When it comes time to renew your car insurance policy, do you stick with your current provider, or shop around for a better deal? While it’s easy to just renew your policy each year, you could be missing out on a better deal.
The insurance market isn’t static. Policy costs are always moving (usually upwards) and insurers are always tweaking their policies, offering different perks and levels of cover. This is why Canstar’s expert panel conducts annual research into the best products in the market, awarding the best each year our Outstanding Value Car Insurance Awards.
So if you’re one of the 79% of car insurance customers who doesn’t bother looking for a better car insurance deal when it comes time to renew, let Canstar take the hard work out of finding the best policy for you.
This year, our expert panel of analysts researched 13 different insurance providers and policies, across six consumer profiles:
- Under 25: female driver
- Under 25: male driver
- 25-29 driver
- 30-49 driver
- Family with young driver
- 50+ driver
Using a sophisticated and unique ratings methodology that compares both price and features across Comprehensive car insurance products, our team has drawn up a shortlist of top products and providers.
This enables consumers to narrow their search to just the best products that have been assessed and awarded Canstar’s Outstanding Value Car Insurance Awards.
From the results of this year’s research, four car insurance providers have earned our top Outstanding Value Awards:
AMI
This year, AMI wins not only an Outstanding Value Award, but also takes out our top accolade: Car Insurer of the Year 2023.
Our research team notes that AMI offers great products and value to all Kiwi consumers, wherever they live across the motu.
Its full cover car insurance is a well-rounded policy that is rich in features and comes at a price point that is below the market average. AMI also performs particularly well in the Family with Young Driver and Under-25 Male profiles.
AMI’s Outstanding Value Ratings:
- Under-25 Female Driver – 4 Stars
- Under-25 Male Driver – 5 Stars
- 25-29 Driver – 3 Stars
- 30-49 Driver – 4 Stars
- 50+ Driver – 4 Stars
- Family with Young Driver – 5 Stars
What AMI offers:
AMI has a choice of three car insurance policies: full cover (comprehensive), third party, fire and theft, and third party cover. The insurer also offers special insurance deals for drivers under 25. Additionally, AMI offers multi-policy discounts, no claims bonus protection and a range of excess options.
What’s covered by AMI’s full car policy?
AMI’s comprehensive policy features cover that includes:
- Accidental loss or damage to your car, fire and theft
- Agreed value
- Liability cover up to $20m for property, up to $1m for injury to another person
- New replacement for vehicles under 1 year old
- Transport home
- Trailer cover
- Children’s car seats
Optional benefits: access to AMI’s breakdown service, rental vehicle cover, and no excess glass cover.
Click here for Insurer of the Year Award
FMG
This is the second year in a row that FMG has won an Outstanding Value Award, as FMG continues to offer eligible customers a high level of cover at a competitive price.
Overall in our ratings, FMG is a standout performer, receiving a top score across all six profiles, while consistently offering the lowest premiums.
FMG’s Outstanding Value Ratings:
- Under 25-Female Driver – 5 Stars
- Under 25-Male Driver – 5 Stars
- 25-29 Driver – 5 Stars
- 30-49 Driver – 5 Stars
- 50+ Driver – 5 Stars
- Family with Young Driver – 5 Stars
What FMG Offers:
FMG offers customers two insurance plans: comprehensive insurance (FMG superior private vehicles policy), and third party, fire and theft insurance (FMG essential private vehicles policy).
What’s covered by FMG’s superior private vehicles policy?
This policy provides full comprehensive cover for personal vehicles, and includes benefits such as:
- Accidental loss or damage to your car, fire and theft
- Legal liability for you and approved drivers up to $10m
- Excess-free cover if you are not at fault
- Excess-free glass cover
- Excess-free replacement of locks and keys if lost or stolen
- Misfuelling (accidentally using the incorrect fuel in your vehicle)
Optional hire car cover available: up to $100 a day for 30 days from claim.
FMG is also the winner of Canstar’s Most Satisfied Customers | Car Insurance Award 2023.
Most Satisfied Customers Award | Find out more
Protecta
A Protecta car insurance policy is a sound choice for experienced drivers, as the insurer excels in cover across the 25-29, 30-49 and 50+ profiles.
Our research team notes that Protecta offers the most competitively priced policies across these age demographics.
Protecta’s Outstanding Value Ratings:
- Under 25-Female Driver – 4 Stars
- Under 25-Male Driver – 4 Stars
- 25-29 Driver – 5 Stars
- 30-49 Driver – 5 Stars
- 50+ Driver – 5 Stars
- Family with Young Driver – 3 Stars
What Protecta Offers:
Protecta Insurance offers customers a choice of three insurance policies: full cover (comprehensive), third party, fire and theft, and third party cover:
What’s covered by Protecta’s full cover policy?
All full cover policies include:
- Salvage costs
- Trailer cover
- