Vehicle insurance premiums dropped 0.8% in the past year but remain 30.6% higher than three years ago.<\/p>\n
Health insurance has risen by 1.6% in the past year, but is up 40.5% over the past three years.<\/p>\n
The Insurance Council has attributed the higher house and contents premiums to rising costs, including higher reinsurance premiums after the 2023 storms<\/a>.<\/p>\n Premiums have risen faster for quake-prone properties in Wellington<\/a> and flood-prone properties near flood plains and rivers in Canterbury<\/a>.<\/p>\n Vehicle insurance premiums rose when new car sales increased<\/a>, prompting more people to switch to third-party policies<\/a>, but that trend has been reversing since new car sales slowed down<\/a>.<\/p>\n Quashed chief executive Justin Lim said people were paying more for insurance than they were in 2022.<\/p>\n \u201cFor a one-house, one-car, one-contents insurance household, you\u2019re still looking at roughly about $5000. For a two-car household, you\u2019re looking at roughly $6000.\u201d<\/p>\n Those who shopped around between insurers tended to pay less than those who let their policies roll over.<\/p>\n He said that was particularly the case for car insurance, where average premiums have dropped 9% in the past year.<\/p>\n \u201cTake, for example, a Toyota Aqua. One insurer might be offering you $950. Another might be offering you $2000.\u201d<\/p>\n Michael Sergel is Newstalk ZB\u2019s business reporter, covering the daily life of business and the business of daily life. He\u2019s been covering business, politics, local government and consumer affairs for over a decade.<\/p>\n","protected":false},"excerpt":{"rendered":"Vehicle insurance premiums dropped 0.8% in the past year but remain 30.6% higher than three years ago. Health…\n","protected":false},"author":2,"featured_media":149835,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[24752,12642,192,3013,100301,24747,13484,100302,17053,130,117,111,43,139,12909,69,1523,17096,24748,3333,12937,35635,6100,131,223,8229,1529,3608,1530,24750],"class_list":["post-149834","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-zealand","tag-ago","tag-appear","tag-are","tag-but","tag-cooldown","tag-costofliving","tag-higher","tag-hikes","tag-insurance","tag-more","tag-new","tag-new-zealand","tag-news","tag-newzealand","tag-normal","tag-nz","tag-over","tag-paying","tag-premiums","tag-price","tag-prices","tag-steep","tag-still","tag-than","tag-the","tag-they","tag-three","tag-were","tag-years","tag-zealanders"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/149834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=149834"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/149834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/149835"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=149834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=149834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=149834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}