Comprehensive car insurance comparison 2018

How do car insurance premiums and quality of cover differ between insurance providers?

Interest.co.nz conducted a case study in January 2018 to find out.

We created eight profiles and got comprehensive car insurance quotes from the major brands for these.

We then analysed our results in this story

In the study we assumed the insured:

  • Has selected a $500 excess
  • Wants under 25s to be covered
  • Is a female
  • Lives at 206 Jervois Road, Herne Bay, Auckland (interest.co.nz's office)
  • Doesn’t use their vehicle for business purposes
  • Has had their licence since they were 16
  • Hasn’t experienced any car-related incidents, thefts, loss, etc
  • Has a clean driving history
  • Doesn’t have any money owing on the vehicle
  • Hasn’t modified their vehicle

Click on the table below to see the results. 

Any deviations from the set profile have been listed in the assumptions column.

We then summarised what each policy covers. Click on the table below for a summary of this. 

Note that to keep things easy to read, the table doesn’t include all the benefits, caveats and exclusions of different policies. For more information on this, click on the links in the table to see various policy documents.

It is important to remember the different pricing and policy structures used by various companies make it impossible to exactly compare like for like when shopping for car insurance.

This study should therefore only be interpreted for what it is - an exercise to shed light on the insurance market and provide some insight as to how different policies may differ in price and quality. 

Also note premiums may differ substantially over time and if different profiles are used. What is covered by an insurance policy is also subject to change. 

Interest.co.nz did a similar study in January 2016. Click here to see it. 

We wrote about how premiums increased between studies here

  AA Insurance AMI AMP Everyday Online ANZ ASB BNZ NZI State Tower Trade Me Insurance Vero Warehouse Money Westpac Youi
Owner/underwriter AA and Suncorp IAG Vero (Suncorp) Vero (Suncorp) IAG IAG IAG IAG Tower Tower Suncorp Vero (Suncorp) IAG Youi
Agreed or market value Agreed Agreed or market as per policy Agreed Market or agreed as per policy Agreed, however market value up to sum insured if car not in good condition Agreed, however market value up to sum insured if car not in good condition Market  Agreed, however market value up to sum insured if car not in good condition Agreed or market as per policy Agreed Market Agreed The lesser of the market and agreed values Agreed or market as per policy
Legal liability. Max. amount paid if you damage someone else's property or injure them $20m including:
- property damage
- $250,000 for bodily injury  
$20m for property damage
$1m for bodily injury 
$1,000 for manslaughter defence costs 
$20m including:
- property damage
- $1m for bodily injury 
$20m including:
- property damage
- $1m for bodily injury 
- $1m for forest & rural fire damage
$20m for property damage
$1m for bodily injury 
$1,000 for manslaughter defence costs
$20m including:
- property damage 
- $1m for bodily injury 
$10,000 for manslaughter defence costs
$20m for property damage 
$2m for bodily injury
$10,000 for manslaughter defence costs
$20m for property damage
$1m for bodily injury 
$5,000 for manslaughter defence costs
$25m including:
- property damage 
- $1m for bodily injury
- $5,000 for manslaughter defence costs
$20m including:
- property damage 
- $100,000 for bodily injury
- $5,000 for manslaughter defence costs
$20m including:
- property damage
- $1m for bodily injury 
- $1m for forest & rural fire damage
$20m including:
- property damage
- $1m for bodily injury  
$20m including:
- property damage 
- $100,000 for bodily injury 
$1,000 for manslaughter defence costs
$20m including:
- property damage 
- $1m for bodily injury or death
- Reparations to victims
Towing after accident Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Transport and accommodation after emergency - max amount paid Trans: Yes
Accom: $500
Trans: Yes
Accom: No
$500 $500 Trans: Bus and rail only
Accom: $500
Trans: Yes
Accom: $750
Trans: Yes
Accom: Yes
Trans: Yes
Accom: No
$500 $500 $500 $500 $500 $1,000
Excess waived if identifiable driver of another vehicle causes loss Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Key/lock replacement - max. amount paid Yes. First $750 excess-free No $1,000 $1,000 $500 excess-free $1,000 excess-free Amount sum insured. $100 excess applies $300 excess-free $1,000. Excess-free if first loss in year No $1,000 $1,000 $1,000 excess-free $1,000
Cover for drivers under 25. Higher excesses apply Yes No. Under-25 cover optional add-on Yes Yes. Under-25 exclusion optional Yes Yes Yes Yes Yes. Under-25 exclusion optional Yes Yes. Under-25 exclusion optional Yes Yes. Under-25 exclusion optional Yes
  AA Insurance AMI AMP Everyday Online ANZ ASB BNZ NZI State Tower Trade Me Insurance Vero Warehouse Money Westpac Youi
Excess-free broken glass replacement Optional  Optional Optional Yes Yes Yes Yes Optional Optional Optional  Yes Optional  Yes No
Roadside assistance Optional  Optional Optional Optional  Optional Optional Yes Optional Optional Optional  Yes Optional  Optional Yes
Rental car hire following loss covered by policy Optional Optional Yes after theft. 
Cover for hire after other losses optional
No No No Yes Optional  Yes Optional  No Yes after theft. 
Cover for hire after other losses optional
Yes Yes after theft. Cover for hire after accident optional
Medical costs - max. amount paid No Optional  No $1,000 for you and your immediate family $500 for you and your partner $500 for you and your passengers $500 for you, your partner and family $500 for you and your partner No No $200 for you, your partner and family No $500 for you, your partner and children No
Accidental death or permanent disability  No Optional  No Death: $5,000
Loss of hand, foot, eye: $2,500
Covers you and your immediate family
Death: $10,000 
Loss of hand, foot, eye: $5,000
Covers you and your partner 
Death: $10,000 
Loss of hand, foot, eye: $5,000
Covers you, your partner and family
Death: $10,000
Loss of hand, foot, eye: $2,500
Covers you, your partner and family
Death: $2,000 
Loss of hand, foot, eye: $1,000
Covers you and your partner 
Death: $5,000
Covers you and your partner
No Death: $5,000
Loss of hand, foot, eye: $2,500
Covers you, your partner and family
No Death: $10,000
Covers you and your partner (max $5,000 each)
 
