Managing your insurance costs when you are feeling the pinch

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2026 August 05

It feels like everything is going up in price at the moment and unfortunately insurance is one of those costs.

What can you do when you are feeling the pinch without cancelling your insurance or compromising on your cover?

Options for managing your insurance costs

Whether you are a business and / or have personal policies that are creeping up in price here are some things you can do.

• Undertake regular reviews of your policies. This is where brokers can come to the fore and look at what is being covered, who it is covered with and whether you are getting the best price. Based on your needs we can go out to market and find the most competitive policies without compromising on cover.
• Select a higher policy excess. Consider what the likelihood is of needing to make a claim under each policy. Then look at paying the cost of smaller claims yourself in exchange for a discount on your premium.
• Look at spreading your payments over 12 months with premium funding. This option is particularly good for businesses and assists with managing your cashflow. There are finances charges that apply for this service however these can be included within the payment structure.
• Ask about multiple policy discounts. If you have several policies with one insurer, especially personal policies such as house, contents and car, you may qualify for a multi-policy discount. If you have policies with a range of different insurers, ask your broker if these can be consolidated under one insurer and get them to check that a multipolicy discount is being applied.

We’ve said it before, and we will say it again, New Zealanders are notorious for being underinsured so cancelling cover or reducing your cover to save money is not the way to go.

If you are experiencing financial difficulties, we are here to help you find a solution. Talk to your broker or drop us a line on insurance@icb.co.nz or phone 09 377 4314.