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Comparing Insurance in New Zealand
09 October 2023

Insurance is a financial lifeline when things go wrong, but it doesn't have to be a budget breaker when things are smooth sailing. Whether you're safeguarding your home, car, health, or family, the key is to get the financial protection you need while keeping your hard-earned cash in your wallet.

Welcome to the world of comparing and saving your insurance. We'll show you how to reduce your premiums and keep more money in your pocket while finding better cover.

Buckle up because we're diving headfirst into the world of comparing and finding cheaper insurance. It's all about taking control of your financial health and future. We're going to unravel the complexity of insurance, arm you with the tools you need - check out the ultimate insurance comparison tool Market Scan, and empower you to secure budget-friendly insurance that packs a punch.

No more drowning in insurance jargon or feeling overwhelmed by endless options. We're getting straight to the point. We'll reveal the secrets to comparing quotes, finding better coverage, and unlocking those discounts that can put a smile on your face every time you pay your premium. Whether you're a seasoned insurance shopper or a newbie, this guide is your shortcut to keeping your money where it belongs—right in your bank account.

Let's journey together into the world of affordable insurance, where the focus is on your financial well-being. It's time to master the art of insurance comparison and savings – let's dive in!

Why Compare Insurance

Comparing your insurance is like comparing most things - broadband internet, power and mobile phone plans. As consumers we want to know what we are buying and also not be taken for a ride. Insurance is the same. Comparing your insurance can save you a lot of money and get you better coverage - meaning you’ll be more likely to be able to make a claim when you need it. When you look at different insurance options, you might find special deals, better protection, or both. So, if you want to pay less for insurance and make sure you're well-protected, comparing is a wise choice. It's like shopping around for the best deal.

The average New Zealand household will spend more than $100,000 on insurance over our lifetime and some of us will spend far more depending on our income, lifestyle and also family. Comparing and shopping insurance then becomes a bigger deal in this context as being able to save 15-20% on the cost of your insurance will amount to some big savings over time - potentially $15,000 to $20,000 and more.

IAG (which owns popular insurance brands such as AMI, State and also are the underwriters behind other brands such as Westpac Insurance) have recently shared with their shareholders that the cost of their insurance (aka insurance premiums) are rising between 20-30% across car, house and contents insurance.

Loyalty tax would be another reason to compare and shop your insurance. Loyalty can sometimes come at a cost when it comes to insurance, and that's what's known as the "loyalty tax." Many insurance companies offer attractive rates or sign up specials to new customers, but over time, they may gradually raise premiums for loyal, long-term policyholders who stay with them year after year. This means that if you don't regularly compare insurance options, you could end up paying more for the same coverage than someone who switches providers. Comparing insurance regularly is essential because it allows consumers to stay informed about the best deals and avoid falling into the loyalty tax trap. By shopping around, you can make sure you're always getting the most competitive rates and the coverage you need at a fair price.

And, there is also something deeply satisfying knowing that you’ve put money back into your pocket when you’ve found a better deal.

To jump straight to comparing insurance for you - check out Market Scan for Free.

How Much Can I Save By Comparing Insurance

So, the big question - “how much can I save by comparing my insurance”?

Quashed’s Market Scan tool has generated thousands of quotes and compared millions in premiums for New Zealanders since launching in 2021. It is the first and only comprehensive comparison tool that compares Car, House and Contents insurance premiums and benefits in the country. Based on the most recent available data analysis in 2023, here’s what the average household can find in savings across the products.

Insurance comparison savings in 2023:

  • Car insurance $247

  • House insurance $415

  • Contents insurance $244

The average NZ household could be saving $1,153 on their insurance based on the comparison data from Quashed's Market Scan in 2023. Households with more than two cars, multiple properties and other valuables could be saving much more.

To view your insurance comparison savings, try Market Scan for Free.

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How To Compare Insurance

As with everything, there’s the hard way or the easy way. Comparing your insurance is no different. There is more to comparing insurance then just the price. No all policies are the same. Take for example a comprehensive car insurance policy. Both are comprehensive insurance covers but Insurer A might have a benefit that covers you for lost or stolen car keys whereas Insurer B may not. Insurer A may also cover you for a higher limit compared to Insurer B on a particular benefit e.g. both could offer cover if you are towing a trailer but one may cover the trailer for $500 and the other $2,000.

The hard way to compare insurance:

  • Visit 3-4 insurance websites

  • Study their insurance policies and benefits

  • Enter in your car, house and contents information multiple times

  • Retrieve quotes

  • Look at reviews of insurance companies

Adopting the hard way would take hours, and for most of us, we would never get around to completing the comparison despite being able to potentially save thousands of dollars. It’s just too hard.

The easy way to compare insurance:

  • Sign up to Quashed for free

  • Enter or upload your car, house and contents information once via Market Scan

  • View the comparison results and pick the best one for you

The easy way would save you 80% of the effort and time (less than five minutes) it takes compared to the hard way. Once you’ve used Market Scan, you can also easily track all your insurance on the platform so it makes it easy to complete your insurance comparison every year without breaking a sweat.

For those of you that have lived in the UK or in Australia, comparison sites such as CompareTheMarket, MoneySuperMarket, iSelect, GoCompare and would be familiar sites. Quashed would be NZ’s equivalent of these comparison sites where it makes it super easy to compare and save on insurance.

Ready to compare your insurance? Get it done quickly and easily with Market Scan.

Can I Switch Insurance Once I Find Better Insurance/Deal

Yes. You can switch your insurance at anytime. If you have paid your insurance premiums for the year your insurer should refund you the unused portion of your premium. For example, you’ve paid your car insurance upfront for the year in January and it’s $1,200. You decide to compare insurance and proceed to find a better cover/deal in June. You switch and buy the new better/cheaper insurance and notify your insurer that you would like to cancel your policy. Your insurer will refund you $600 for the unused second half of the insurance premiums you have paid for but have not used.

When To Compare Insurance

We recommend that you compare your insurance at least once a year. Your insurance will renew once a year and that is when the price changes comes along. Typically, insurance premiums increase each year, not decrease. It pays to know how much your insurance premiums are increasing instead of just paying the new amount - read loyalty tax above. Your insurer will send you a renewal notice via mail or email roughly six weeks before your renewal. You should also be reviewing and comparing insurance more frequently if there are changes to your situation such as:

  • New purchases - car, house and contents - think jewellery, watches, computers, TVs, whiteware, etc.

  • Changes to income - if you’ve had a big increased or drop in your salary to make sure you’re still properly covered

  • Changes to your family e.g. if you’ve had a baby - it could be time to review your health, life and other insurance benefits

  • New job - some jobs provide you with insurance benefits so it’s worth checking how this impact on your insurance

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Comparing Insurance is Easy with Market Scan

With Quashed’s Market Scan, it is easier than ever to compare your insurance. Gone are the days where comparing insurance is time consuming and no fun. It’s quick and easy (almost fun!) with Quashed. You can choose to compare your existing policy or find a brand new one. You’ll either find better insurance and deals, or discover that you’re already on the best policy for you - it’s a win win!

Did we mention it’s free to use Quashed? Get started today - compare and save your insurance for free!

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