When we compared motor vehicle insurance between New Zealand and Australia, we found them to be very similar - see here.
However for contents insurance there are a number of differences.
Firstly, there are many more insurers in Australia and therefore a lot more variation in offers. You can get a discounted, basic policy or one with an abundance of special features.
For the sake of this comparison we choose the GIO Platinum Policy, recently rated as number 1 by Choice Australia with Ansvar's Omega Policy, interest.co.nz's top scoring contents policy - see here.
Both have full accidental loss or damage on all contents anywhere in the country of issue. Likewise both policies also cover contents while in another location and this extends for the GIO policy to New Zealand. Ansvar also extends cover to Australia and the South Pacific Islands.
The excess is the first notable point of difference. GIO's excess is A$500 while Ansvar is exactly half this at NZ$250. For premium comparisons we choose Browns Bay in Auckland and the affluent suburb of Canterbury in Melbourne.
The GIO premium was A$505.10 and Ansvar's price was NZ$683.38.
When we looked at features the Australian product's sub limits for items was in nearly all cases well above Ansvar. For example the limit for jewellery and watches was A$5,000 per item and A$20,000 in total at GIO, and Ansvar's New Zealand policy limited single unspecified items to NZ$3,000 and NZ$15,000 in aggregate.
Fraudulent use of a credit card was A$5,000 with GIO and NZ$1,000 for Ansvar.
The most notable difference was in the liability cover. GIO provide NZ$20m of cover while Ansvar (and nearly all NZ insurers limit cover to just $1m. See previous story on liability insurance for apartments.
The pricing did include GIO's 15% discount for on-line purchases and a discount for those over 55 years. Ansvar do not offer an online discount and the price was based on an over 55 year old insured.
It does make one wonder why the New Zealand premiums are so expensive and why cover limits are generally so much lower? Here is a summary of some of the key differences. Here's our comparisons of New Zealand contents insurance policies here.
| Australia | New Zealand | |
| GIO | Ansvar | |
| AUST & NZ | AUST, NZ and PI | |
| Jewellery Unspecified Limit | 5,000 | 3,000 |
| Jewellery Total Limit | 20,000 | 15,000 |
| Food spoilage | 2,000 | 1,000 |
| Credit Card Fraud | 5,000 | 1,000 |
| Locks and Keys | 2,500 | 1,000 |
| Identity Theft | 2,000 | - |
| Motor & Boat accessories | 2,000 | 2,000 |
| Legal Liability | 20,000,000 | 1,000,000 |
| Gradual Damage | no limit | 5000 |
| Basis of settlement | Replacement on almost all items | Replacement except books, clothing and footwear, CDs etc, computer hardware > 5yrs old, camping equipment, household linen,sports equipment, watercraft and their parts and accessories |
| Sum Insured | $120,000 | $120,000 |
| Premium | $505.10 | $683.38 |
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