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.