AMI vs State Insurance NZ 2026: Car, House & Contents Compared Side by Side
AMI and State are two of the most recognised insurance brands in New Zealand. Between them, they insure hundreds of thousands of Kiwi households across car, house and contents. But what many policyholders do not realise is that both brands are owned and operated by the same parent company, IAG New Zealand Limited, the country's largest general insurance group. AMI and State share the same AA (very strong) financial strength rating from Standard & Poor's, access the same claims infrastructure, and in many cases offer strikingly similar policy structures.
So if they are the same company underneath, why do two brands exist, and does it matter which one you choose? The answer is that while the bones of each policy are often similar, the pricing, optional extras, customer experience, and how each brand positions itself in the market can differ in ways that affect your premium and your cover. Understanding where AMI and State align and where they diverge is one of the smartest moves you can make before your next renewal.
This guide compares AMI and State across car, house and contents insurance as at May 2026. We break down the policy features, pricing, sign-up offers and key differences so you can decide which, if either, is the right fit. Use the free Quashed Market Scan to compare personalised quotes from AMI, State and other NZ insurers in about 90 seconds.
Step 1. Understand the AMI and State Relationship
Before comparing individual policies, it is essential to understand the corporate relationship between AMI and State. Both are business divisions of IAG New Zealand Limited. They are not separate companies. They share the same underwriter, the same financial backing, and the same core infrastructure.
The Data
AMI and State share several fundamentals: both hold an AA (very strong) financial strength rating from Standard & Poor's through IAG, both use the IAG claims network and IAG HomeHub repair service, both offer a lifetime repair guarantee through their respective approved or preferred repairer networks, both have removed multi-policy discounts, and both operate entirely through digital channels with no physical branches. The table below highlights some features where AMI and State differ.
Feature | AMI | State |
Year established | 1926 | 1905 |
Digital platforms | My AMI online account and AMI app | My State online account and State app |
Roadside rescue (car) | Free with Comprehensive car policies | Available to add |
New structure build cover (home) | Up to $10,000 a year | Not offered as a standalone feature |
Sustainability upgrade (home) | Not offered as a standalone feature | Up to $15,000 in a total loss |
Home office equipment (contents) | Up to $10,000 per event | Not specified as a standalone limit |
Bicycle and e-bike cover (contents) | Not specified as a standalone limit | Up to $3,000 per item |
Energy-efficient whiteware replacement (contents) | Not specified as a standalone feature | Included |
Brand positioning | Community trust, roadside rescue | Digital simplicity, sustainability |
IAG New Zealand holds relationships with approximately one in every two New Zealand households. In October 2025, IAG was penalised $19.5 million by the High Court after the Financial Markets Authority found it had overcharged approximately 269,000 customers across AMI, State and NZI by failing to properly apply multi-policy discounts and other benefits. IAG self-reported the issues and completed refunds to affected customers.
The Lesson
Choosing between AMI and State is not a choice between two fundamentally different insurers. It is a choice between two brands that sit on the same platform. The real question is not which brand is better, but which brand offers the better price and policy configuration for your specific situation. Because both brands use risk-based pricing, the same person can receive different quotes from AMI and State for materially similar cover.
The Action
Do not assume that because AMI and State are owned by the same company, their prices are identical. Always compare quotes from both brands, and from competitors outside IAG. Run a free Quashed Market Scan to see how AMI and State compare against AA Insurance, Tower, Cove, AMP and more in about 90 seconds.
Step 2. Compare Car Insurance: AMI vs State
Both AMI and State offer three tiers of car insurance: Comprehensive, Third Party Fire and Theft, and Third Party Only. The policy structures are closely aligned, reflecting their shared IAG platform. However, there are differences in optional extras, the branding of certain features, and, importantly, pricing.
