How much are your car insurance premiums impacting your wallet?
Our survey about car insurance is still open, but only until the end of March. So we’re keen to hear from you before it closes.
As we noted when we first opened the survey, only general detail is available about how the costs of car insurance are changing.
We want to hear from a consumer level how much people are paying for car insurance and how it’s changing for them.
Car repairs are getting more expensive, and cars themselves are becoming more complicated – EVs and hybrids as an example – which makes it harder for insurance companies to make money.
However, these higher costs also mean people are having to spend more on insurance premiums, which makes life more stressful for households in an already higher cost-of-living environment.
We want to see if we can address that lack of consumer-related information and we’re keen to hear from readers which insurers charge what, where, and by how much premiums are increasing.
No personal identifying details are required or collected – we neither need or want to know your name or address, for example. We're asking readers just about price/premium information.
Interest.co.nz can find the information needed about the coverage/conditions/policy details to round out the reporting on the issue.
If this survey gives us useful results, we'll do it again next year and look at other types of insurance too.
Your contribution matters. You can take the survey here. (Opens in a new window.) Please share it with people you know too.
The survey will stay open until the end of March 2024, and we'll analyze the results in April and share them in May.
Interest.co.nz is committed to providing unbiased information to empower consumers in their insurance decisions.
9 Comments
I can understand it. My insurance broker, who we've been with for years couldn't insure my wife's car for less than the manufacturer, which was Lexus, and she's never had an accident.
It's disgraceful.
Insurance companies - making the most of Cyclone Gabrielle, and the global warming fraud.
One of the biggest scams there is.
Often you are better off to buy your car off them as they write cars off for nothing, they pretty much recoup their payout as soon as they sell the “wreck”.
premiums shoot up as your cars value drops on the contract if you are on an agreed value, even if your car is actually appreciating.
im conflicted on whether or not it’s worth insuring any more, but then you see the excessive values of so many cars in and around Auckland… got to be the insurers creating risk to make their product viable…
They also always have to check with the underwriters if they hear the word “turbo” even if it’s on a 1litre engine. Supercharged has no such issue and has reflected in the premium before. Always found that pretty funny.
There should be greater transparency I agree.
Insurance in NZ is very difficult with the weather and earthquake issues and people forget this.
When you look at motor insurance, look at cost of repairs, supply issues and EV and hybrid complexities.
There should be compulsory third party included in your registration
when you get your house insurance renewal look at the breakdown of how the premium is made up. it includes earthquake and war damage premium $480 plus GST, Fire emergency levy $106 plus GST soon to go to about $120 when the previous government set the increase, then GST. a lot of government costs that should be on your rates so every property owner pays.
and
The insurers need to reduce their costs, be more efficient and be client focused instead of 0800
Tried to complete the survey but would have required quite an extensive document search from our point-of-view. If only the year (as opposed to day/month/year) of last claim and same for when the policy commenced were the questions - it would have been much easier to complete from memory.
On the other hand. My Premium has not risen substantially for full coverage with $500 excess since I paid $7500 for it in 2016. Now 8 years later the premium is within $50 of where I started, but its a 2005 Outback-at 8k of use a year its got a lot of life left in it.
2 years ago my premium for the year was $760, two years later, nothing has changed, and I'm quoted $1160 for the coming year (???). It's on agreed value. We got no tickets accidents or claims etc, nothing changed. That's a huge price hike and a lot more than on the chart there. Got quotes from elsewhere and almost down to the dollar, was quoted the same prices. I do wonder what is going on.
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