Comprehensive car insurance comparison

Image sourced from Shutterstock.com

This page is the result of a survey conducted by interest.co.nz in January 2016. Premium prices and cover are subject to change.

Interest.co.nz endeavoured to keep all factors as similar as possible during this comparison to ensure apples were being compared with apples. Any deviations from the set profiles interest.co.nz based the quotes on, are described in the ‘Assumptions’ column of the ‘Premium Price Comparison’ table.

Here is the related story.

Here are the quicklinks to both the cover and the cost for each insurance provider surveyed:

AA Insurance
Cover   Cost
AMI
Cover   Cost
ANZ
Cover   Cost
ASB
Cover   Cost
BNZ
Cover   Cost
State
Cover   Cost
Tower
Cover   Cost
Trade Me
Cover   Cost
Youi
Cover   n.a.
Westpac
Cover   Cost
Warehouse Money
Cover   Cost
       

Additional assumptions made when creating the profiles used to get quotes include:

  • Insured’s address: 206 Jervois Road, Herne Bay, Auckland (interest.co.nz office address)
  • No modifications done to car
  • Insured has experienced no car related incidents, thefts, losses, or driver licence suspensions, disqualifications or cancellations in last five years
  • No additional drivers are added to the cover
  • The vehicle is only used for private, not business, purposes
  • No money is owing on the vehicle

Note the ‘Policy Cover’ table is a summary of various policies, and doesn’t include all the benefits, terms and conditions. Click on the links in the table to view different insurance providers’ policy documents.

Note Youi wasn’t included in the premium price comparison, as it required us to answer questions other insurers didn’t ask in the quoting process. Had we answered Youi’s questions, we would have create different risk profiles to that which we used when getting quotes from other insurers, thus skewing the comparison. 

PREMIUM PRICE COMPARISON (annual, incl GST)

Car model

1996 Honda Civic Vi Sedan 4DR Auto 4SP 1.5L
4 Cylinders
No immobiliser

2005 Holden Commodore VZ Berlina Sedan 4DR Auto 4SP 5.7L
8 Cylinders
Has immobiliser

2013 Toyota Corolla GX Sedan 4DR Auto 4SP 1.8L
4 Cylinders
Has immobiliser

2015 Audi A4 MY15 S Line Avant 5DR Multitronic 8SP 1.8T
1.8L
4 Cylinders
Has immobiliser

Assumptions

Agreed value of car

$2,000

$10,000

$21,000

$74,000

Insurance type

Comprehensive

Excess

$500

Driver age

30

50

30

50

30

50

30

50

 Traditional providers

AA Insurance

$418

$358

$677

$578

$809

$690

$1,840

$1,569

 

AMI

$283

$251

$568

$507

$681

$608

$1,174

$1,052

Car is parked in the open – visible from road.

State

$310

$228

$628

$464

$723

$549

$1,261

$918

Includes $75 online discount.

Tower

$538

$450

$781

$654

$826

$699

$1,534

$1,300

Honda Civic based on agreed value of $2,970, Holden based on agreed value of $11,160 (lowest values in system).

New insurance providers

Trade Me Insurance

$424

$352

$724

$599

$682

$564

$1,223

$1,011

Includes 15% discount for Trade Me members.
Assume car is parked in driveway and you drive between 10,000 and 20,000km a year.

Warehouse Money

$461

$362

$866

$654

$902

$680

$1,599

$1,182

Excesses:
Honda: $400
Holden: $600
Toyota: $400
Audi: $800
Owner drives between 10,000km and 15,000km a year.
The minimum agreed value it’s allowed for the Audi is $79,400.

 Banks

ANZ

$551

$371

$1,366

$912

$1,271

$851

$2,530

$1,699

Car is not locked up in garage at night.
Market value not agreed value.
Coverage only offered for named drivers for Audi.

ASB

$393

$365

$653

$604

$792

$733

$1,183

$1,095

Excess:
$300 for all

BNZ

$417

$396

$669

$635

$808

$767

$1,207

$1,145

Excesses:
Honda: $300
Holden: $500
Toyota: $300
Audi: $750

Westpac

$515

$470

$665

$603

$779

$710

$1,285

$1,168

Market, not agreed value.

POLICY COVER COMPARISON

 

AA Insurance

AMI

State

Tower

Joint venture between the NZ Automobile Association (32%) and Vero New Zealand (68%), which is part of the Suncorp Group

Part of IAG

Part of IAG

 

MAIN COVER

Agreed or market value

Agreed value

Market or agreed value as outlined in policy.

Agreed value

Agreed value

Legal liability if you cause accidental loss or damage to someone else’s property.
- Covers others driving your vehicle with your permission if they’re uninsured and not excluded from your policy.
- Covers you when you’re driving someone else’s car.