No
Remediation following meth contamination No Yes Yes Yes Yes Yes Yes Yes No No Yes Yes Yes No
PREMIUM PRICE COMPARISON (annual, inc 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 1.8L
4 Cylinders
Has immobiliser
Assumptions
Agreed value $2,000 $10,000 $21,000 $74,000
Driver age 30 50 30 50 30 50 30 50
 Insurance products sold direct
AA Insurance
(AA & Suncorp)
$494 $423 $796 $680 $988 $844 $1,845 $1,573 Audi has agreed value of $67,470.
AMI
(IAG)
$453 $430 $641 $609 $1,061 $1,009 $1,685 $1,603 Toyota has agreed value of $20,130.
Audi has agreed value of $61,930.
Car is parked in open – visible from road.
22-year-old female driver added to policy, as under-25s not otherwise covered.
State
(IAG)
$367 $277 $761 $572 $907 $699 $1,566 $1,151 Audi has agreed value of $55,040.
Honda and Toyota have excesses of $400, Holden and Audi $600.
Includes $50 online discount.
 
Tower $778 $653 $968 $811 $1,158 $971 $2,334 $1,954 Honda has agreed value of $2,345.
Holden model considered high risk, so incurs higher excess. Can only be insured if in garage. Under 25s can only be added to policy if they have full licence and 5 years driving experience.
Toyota has agreed value of $20,130.
Audi has agreed value of $62,040.
Includes 10% online discount.
Youi* $672 $569 $1,080 $910 $829 $701 $1,302 $1,126 Honda has agreed value of $1,900.
Audi has agreed value of $67,600.
*Quotes based on a number of additional assumptions made to fit a responsible and experienced driver's profile.
Insurance products sold through brokers
NZI
(IAG)
Quotes not provided
Vero
(Suncorp)
$625 $472 $1,374 $1,031 $1,408 $1,059 $2,799 $2,104 Agreed values used in this comparison, however market values usually used by Vero. 
 Insurance products sold through banks
ANZ
(Vero)
$717 $483 $1,670 $1,117 $1,655 $1,109 $3,046 $2,043 Car not locked in garage at night.
ASB
(IAG)
$466 $434 $777 $719 $914 $847 $1,324 $1,223 Honda and Toyota have excesses of $400, Audi $750.
BNZ
(IAG)
$447 $427 $706 $673 $929 $885 $1,510 $1,438 Honda and Toyota have excesses of $400, Audi $750.
Westpac
(IAG)
$549 $501 $714 $652 $828 $756 $1,334 $1,217 All cars have excesses of $400.
Insurance products sold through other retail brands
AMP Everyday Online
(Vero)
$573 $450 $970 $868 $1,148 $865 $1,892 $1,401 Honda and Toyota have excesses of $400, Holden $600, Audi $800.
Car driven between 10,000km and 15,000km a year.
Trade Me Insurance
(Tower)
$540 $517 $750 $621 $889 $850 $1,407 $1,467 Holden model considered high risk, so additional $750 excess applies. Cover for under 25s excluded.
Toyota has agreed value of $20,496.
Audi has agreed value of $67,004.
Includes 15% discount for Trade Me members.
Car parked in driveway.
Car driven between 10,000km and 20,000km a year.
Cover for if someone under 25 drives at least a couple of times a month. Person listed a 22-year-old female.
Warehouse Money
(Vero)
$548 $431 $927 $704 $1,097 $827 $1,892 $1,400 Honda and Toyota have excesses of $400, Holden $600, Audi $800.
Car driven between 10,000km and 15,000km a year.