The Data
Core cover comparison, Comprehensive car insurance:
Feature | AMI Comprehensive | State Comprehensive |
Valuation type | Agreed value | Agreed value |
Accidental damage to your vehicle | Yes | Yes |
Fire, theft, storm, flood | Yes | Yes |
Liability, damage to others' property | Up to $20 million | Up to $20 million |
Liability, injury to others | Up to $1 million | Up to $1 million |
Uninsured driver cover | Up to $5,000 | Up to $5,000 |
Windscreen and window glass | Included | Included |
Towing after an incident | Included | Included |
Transport home after an incident | Included | Included |
New car replacement (eligible vehicles) | Included | Included |
Keys and locks replacement | Up to $500 (excess-free) | Included |
Children's car seats | Included | Included |
Roadside rescue | Free with Comprehensive | Available to add |
Repair guarantee | Lifetime (approved repairers) | Lifetime (preferred repairers) |
The most visible difference in car cover is AMI's inclusion of free AMI Roadside Rescue with all Comprehensive car policies. State offers roadside rescue as well, but it may be positioned as an add-on depending on the policy configuration. Both brands provide the same core coverage levels, the same liability limits, and the same agreed value approach to car valuation.
Pricing comparison, Comprehensive car insurance quotes (May 2026)
Profile: 35-year-old male, NZ Full Licence, no claims or incidents in the past five years, no licence suspensions. All quotes are for Comprehensive cover at a $600 excess.
Pricing note: these quotes are based on the specific profile described and were accurate as at May 2026. Your own premium will depend on your individual circumstances, so run a Quashed Market Scan for figures based on your details.
2017 Toyota Corolla, $16,800 agreed value
Region | AMI | State |
Auckland | $71.58 a month | $65.01 a month |
Wellington | $76.13 a month | $69.21 a month |
Christchurch | $77.32 a month | $70.27 a month |
2020 Toyota Corolla, $26,990 agreed value
Region | AMI | State |
Auckland | $83.36 a month | $75.64 a month |
Wellington | $89.77 a month | $80.19 a month |
Christchurch | $96.97 a month | $81.51 a month |
State quoted cheaper than AMI in every city, for both vehicles. On the 2017 Corolla, State was around $6.57 to $7.05 a month cheaper, which works out to roughly $79 to $85 a year. On the higher-value 2020 Corolla the gap was wider, from about $7.72 a month in Auckland to $15.46 a month in Christchurch, which adds up to as much as $185 a year for materially similar cover. The pattern is consistent: State holds a small but reliable price advantage over AMI, and that advantage tends to widen as the value of the insured vehicle increases.
The Lesson
AMI and State offer near-identical Comprehensive car insurance. The policy features are functionally the same, reflecting their shared IAG platform. The main differentiators are AMI's bundled Roadside Rescue and State's consistently lower price. For drivers who value roadside assistance included in their premium, AMI may have the edge. For drivers focused purely on price, State quoted cheaper in every comparison we ran.
The Action
Get quotes from both AMI and State for your specific vehicle, then compare them against the wider market. The savings on offer across all insurers are far larger than the gap between these two sister brands. Quashed Index data shows that comprehensive cover for a 2020 Toyota Corolla in Auckland can range from around $960 to $1,790 across five insurers, a difference of about $830 a year. Use the free Quashed Market Scan to compare in about 90 seconds. For practical tips on reducing your premium further, read our guide to saving on car insurance in NZ on Quashed.
Step 3. Compare Home and Contents Insurance: AMI vs State
AMI and State each offer a single home and contents option that covers your house and your belongings under one policy, AMI through its Home Plus and Contents cover and State through its Home and Contents Comprehensive cover. Because both sit on the IAG platform, the core features are closely matched. Below we compare the cover, then look at combined home and contents pricing across Auckland, Wellington and Christchurch.
The Data
The table below compares AMI and State home and contents cover side by side, spanning both the dwelling and the belongings inside it. The core structures are closely aligned, which is expected given that both policies are underwritten by IAG, but there are differences in specific limits and optional features.