 Up to $20m

- Includes legal costs.

Cover for bodily injury to be included from April.

Up to $20m

Up to $1m for accidental bodily injury.

Up to $1,000 for legal defence costs if you’re charged with manslaughter or dangerous/careless driving causing death.

Up to $20m

Up to $1m for accidental bodily injury.

Up to $5,000 for legal defence costs if you’re charged with manslaughter, or careless/dangerous driving causing death.

Up to $25m

- Includes up to $100,000 for accidental bodily injury.

- Includes up to $1,200 for legal defence costs if you’re charged with manslaughter, or careless/dangerous driving causing death.

New vehicle replacement if vehicle is available in NZ

Will replace vehicle with same make and model if:
-  The vehicle’s less than a year old; and
- The cost of repairing the vehicle is more than the Agreed Value, it is “uneconomic” to repair, or the vehicle’s been stolen.

Will replace vehicle with same make and model if:
-  The vehicle’s less than a year old; and
- The vehicle’s travelled less than 20,000km; and
- The cost to repair is greater than 60% of market value.

Will replace vehicle with same make and model if:
- The loss happened within a year of you buying the car new; and
- The vehicle’s uneconomic to repair.

Will replace vehicle with same make and model if:
- The vehicle’s less than a year old; and
- Tower accepts the claim.

Towing, transport & storage of vehicle after accident

Yes

Yes

Yes

Yes

Transport and temporary accommodation after emergency 

Transport: Yes
Accommodation: Up to $500

Transport: Yes
Accommodation: No

Transport: Yes
Accommodation: No

Transport and accommodation: Up to $500 for both

ADDITIONAL BENEFITS

Key/lock replacement

Up to $750 excess-free

No

Up to $300 excess-free

No

Excess protection - You don’t have to pay an excess if an identifiable driver of another vehicle causes loss

Yes

Yes

Yes

Yes

Excess-free broken glass replacement

Optional

Optional

Optional

Optional

Cover for drivers under 25.
Under this policy unnamed under 25s who cause loss or damage to your vehicle usually have to pay a higher excess than named under 25s.

Yes

Optional to pay a lower premium if you agree to have no cover for under 25s.

Optional. Excluded unless they’re named in the policy schedule. Cover available for higher premium.

Yes

Yes

Optional to pay a lower premium if you agree to have no cover for under 25s.

Roadside assistance

Optional

AMI standard breakdown is now free for a year for all new customers and existing customers on renewal. Promotion ends 25 June 2016.

Optional

Optional

DEATH AND INJURY COVER

Medical costs

No

Optional

Covers you and your partner for up to a total of $500 for a single event.

Covers you for up to $600. Includes dental costs.

Accidental death and permanent disablement

No

Optional

Covers you and your partner for up to $2,000 if either of you were driving the car at the time of the crash.

Up to $1,000 for permanent loss of use of a hand, foot or eye. 

Covers you or partner for a total of $10,000 if either of you die.

 

 

ANZ

ASB

BNZ

Westpac

Underwritten by Vero

Underwritten by IAG

Underwritten by IAG

Underwritten by IAG

MAIN COVER

Agreed or market value

Market or agreed value 

Agreed value

Agreed value

Market value

Legal liability if you cause accidental loss or damage to someone else’s property.
- Covers others driving your vehicle with your permission if they’re uninsured and not excluded from your policy.
- Covers you when you’re driving someone else’s car.

Up to $20m

- Includes legal costs agreed to in advance.

Up to $20m

- Includes legal costs.

Up to $1m for accidental bodily injury

- Includes court costs.

Up to $1,000 for legal defence costs if you’re accused of manslaughter, careless/dangerous driving causing death.

Up to $20m

- Includes up to $1m for bodily injury.

Up to $10,000 for legal defence costs if you’re accused of manslaughter, careless/dangerous driving causing death.

Up to $20m

Up to $100,000 for injury to another person.

Up to $1,000 for legal defence costs if you’re accused of manslaughter, careless/dangerous driving causing death.

New vehicle replacement if vehicle is available in NZ

Will replace vehicle with same make and model if:
-  The vehicle’s less than a year old; and
- Has travelled less than 15,000km; and
- The cost to repair is greater than 60% of market or agreed value, or the vehicle’s been stolen.

Will replace vehicle with same make and model if:
- You bought the vehicle new less than a year ago; and
- It’s uneconomic to repair or has been stolen.

Will replace vehicle with same make and model if:
-  You bought the vehicle new less than a year ago; and
- It’s uneconomic to repair or has been stolen.

