Insurance premiums across New Zealand rose 3% in the fourth quarter of 2024 compared to the previous year, according to data from insurance comparison platform Quashed.
The platform saw consumers compare over $240 million in insurance premiums during 2024, marking a 330% surge in activity. Quashed classifies general insurance as coverage for one house, one contents, and one comprehensive car insurance policy.
National house insurance premiums climbed 2% to $2,704, while contents insurance inched up 1% to $823. Car insurance led the increases with a 7% jump to $1,325 compared to December 2023.
Wellington residents pay the highest general insurance rates at $6,652, but Canterbury recorded the steepest annual increase, jumping $474 to $4,938.
Auckland sits in the middle at $4,564, though it leads car insurance costs at $1,600 – well above Canterbury's $1,230 and Wellington's $1,155.
"People are weighing their options carefully," said Quashed CEO Justin Lim. "Third-party coverage costs about a third of comprehensive insurance, offering significant savings for households with multiple vehicles."
The platform reported a 46% increase in consumers comparing comprehensive versus third-party car insurance. A 2020 Toyota Corolla in Auckland illustrates the price gap - third-party fire and theft coverage runs $580 to $690, while comprehensive coverage ranges from $960 to $1,790.
Age demographics show varying impacts. Consumers over 61 face the highest general insurance increases at 9.7%, reaching $4,898. The 25-30 age group saw contents insurance jump 9.5% to $889, though they experienced the smallest two-year premium increase at 10.2%.
Meanwhile, the report shows other age groups witnessed 37-38% contents insurance increases over two years.
New Zealand insurance premiums have surged 34% since 2022, forcing consumers to adapt through increased comparison shopping and policy adjustments.
Quashed's platform, launched in 2020, recently secured a $1 million investment from Turners Automotive Group, representing a 13% stake in the company.
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