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Originally Posted by cs123
Just on principal I would probably change over to an insurance company that provides total cover.
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Good call, most assume they are fully covered and don't read the PDS.
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Originally Posted by Sizey
Correct me if I am wrong Daz but I believe RACQ was not a culprit as such, rather put in an unfortunate position at the time. From what has been said, I am led to believe that RACQ home insurance sector would have gone bankrupt and still not had enough money to cover the claims that they were inundated with.
This also would have also had an adverse effect upon the entirety of the company. So what were they to do? only pay half claims and go bankrupt? Pay only some claims and not others and still go under??
Food for thought
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Exactly, if they had to pay all these people who didn't pay the premium in the first place, then they (like most insurers) would be broke over night.
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1992 DC LTDHO 360rwkw built by me
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