Making sense and saving dollars on your cover
Insurance costs have been front of mind for a lot of Kiwi households lately, and it’s easy to feel like premiums only ever go one way. The good news? There are smart, practical ways to keep your cover working hard without paying more than you need to. And this is where an expert insurance broker can be worth their weight in gold.
Insurance is never an impulse buy. It’s not the new pair of shoes you’ve just got to have, or the delicious looking pastry at the café you’ll grab on a whim. It is an investment in a safe future, and should be treated with expert care and diligent focus when purchasing.
There is a lot to consider when it comes to getting the right insurance cover in New Zealand – and it’s about far more than ticking boxes and checking the fine print. Here’s a look at how we do it…
1. The more we know.
No two clients are the same. Your age, health, income, family situation, and what you’re trying to protect all shape what ‘the right cover’ actually looks like. Some people are focused on protecting a mortgage, others on making sure their income keeps coming in if they can’t work, others on family peace of mind.
We start by understanding your situation, your concerns and your goals, in detail. This is what saves you from paying for cover you don’t need – or missing cover you do. Once we know what you’re trying to achieve, the next step is finding who can actually deliver it.
2. The connections that count.
We work with a wide range of New Zealand’s most reputable insurers, each of which have their own distinct strengths.
A good insurance broker only ever recommends a policy after thoroughly comparing a wide range of alternatives across a wide range of criteria, including but not limited to pricing, claims experience, customer service, and policy wording.
Understanding the fine print and the differences between providers saves you time and money in the long term. With the right provider and policy in place, the next aspect worth looking into reducing costs is how your policy is structured.
3. More can be less.
The amount you pay on excess matters. One of the simplest ways to bring your premium down is by adjusting your excess. A higher excess usually means a lower premium, and for a lot of families it’s a trade-off that makes sense.
We can help you find a balance between the two that fits your budget (without leaving you exposed if a claim needs to be made). An adjustment to your excess isn’t the only lever that you can use to bring your costs down though, a fair amount comes down to how an insurer perceives the big picture and small details of what you require.
4. Small changes can equal significant savings
Insurers price your cover based on risk, and a few of the factors that shape your premium are ones you have some say over. Staying on top of your health basics with regular check-ups, and keeping things like blood pressure or cholesterol in a healthy range can support better rates of life and medical cover.
Your smoking status also plays a part in your premium, and how much you drink matters too. Insurers typically ask about weekly alcohol consumption as part of your application, and moderate, well-managed habits can work in your favour.
The way your policy is structured plays a part as well. Choosing a stepped premium (which starts lower and rises with age) versus a level premium (which locks in a higher starting rate for stability) can shift your day-to-day cost depending on what suits your budget now.
And if you’re holding more than one type of personal risk cover there might be an opportunity to save with bundling them together. We will always see what is available here. None of these changes need to happen overnight, and even the best-priced policy today won’t necessarily be the right one forever.
5. Nothing stays the same, neither should your policy
Life is always moving and changing. Whether it’s a new job, a new baby, a new mortgage, more debt, less debt – all of it changes what ‘the right cover’ is for you. A policy that made sense five years ago may not be the best fit today.
We recommend a regular check-in, so your cover always reflects where you are in life now (not where you were when you first signed up).
When you’re ready to chat, we’re here to help.
