“Kiwis have had two, three, four years now of quite significant insurance premium increases. Consumers have learned to adapt to keep insurance affordable,” Lim said.
“We haven’t quite seen the corresponding sort of switch across to third-party car insurance yet, but we have seen a 46% increase in interest.”
Prices continue to vary between providers. Five insurers offering quotes on a 2020 Toyota Corolla in Auckland ranged from $960 to $1790.
Changing coverage – including the excess and sum insured amounts – could cut premiums by up to a third, to as low as $673 in the case of the Toyota Corolla.
Switching to third-party insurance could reduce premiums by up to two-thirds, with third-party fire and theft cover for the Corolla being as low as $580.
The Insurance Council said many people were buying new-model cars that were more expensive to repair and replace.
On the other end of the spectrum, cheaper, older cars have been targeted with a spate of vehicle thefts. AMI data show stolen vehicle claims dropped slightly last year, but are still three times higher than five years ago.
Quashed figures show premiums average $1600 in Auckland, where car theft is particularly common.
That compares to $1325 nationally, $1230 in Canterbury and $1155 in Wellington.
People in their 30s and those over 60 have seen their premiums rise by almost 45% over the past two years.
Young people, aged 18 to 24, saw their premiums rise by just 2% over the period.
