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Real Insurance

PostPosted: Mon Feb 13, 2012 2:53 pm
by MatteeG
Anyone on here have a policy with them?

Just did an Income protection quote with them and it is a LOT cheaper than my current cover.

Interested in any Thumbs Up/ Horror stories....

Re: Real Insurance

PostPosted: Mon Feb 13, 2012 3:04 pm
by Footy Chick
All I can say is.....


READ THE PDS!!!

Re: Real Insurance

PostPosted: Mon Feb 13, 2012 3:31 pm
by smac
Footy Chick wrote:All I can say is.....


READ THE PDS!!!

There was a time it mattered, as all the new entrants came into the marketplace. Now, not a lot of difference in policies - the "old faithful" insurers are just as committed to hoodwinking as the new players.

Still, read the PDS and at least you'll have an idea of when/where they will shaft you.

Re: Real Insurance

PostPosted: Tue Feb 14, 2012 9:48 am
by Psyber
From a quick look it appears some of these new players are subsidiaries of main line companies.
Some of them don't appear to have known organisations behind them.

What worries me is why insurance companies are using subsidiaries for this business, unless it is because they are dispensable in time.
The important thing is any policy has to be with a company that is likely to be still in existence when you want to claim.

It is easy to run up a Pty Ltd company and fold it up again.
I had a claim going with a rainwater tank company years ago which disappeared when they changed the Directors of the company and the nature of the business, and thus shed the liability.
(That was after their tank on the state bank roof collapsed.)
Fortunately, the basic repairs to mine had already been done, so It didn't cost me much to finish it off.

Re: Real Insurance

PostPosted: Wed Feb 15, 2012 1:00 pm
by Mythical Creature
smac wrote:
Footy Chick wrote:All I can say is.....


READ THE PDS!!!

There was a time it mattered, as all the new entrants came into the marketplace. Now, not a lot of difference in policies - the "old faithful" insurers are just as committed to hoodwinking as the new players.

Still, read the PDS and at least you'll have an idea of when/where they will shaft you.


You will find that the Direct Insurance companies such as Real Insurance will do their underwriting at claim time, not at application time. That is why you don't need to complete medicals up front. However, should you go to claim further down the track and it is for something that is remotely linked to a pre existing health condition (prior to taking out the cover) they have a reason not to claim.

Re: Real Insurance

PostPosted: Wed Feb 15, 2012 1:45 pm
by rk25
Have a car insurance policy with them and have claimed on it before. Wife had an accident and the car was written off. There was a slight delay but not through the fault of Real Insurance (it was a week after a major hail storm and they struggled to find an assessor to view the damage), and we were paid out in full without any questions.

From memory, they are underwritten by Hollard Group who is a large South African insurer.

Having said that, as others have said, read the PDS. If it works for you and you're comfortable with it, then I would recommend them from a customer service point of view.