Answers to commonly asked questions

Will all my policies change?

We’re evolving our Car, Home, Contents and Landlord’s policies and services to ensure we’re providing cover that you want and need most.

Note: There are no changes to Boat and other vehicle policies at this stage, so you will not be able to manage these policies via your IAG insurance hub.

What are some of the key benefits of the new policies?

IAG's new Car, Home, Contents and Landlord policies provide you with a more personalised price to suit your individual circumstances.

• A new digital experience, giving you more flexibility to manage your insurance wherever you are, whatever time of day, online through your IAG insurance hub (access via our mobile app or internet banking).
• Some cover which used to be automatic is now optional, giving you more freedom to make decisions about your cover.
• The same price, regardless of whether you pay upfront or by instalments.
• Plain language policies that are easier to understand.

Are there changes to Roadside Rescue?

There are updates to the Roadside Rescue optional benefit. Roadside Rescue can now be added as an optional benefit to your policy no matter what level of cover you have. This includes five callouts for you and anyone driving the named car within the policy year. Visit here for more info. Read the terms and conditions.

How can I customise my policy?

From here, you can see what you are covered for and can customise your policy online through your IAG insurance hub or you can call IAG on 0800 340 333 to make the changes for you.

To customise your policy, you can check sums insured, consider your excess options and review optional benefits.

I’m now receiving my insurance information via email. What email addresses will I receive emails from?

Your online safety is important to us, and we encourage you to be cautious when opening emails.

To make it easier to manage your policy, IAG will send your policy documents to your email if it’s on file. Below are the email addresses that you will now receive emails from.

Email about upcoming changes (including payments)

Sender: The Co-operative Bank Insurance

Email address: Co-operativebank@comms.iag.co.nz

Policy schedule

Sender: The Co-operative Bank Insurance

Email address: noreply@policy.iag.co.nz

Please note we will never ask you to log in to your banking or access the IAG insurance hub from an email.

If you prefer to receive your documents via post, please let IAG know either by calling IAG or update your details via the IAG insurance hub after your renewal date.

Are there any changes to my excess?

In changing their policies and services, IAG have updated their standard excesses.

Once you have received your renewal documentation, you will know what your excess amount is. Check out your policy schedule as your excess amount may have changed. If you would like to adjust your excess, you can make changes in your IAG insurance hub.

What are my premium payment options?

You can choose fortnightly, monthly, quarterly, or annual instalments with no extra charge.

If you choose to pay the premium by instalments, we deduct any premium you owe us up to the end of the period of insurance before we settle a total loss claim. This is because we agreed the premium at the start of the period of insurance, and you must pay the premium in full, whether you pay in one lump sum or by instalments.

Why do I need to update/confirm my payment details?

At renewal, your Co-operative Bank Asset Care insurance will move to a new policy and there will be a number of changes to make it easier to manage your insurance.

Until now, we managed insurance payments to IAG on your behalf, but from your next renewal IAG needs to collect payments from you directly.

How can I provide my payment details and set up instalment payments / a direct debit / recurring payments with IAG?

You have a few options.

• Confirm your payment details with IAG over the phone on 0800 340 333.
• Once you receive your renewal pack, you can register online for the IAG insurance hub and manage payments yourself.
To pay by instalments, you need to confirm your payment details with IAG. To set up instalment payments from your bank, you need to provide your bank account number, your permission for IAG to collect payments from you directly (called a Direct Debit authority) and your preferred payment frequency.

To set up instalment payments from your credit card or debit card, you need to input your card details and choose your preferred payment frequency, You need to do this for each of your insurance policies.

Will my premiums increase with IAG now collecting payments directly?

Your premiums are not affected by IAG collecting payments from you directly. However, you may see an increase or decrease in your premium with your new policy. IAG have changed the way premiums are calculated so it better reflects your individual circumstances and the type of optional benefits you want. See here for more information.

What happens if I don’t confirm my payment details?

If you don’t confirm your payment details and set up instalment payments with IAG your policy will default / stay defaulted to annual payments, which means your full premium will be due at renewal to remain covered.

You will need to arrange payment of that full premium, as set out in your renewal documents. This can be paid by credit card or debit card, either over the phone with an IAG consultant (0800 340 333) or online via the IAG insurance hub.

If your full annual premium isn’t paid at renewal, your policy will cancel after 28 days after your renewal date due to non-payment, and you will no longer have insurance cover.

I renewed my policy, and I haven’t received $50 cash back? When will I get this?

We will pay your $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.

How will a claim for my home be settled?

Your home is covered for ‘Sum insured replacement’ basis of settlement unless your policy schedule shows otherwise. This means your policy will cover you up to your Total sum insured amount shown in your policy schedule.

You may also qualify for a ‘Replacement’ basis of settlement. This means if your home is damaged by fire or explosion, we’ll pay for the costs to repair or rebuild up to the entire floor area – even if it ends up costing more than your Home sum insured. To qualify, you’ll need to use the Cotality calculator and choose a sum insured that is equal to or greater than the Cotality Sum Sure Estimate.

Limits still apply to certain items. For more information about your cover and basis of settlement, read the policy wording.

I am facing financial difficulty, what are my options?

If you’re facing financial difficulty and need extra help with your insurance premiums, the IAG Customer Care team are there to help. You can call the IAG care team on 0800 340 333.