Fair Go

If you have any questions about insurance, this is a pretty important document. It highlights the standards insurance companies should stick to and your rights as a consumer and where to go if you are unhappy with your insurance. Have a look. Please note - the Insurance Council covers Fire and General Insurers not Health and Life Insurers. https://www.icnz.org.nz/fileadmin/Assets/PDFs/Publications/Fair-Insurance-Code-2016.pdf

Hi guys .... this is from the Insurance Council of New Zealand. Some tips on how to save money on insurance. Please note - the Insurance Council covers Fire and General Insurers not Health and Life Insurers. Consumer advice: How to reduce insurance premiums Car • The best way to reduce premiums is to have a clean driving record and no previous claims. • Name the specific drivers to be insured and exclude under 25s. • Shop around, but don’t just buy on price. Look at the policy benefits and exclusions. • Before you buy a car, compare insurance costs – cars that have been modified or higher risk of being stolen will cost more. • Ask for a voluntary higher excess (the voluntary excess increase is only beneficial if you don’t claim). • Reduce coverage on low value cars to third party or third party fire and theft policy. • Ask about discounts for multiple policies with the same insurer (i.e. your contents insurance). • If you park your car in a locked garage, tell your insurer. • Discounts may apply for a vehicle that has an alarm. • Be careful which additional benefits you add and if you really need them. Ask yourself if the additional benefit is within your budget, and if it will beneficial in the event of a claim. House and contents • A good claims history will ensure you can get cover without additional terms like an excess. Some insurers also price based on number of claims, so a good claims history keeps the price down. • Shop around for cheaper premiums but don’t just compare on price, look at the benefits too. Be wary of the cover differences that may be offered for cheaper premiums). • Ask if a no claims discount is available. • Before you buy a house – check with your insurer that insurance is available and what it will cost (flood prone areas or risky areas may cost more). • If you have a ‘sum insured’ house policy it should be for what it would cost to rebuild your house (not the market value or what you paid for it). Use the ‘cordell’ calculator to check. • Ask for a higher excess (most insurers offer premium discounts for varying levels of voluntary excess). • Ask about discounts for multiple policies with the same insurer (i.e. your motor insurance and your contents insurance with the one insurer may entitle you to a discount) • Ask about discounts for professionally installed security alarms. • Some insurers offer different levels of cover, so choose one that meets your needs and is within your budget e.g. ask your insurer if they offer a reduced form of cover. For example, a ‘named perils’ policy is cheaper because it offers less cover instead of a standard comprehensive ‘accidental damage’ policy. • Where benefits can be added, only choose those you need. • Most insurers charge more if the customer pays by instalment, due to increased admin costs, so it generally works out cheaper to pay an annual premium. However, ask your insurer if you can pay your annual premium by fortnightly or monthly instalment if it is more manageable.

A family fights to reclaim the memories of a loved one, a dog driving the neighbours barking mad and saying no to insurance - is that a good idea? Fair Go tonight 7.30pm TVNZ1

Coming up next week - the family fighting for access to precious memories, the neighbour driving a Christchurch woman barking mad, and we meet the couple who've insured themselves. Fair Go, 7.30pm Monday on TV1.