What’s important to know
Make sure you read and understand your new Policy Wording and Change Summary thoroughly. It’s important to check your policy in detail so that your cover meets your needs.
For now, there are no changes to policies for boat, caravan, motorhome, trailer and motorcycle. If in the future there are additional changes, IAG will let you know.
Key changes
Changes to how you pay - Choose the payment option that best suits you. Previously, we managed your insurance payments but from your renewal date, IAG will need to collect payments from your directly.
Manage your policy online - You can now register to manage your policy online 24/7 via your IAG insurance hub.
New policy - Your new policy will have a new name and a new policy number.
Changes to your cover - There are differences between your current policy and your new policy. See your Change Summary for more details.
Changes to premium, discounts and excess - Data is now being used for personalised pricing. Find out more info here.
$50 cash back offer
Previously, we managed your insurance payments but from your renewal date, IAG will need to collect payments from you directly. When you receive your renewal documents you will see your premium payment has been set to annual payment. If you prefer to pay by instalment (e.g. fortnightly, monthly or quarterly) you can easily make that change then.
How to confirm your direct debit details.
You will need to set up a direct debit with IAG and choose your preferred payment frequency, either online (via the IAG insurance hub) or by calling IAG on 0800 340 333.
If you don’t confirm your payment details with IAG, you will stay defaulted to annual payments, and your total premium will be due at renewal to remain covered. You will hear more information including what you need to do, closer to your renewal.
*Receive $50 cash back when you renew your policy and make a premium payment. For full details, please refer to our Terms and Conditions.
What do I need to do?
Check your details
- Take the time to familiarise yourself with your documentation.
- Read and understand the new Policy Wording and Change Summaries.
- Confirm your payment details with IAG.
- Review your sums insured, excesses, the questions relating to your insurance, optional benefits, and your personal details.
- For Home Insurance, confirm 'who lives in the home' and if you're renting out the property, please let IAG know.
Update your information
- Register on the IAG insurance hub. If you need to make changes to your policy, you can do this via the hub. Some adjustments you make may affect your premium. You can view how this impacts your premium before you finalise your changes
- It's important that all policyholders are listed on your policy schedule. Please contact IAG on 0800 340 333 if you would like to add any additional insured persons, trustees or company representatives to your policy.
Renew
- You're all set to renew.
Once your policy renews, and your premium is paid; you'll get $50 cash back into your account within three months of your first premium payment being made – whether that’s a full annual payment, or your first instalment payment.
Understanding your insurance
More personalised pricing
IAG offer more flexibility, and the way premiums are calculated has changed to better reflect your individual circumstances
Some policy benefits which used to be automatic will become optional. This means you’ll be able to choose the benefits that suit you, so you’re only paying for what you need.
Changes to discounts
Discounts that were previously available are no longer offered. This means you get transparent pricing that reflects your individual circumstances, insurance cover, and benefits.
Learn about what makes up your insurance premiums, such as the base premium, levies, and GST. Find out more.
Excess changes
IAG has updated their standard excesses. You’ll need to check your excess amount when you receive your new policy schedule to see what excesses apply to you.
Read your policy renewal schedule and cover letter when they arrive. In the meantime, check out the Policy Wording and Change Summaries.
Check your sums insured
Make sure you review your sums insured to check your level of cover meets your needs. IAG may have adjusted your sums insured to factor in increases in repair or rebuilding costs for your home, increases in repair or replacement costs for your belongings, or vehicle value changes from IAG’s external provider.
It is recommended that you regularly review your sums insured to make sure they’re up to date and that your level of cover meets your needs.
Want to adjust your sum insured?
You can make changes via your IAG insurance hub (accessed via our mobile app or internet banking). You can do this once you receive your documentation for each policy.
Contents sum insured calculator
Cars may decrease in value over time. It is recommended that you review the current sum insured to reflect the value of your vehicle, including its accessories and modifications. You can update your sum insured via your IAG insurance hub. (This isn’t applicable to Third Party Only).
The Co-operative Bank General Insurance is arranged and distributed by The Co-operative Bank Limited and underwritten by IAG New Zealand Limited (IAG). When making decisions about insurance you should read the policy wording at co-operativebank.co.nz/iaginsurancepolicy.
The Co-operative Bank does not provide financial advice in relation to The Co-operative Bank Limited General Insurance. IAG has a relationship with The Co-operative Bank to provide insurance policies to their customers. If you purchase an insurance product underwritten by IAG from The Co-operative Bank, IAG pays the Bank commissions and other fees for its services.
For a copy of IAG’s disclosure information go to iag.co.nz/financial