Feature | AMI Home and Contents | State Home and Contents |
Fire replacement cover (total loss) | Yes, rebuild even if cost exceeds sum insured (must meet Sum Sure estimate) | Yes, rebuild even if cost exceeds sum insured (must meet Sum Sure estimate) |
Retaining walls | Up to $50,000 | Up to $50,000 |
New structure build cover | Up to $10,000 a year | Not specified as a standalone feature |
Sustainability upgrades (total loss rebuild) | Not specified as a standalone feature | Up to $15,000 |
Water or sewage pipe blockage | Up to $500 a year | Up to $500 a year |
Stress payment (total loss) | $2,000 | $2,000 |
Contents: accidental loss, damage and theft | Included | Included |
Overseas travel cover for belongings (Australia and Pacific Islands) | Up to $5,000 per trip | Up to $5,000 per trip |
Cover for belongings while moving home | Two weeks at both addresses | Two weeks at both addresses |
Home office equipment | Up to $10,000 per event | Not specified as a standalone limit |
Bicycle and e-bike cover | Not specified as a standalone limit | Up to $3,000 per item |
Energy-efficient whiteware replacement | Not specified as a standalone feature | Included |
Temporary accommodation | Up to $30,000 | Up to $30,000 |
Hidden gradual damage (internal plumbing) | Up to $3,000 a year | Up to $3,000 a year |
Keys and locks replacement | Excess-free | Excess-free |
Legal liability | Up to $2,000,000 | Up to $2,000,000 |
Repair guarantee | Yes (approved repairers) | Yes (preferred repairers) |
Optional extras available with both AMI and State include:
Excess-free glass and bathroom fixtures.
Replacement of matching floor coverings.
Additional costs for heritage homes.
Lifestyle block fencing.
Two points are worth knowing. Both brands will rebuild your home after a total fire loss even if the cost exceeds your sum insured, as long as your sum insured meets the Cordell Sum Sure estimate. This does not apply to fire following a natural hazard. The brands also differ on one optional benefit each: AMI includes new structure build cover of up to $10,000 a year, while State will pay up to $15,000 towards sustainable products if your home is rebuilt after a total loss. On contents, both cover belongings overseas up to $5,000 per trip, and the main differences are AMI's $10,000 home office equipment limit and State's $3,000-per-item bicycle and e-bike cover.
Combined home and contents pricing (May 2026)
Profile: a $700,000 home sum insured at a $1,000 excess, combined with a $70,000 contents sum insured at a $500 excess.
Pricing note: these quotes are based on the specific profile described and were accurate as at May 2026. Your own premium will depend on your individual circumstances, so run a Quashed Market Scan for figures based on your details.
Region | AMI | State |
Auckland | $195.18 a month ($2,342.01 a year) | $186.66 a month ($2,239.87 a year) |
Wellington | $241.87 a month ($2,902.37 a year) | $235.11 a month ($2,821.15 a year) |
Christchurch | $203.52 a month ($2,442.06 a year) | $201.63 a month ($2,419.48 a year) |
State quoted cheaper than AMI for combined home and contents cover in all three main centres. The gap was widest in Auckland, where State came in $8.52 a month lower, around $102 a year. In Wellington the difference was $6.76 a month, and in Christchurch the two brands were closest, separated by just $1.89 a month. Wellington was comfortably the most expensive region to insure this profile, reflecting the higher house insurance costs that Wellington homeowners face.
The Lesson
AMI and State offer very similar home and contents cover, but State held a price advantage in every quote we ran. The difference is modest in Christchurch and more meaningful in Auckland. The optional features set the two apart in other ways: AMI's new structure build cover suits homeowners planning extensions or additions, while State's sustainability upgrade benefit may appeal to those who want a total loss rebuild to include eco-friendly building products. Choose the brand whose price and feature mix best matches your situation, rather than assuming the two are interchangeable.