Will replace vehicle with same make and model if:
-  You bought the vehicle new less than a year ago; and
- The cost to repair is greater than 60% of market value, or the vehicle’s been stolen.

Towing, transport & storage of vehicle after accident

Yes

Yes

Yes

Yes

Transport and temporary accommodation after emergency 

Transport and accommodation: Up to $500 for both

Transport: Bus and rail costs only.
Accommodation: Up to $500 if you’re more than 100km away from home

Transport: Yes
Accommodation: Up to $750

Transport and accommodation: Up to $500 for both.
Transport allowance for hire car available for 14 days after your car is lost or being repaired.

ADDITIONAL BENEFITS

Key/lock replacement

Up to $1,000

Up to $500 excess-free

Up to $1,000 excess-free

Up to $1,000 excess-free

Excess protection - You don’t have to pay an excess if an identifiable driver of another vehicle causes loss

Yes

Yes

Yes

Yes

Excess-free broken glass replacement

Yes

Yes

Yes

Yes

Cover for drivers under 25.
Under this policy unnamed under 25s who cause loss or damage to your vehicle usually have to pay a higher excess than named under 25s.

Yes

Optional to pay a lower premium if you agree to have no cover for under 25s.

Yes

Optional to pay a lower premium if you agree to have no cover for under 25s.

Yes

Optional to pay a lower premium if you agree to have no cover for under 25s.

Yes

Optional to pay a lower premium if you agree to have no cover for under 25s.

Roadside assistance

Optional

Optional

Optional

Optional

DEATH AND INJURY COVER

Medical costs

Covers you and your immediate family involved in crash. Up to $1,000 per person for medical and dental expenses.

Covers you and your partner for a total of up to $500.

Covers you and your family for a total of up to $500.

Covers you and your family for a total of up to $500.

Accidental death and permanent disablement

Covers you and your immediate family. Up to $5,000 per person and $15,000 in total for death, loss of sight or use of your hands or feet.

Covers you and your partner for up to a total of $10,000. Cover includes that for death, loss of sight, hands and feet.

Covers you for up to $10,000 for death, loss of sight or use of your hands or feet.

Trauma cover for up to $500 per event if you or your family need to attend counselling due to an accident causing death or up to $5,000 for permanent disablement.

Covers you for up to $10,000 for death.

 

 

Trade Me Insurance

Warehouse Money

Youi

Underwritten by Tower

Underwritten  by Vero

 

MAIN COVER

Agreed or market value

Agreed value

Agreed value

Agreed value

Legal liability if you cause accidental loss or damage to someone else’s property.
- Covers others driving your vehicle with your permission if they’re uninsured and not excluded from your policy.
- Covers you when you’re driving someone else’s car.

Up to $20m

- Includes up to $100,000 for accidental bodily injury.

- Includes up to $5,000 for legal defence costs if you’re accused of manslaughter, careless/dangerous driving causing death.

Up to $20m

- Includes legal costs.

Up to $20m 

- Includes legal and defence costs.

New vehicle replacement if vehicle is available in NZ

No

Will replace vehicle with same make and model if:
-  You bought the vehicle new less than a year ago; and
- The repair cost exceeds the amount covered, it’s uneconomic to repair, or it’s stolen.

Will replace vehicle with similar make and model, or provide cash equivalent if car is assessed as total loss within 2 years:
- Since it was registered in your name and had less than 500km on the odometer; and
- It had travelled less than 40,000km since it was first registered.

Towing, transport & storage of vehicle after accident

Yes

Yes

Yes

Transport and temporary accommodation after emergency 

Transport and accommodation: Up to $500 for both.

Transport and accommodation: Up to a total of $500. Accommodation costs only paid if event happened more than 100km from your house.

Transport and accommodation: Up to a total of $1,000 if the event happened more than 100km from your house.

Hire car for 14 days after theft.

ADDITIONAL BENEFITS

Key/lock replacement

No

Up to $1,000

Up to $1,000

Excess protection - You don’t have to pay an excess if an identifiable driver of another vehicle causes loss

Yes

Yes

Yes

Excess-free broken glass replacement

Optional

Optional

No, but there’s a discounted excess for windscreen damage.

Cover for drivers under 25.
Under this policy unnamed under 25s who cause loss or damage to your vehicle usually have to pay a higher excess than named under 25s.

Yes

Yes

Yes. There are cases where Youi excludes certain drivers completely (e.g. based on car type and driver’s age). This is verbally conveyed over the phone when you buy insurance and also noted in the policy document.

Roadside assistance

Optional

Optional

Yes

DEATH AND INJURY COVER

Medical costs

No

No

No

Accidental death and permanent disablement

No

No

No