Support for customers affected by the severe weather
Customers with Co‑operative Bank Home, Contents or Car Insurance can find helpful information and how to make a claim here
For customers who may require emergency financial assistance, we are available on 0800 554 554 between 8am – 7pm Monday to Friday and 9am – 4pm over the weekend.
IAG New Zealand Limited (IAG), our trusted insurance partner, reviews and calculates insurance premiums each year to account for any changes to the cost of providing cover. Premiums are calculated to reflect a fair and sustainable price for your insurance - so IAG can be there for you now, and into the future.
What can make up your premium?
- Cost to repair, rebuild, or replace your home, belongings, or vehicles
- Risk of natural hazards and climate change
- Government taxes and levies (i.e Natural Hazards Commission Toka Tū Ake and FENZ (Fire and Emergency New Zealand)
- Specific features or items you choose to insure
- Significant changes to the frequency, severity, and types of claims
Options for how you can reduce your premiums
Remove optional benefits
Remove any optional benefits that you don’t need. Optional cover can be things like; excess-free glass and bathroom fixtures, Roadside Rescue, or Trailer cover.
Check your sum insured value
Your sum insured is the most IAG will pay for a total loss claim if your car, home or contents were destroyed. The amount should represent the cost to replace items or rebuild your home at today’s prices. Some assets decrease in value over time, so check your policy as you may be able to lower your premium by reducing your sum insured amount.
Calculate your home sum insured
Calculate your contents sum insured
Increase your excess amount
Your excess is the amount you contribute towards paying for repairs or replacement when you claim. You may be able to lower your premium by choosing a higher excess.
Not sure of your excess?
If you are an existing Co-operative Bank customer you can check your excess amount through your IAG insurance hub, accessed via our mobile app or internet banking.
Reduce your cover level on car policies
If you still need to lower your premium after considering the options above, you could look at reducing your cover. You may be able to lower your level of cover, and premium, while staying insured.
Experiencing financial hardship?
Life can throw unexpected turns that can sometimes leave you in a position of financial hardship. In hard times, it’s important to have insurance so that if something happens you are covered. If you’re facing financial difficulty and need extra help, the IAG Customer Care team are there to help. You can call them on 0800 340 333.
How your premium is made up
Base premium
The base premium amount is what you pay to IAG for your cover to help cover the costs of claims. It includes the overall costs before the addition of any levies and GST. You’ll find this in the premium breakdown in your policy schedule.
Levies
Levies are charges that are applied to insurance premiums and paid to the Government. They help cover the cost of services that benefit everyone.
Natural Hazards Insurance (NHI) levy
The Natural Hazards Commission Toka Tū Ake, is a New Zealand government entity. It provides insurance called Natural Hazards Cover (NHCover) which provides cover for residential homes and some areas of residential land for damage caused by earthquakes, landslides, volcanic or hydrothermal activity, or tsunamis. Find out more at http://naturalhazards.govt.nz
Fire and Emergency (FENZ) levy
FENZ is an integrated fire and emergency service organisation which combines urban and rural fire services. It helps fund firefighting, and fire safety and prevention services in New Zealand. All insurance policies that include cover for fire damage, include this fire levy. Insurance companies like IAG collect these levies as part of your premiums on behalf of FENZ. Find out more at http://fireandemergency.nz
Reinsurance
Part of your base premium goes towards reinsurance. Reinsurance is insurance for insurance companies. It protects specialist insurers against the financial impact of events like earthquakes and extreme weather.
Goods and services tax (GST)
GST is a charge that is applied to insurance premiums and levies and paid to the Government.
Factors that can impact your premiums
Premium amounts are affected by your choice of excess, your sum insured, any optional benefits you choose to add, and specific features or items you choose to insure.
Insurance premiums are also impacted by claims, which are influenced by repair, rebuild, replacement, and labour costs. IAG looks for trends in the numbers, types and severity of claims being made by all customers and uses this information to help price your insurance.
IAG also consider changing reinsurance costs. With more weather events and natural hazards happening here and abroad, reinsurance costs are rising.
Personalised pricing
To keep things simple, IAG has removed discounts, to help you get a fair price upfront that truly reflects the value of the insurance products and policy benefits.
Pricing will be personalised using data and any optional benefits you choose to add to your policy and will consider the level of risk associated with the item being insured.
Certain factors such as adjusting your excess level, excluding drivers under 25 and your claims history may still impact the price you pay.
For renewing policies, discounts will be removed over a 12-month period as policies renew.
Changes to discounts
Home, contents and landlord’s policies
The Claim-Free, burglar alarm, voluntary excess and package discounts will no longer be offered on any new policies.
Car policies
The No Claim, security system, under 25 Exclusion and package discounts will no longer be offered on any new policies.
If you need more information, call the IAG team on 0800 340 333.
Get a quote
If you are an existing Co‑operative Bank customer, you can get a quick quote online through your IAG insurance hub, accessed through the Open & Apply menu in our mobile app or internet banking.
Or, if you would prefer to speak with someone, you can call us on 0800 554 554.
If you are looking to join the bank, you can get started online.
Need to make a claim?
Call the IAG Claims Team
- Monday to Friday, 8am to 6pm
- Closed Saturday, Sunday and public holidays
For commercial insurance claims call
- Monday to Friday, 8am to 5pm
- Closed Saturday, Sunday and public holidays
General enquiries
Call the IAG Sales and Service Team
- Monday to Friday, 8am to 5pm
- Saturday and Sunday, 9am to 5pm
- Closed on public holidays
Managing your insurance online
You can manage your insurance(s) online using your IAG insurance hub, available through our mobile app and internet banking. You can:
- get a quote or buy insurance
- update your sums insured, excess amount, and add or remove optional benefits
- make a premium payment or change your payment plan
- view and download your insurance documents
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