thousand too. It costs us $110 a month for 5 of us (though the third kid is free as per their policy). It's also on a corporate discount through work, which will make it cheaper.
  The article also noted the age can make a pig difference, with different insurers being better or worse at different ages (though with health insurance you kinda need to pick one and stay with it because of preexisting conditions).

33 comments