Understanding your General Insurance premiums

What your premium goes towards

Your premiums go towards the cost of replacing and repairing your property and belongings should something happen, and we’re committed to being there for you when you need us most. That's why we have partnered with specialist insurer IAG, who has a proven track record of responding to natural disasters and networks that deliver quality repairs and replacements.

You might be surprised to learn that only part of the premium you pay goes to ASB Insurance. Some of your premium is paid to the New Zealand government in the form of levies and tax.

Factors that may cause a change in premiums from year to year

Cost to repair or reduce your home or belongings, including materials, labour, and transport.
Risk of natural disasters and climate change.
Government tax and levies.
More or less claims of specific nature, such as burglaries.
Specific home features or items you choose to insure.

How and why premiums are calculated each year

Insurance premiums are reviewed and calculated each year to account for any changes to the cost of providing cover. These reviews ensure you pay a fair and sustainable price for your insurance, so we can be there for you now – and into the future.

Check out the video below for more on how premiums are calculated from our underwriters IAG.

Insuring for the right amount

Insure your belongings for the right amount

It’s important to make sure you have the right level of cover for your contents. Our contents calculator can help you get a more accurate estimate for your sum insured.

Find out more

Insure your home for the right amount

Knowing the total cost to rebuild your home is important. To help you get a more accurate sum insured, check your sum insured amount with our home building calculator.

Find out more

Ways to reduce your premium

Protecting your property is important, so if you’re feeling stretched, there are ways to lower your premium while staying insured.

Review your cover

Do you have optional add-ons on your insurance? It’s good to review these to ensure they are still relevant for you. If you don’t need them, removing them may help reduce your premium.

Change your excess

Ask about our excess options. Opting for a higher excess may help lower your premium. Conditions apply.

Support is available

Our insurance experts are on hand to help

If you’d like to talk about what makes up your premium – or anything else insurance-related – just give us a call on 0800 200 252.

Cover to consider

Home insurance

Your home is likely to be your most valuable asset, so protect it from loss or damage caused by a major weather event, natural disaster, or fire.

Contents insurance

Protect your furniture, appliances, mobile phone and other personal belongings with ASB Contents Insurance.

Car insurance

From third party only to full cover we've got the cover to meet your needs and budget.

Landlord's insurance

Get specific cover designed for rental properties including damage caused by tenants.

The availability of insurance cover is subject to your application being approved. Terms, conditions and exclusions apply. For full details, refer to the policy document which is available from ASB Bank Limited. This insurance is underwritten by IAG New Zealand Limited. See further information regarding IAG's financial strength rating.

Understanding your insurance premiums