The Action
Quote both AMI and State for your specific property and contents, then widen the comparison to include AA Insurance, Tower, Initio and others. Use the free Quashed Market Scan to see all your options in one place. For help setting your cover correctly, read the Ultimate NZ Guide to House Insurance and the Ultimate NZ Guide to Contents Insurance on Quashed.
Step 4. AMI and State Sign-Up Offers: Digital Visa Card Promotions
Alongside their standard cover, both AMI and State are running digital Visa card sign-up offers in 2026. These can sweeten a new policy, but they are time-limited and come with conditions, so it pays to understand exactly what is on the table before you let an offer influence your decision.
The Data
As at May 2026, the following sign-up offers apply to new policies bought online:
AMI Comprehensive car insurance: a $100 digital Visa card for buying a new Comprehensive car policy online. The promotion is scheduled to end at 11.59pm on 30 September 2026.
AMI Home and Contents insurance: a $200 digital Visa card for buying a new Home and Contents policy online, also scheduled to end at 11.59pm on 30 September 2026.
State Comprehensive car insurance: a $100 digital Visa card for buying a new Comprehensive car policy online, scheduled to end at 11.59pm on 30 September 2026.
All three offers are issued through Oxygen Global NZ Limited and apply to new policies purchased online only. Renewals, amendments, upgrades, downgrades and reinstatements of existing policies do not qualify, and standard policy terms, conditions and underwriting approval still apply. At the time of writing, State's digital Visa card offer covered new Comprehensive car policies, and its home and contents quote did not include an equivalent card offer. Promotions can change or end early, so always check the current terms on the AMI and State websites before relying on an offer.
The Lesson
A $100 or $200 digital Visa card is a welcome bonus, but it should not be the deciding factor when you choose an insurer. A one-off card is small next to the difference a competitive premium makes year after year. If two policies are genuinely close on price and cover, a sign-up offer can be a fair tie-breaker. It is not a reason to pay more than you need to.
The Action
Compare on premium and cover first, then factor in any current sign-up offer once you have shortlisted the policies that genuinely suit you. Run a free Quashed Market Scan to compare AMI, State and other NZ insurers in about 90 seconds, and check each insurer's website for the latest promotion terms before you buy.
Final Verdict: Same Parent, Different Prices, Always Compare
AMI and State share the same financial backing, the same claims network, the same repair guarantees, and many of the same policy features. But the prices they quote are not the same. Across every car insurance quote in this comparison, State came in cheaper than AMI, and the gap grew as the value of the vehicle rose. For combined home and contents cover, State was again cheaper in all three main centres, most noticeably in Auckland.
The real takeaway is not that one brand always beats the other. It is that limiting your comparison to AMI and State alone leaves money on the table. Quashed Index data shows comprehensive cover for a single vehicle can vary by hundreds of dollars a year across insurers, and Kiwis who compare with Quashed save an average of $377 on car insurance, $908 on house insurance and $275 on contents insurance. A one-off sign-up offer of $100 or $200 is welcome, but it is small compared with getting the premium right.
Use the free Quashed Market Scan to compare quotes from AMI, State, AA Insurance, Tower, Cove, AMP, Assurant and more. It takes about 90 seconds, costs nothing, and could save you hundreds a year, or confirm that you already have the right cover at the right price.
Related Reading
The Quashed team has the guides you need to compare AMI, State and every major NZ insurer:
AMI Insurance Quotes, Claims and Cover Review: NZ 2026. A full review of AMI's policies, pricing, pros and cons across car, home and contents insurance.
State Insurance NZ Review: A Full breakdown of Home, Contents and Car Insurance. An in-depth review of State's cover, features and pricing across all major policy types.
Ultimate NZ Guide to Car Insurance (2026): Compare & Find the Best and Cheapest Cover. Everything you need to know about choosing the right car insurance in New Zealand.
Average Car, House, and Contents Insurance Cost NZ 2026. The latest Quashed Index Q1 2026 data on what Kiwis pay by region and by insurer.
The End of Multi-Policy Discounts in NZ? Why You Must Shop Around in 2026. Why splitting your insurance across different providers could save you more than ever.
Frequently Asked Questions: AMI vs State Insurance NZ 2026
Are AMI and State owned by the same company?
Yes. AMI and State are both business divisions of IAG New Zealand Limited, the country's largest general insurance group. This is confirmed on both the AMI and State websites, as well as on IAG New Zealand's corporate website. IAG also operates NZI and provides insurance products sold through ASB, BNZ, Westpac and the Co-operative Bank. Both AMI and State share the same AA (very strong) financial strength rating from Standard & Poor's.
If AMI and State are the same company, why do their prices differ?
Although AMI and State share the same parent company and claims infrastructure, they operate as separate brands with their own pricing models. Risk-based pricing means each brand may weigh factors differently, leading to different premiums for the same customer. This is why it is important to compare quotes from both brands, and from other insurers, before making a decision.
Which is cheaper, AMI or State?
In the quotes we ran in May 2026, State was cheaper than AMI in every comparison: for both a 2017 and a 2020 Toyota Corolla across Auckland, Wellington and Christchurch, and for combined home and contents cover in all three centres. The car insurance gap was wider on the higher-value vehicle. Pricing always depends on your specific circumstances, so run a free Quashed Market Scan to find the best coverage for you.
Do AMI or State still offer multi-policy discounts?
No. Both AMI and State have removed their multi-policy discounts. AMI stopped offering its Multisaver discount on new policies from August 2024 and on renewals from October 2024. State dropped its multi-policy discount for new policies from March 2024 and on renewals from May 2024. There is no longer a financial incentive to keep all your policies with either brand.
Can I have my car insurance with one brand and house insurance with the other?
Yes. There is no requirement to keep all your policies with the same insurer. In fact, with multi-policy discounts removed, splitting your insurance across providers is often the best way to save. You might find your cheapest car insurance with State, your cheapest house insurance with Tower, and your cheapest contents with AMI, or any other combination. Use Quashed to compare all your policies in one place.
How much can I save by comparing insurance on Quashed?
You could save an average of $1,560 a year by comparing your insurance. Based on Q1 2026 Quashed data, that is how much extra Kiwis who do not shop around pay across their car, house and contents policies combined. Quashed users found a cheaper policy 81% of the time on car insurance, 67% of the time on house insurance and 76% of the time on contents insurance, with average savings of $377, $908 and $275 a year respectively. Run a free Quashed Market Scan to see how your current premiums compare.
Do AMI and State offer a sign-up bonus?
Yes. As at May 2026, AMI is offering a $100 digital Visa card for new Comprehensive car policies and a $200 digital Visa card for new Home and Contents policies, and State is offering a $100 digital Visa card for new Comprehensive car policies. All three offers apply to new policies bought online, are issued through Oxygen Global NZ Limited, and are scheduled to end at 11.59pm on 30 September 2026. Renewals and amendments to existing policies do not qualify. Treat a sign-up offer as a tie-breaker, not a reason to pay a higher premium.
What happened with the IAG penalty in 2025?
In October 2025, IAG New Zealand was penalised $19.5 million by the High Court after the Financial Markets Authority found it had overcharged approximately 269,000 customers a total of $35 million. The overcharging resulted from failures to properly apply multi-policy discounts and other benefits across policies sold through AMI, State, NZI and banking partners. IAG self-reported the issues and completed refunds to affected customers.
Should I switch from AMI to State, or vice versa?
Switching between AMI and State may save you a modest amount, but the bigger savings often come from comparing across the entire market. AA Insurance, Tower, Cove, AMP and other insurers may offer significantly different pricing for the same cover. Rather than choosing between AMI and State alone, use the Quashed Market Scan to compare all your options side by side.
