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Managing your premiums

When something unexpected happens, it’s important to have protection for your home, vehicles, and belongings. If you’re experiencing financial difficulties, there may be ways for you to lower your premium while staying insured.

Check your sum insured value is accurate

Your ‘sum insured’ is the most IAG New Zealand Limited (IAG) will pay for a total loss claim, if your home, contents or vehicles are destroyed. The amount should represent the cost to replace your insured items or rebuild your home. Some assets, particularly cars, may decrease in value over time, so it’s worth checking to see if the sum insured amount on your policy schedule is accurate.

Find out more about:

Change your excess

Your excess is the amount you contribute towards paying for repairs or replacement when you make a claim. It might be worth asking about your excess options. Opting for a higher excess may help lower your premium.

Remove under 25-year-old drivers from your car policy

If they no longer need to be on your policy, removing drivers aged under 25 can help reduce the cost of your car insurance.

Review your cover and optional benefits

If you have optional benefits on your insurance, review these to make sure they are still relevant to your situation. If you don’t need them, removing them may help reduce your premium.

For new policies taken out after 14 November 2024, you can view your policy schedule and make changes online to your excesses or sum insured. Log in to your BNZ app or Internet Banking and go to the Insurance section in the menu.^

Changes to discounts

To make it easier for you to manage and understand your cover, IAG is making changes to simplify your insurance policies. They are introducing new home, contents, car and landlord’s policies. Pricing will be personalised using data and any optional benefits you choose to add to your policy, and will  take into account the level of risk associated with the item being insured. 

Changes have been made to discounts for:

  • new policies taken out after 14 November 2024
  • existing policies that renew from early 2025.

Some discounts that were previously available, are no longer offered. Instead, you’ll receive an upfront price that reflects your cover and benefits. However, certain factors such as adjusting your excess level, excluding under 25 drivers, having a burglar alarm or security system, and your claims history, may still impact the personalised price you pay.

Home, Contents, and Landlord’s policies

From your renewal, or if you purchase a new insurance policy, the Package discount, Burglar Alarm discount, Voluntary Excess discount, Annual payment discount, and No Claim discount will no longer be offered.

Car policies

From your renewal, or if you purchase a new insurance policy, the Package discount, Security System discount, Under 25 discount, Annual payment discount, and No Claim discount will no longer be offered.

To find out more information call the team at IAG on 0800 808 618 .

Get in touch

To update or discuss your insurance options contact the team at IAG, available Mon-Fri, 8am-8pm, and Sat-Sun 8.30am-5pm.

We also have other options for banking support if you’re experiencing financial difficulty.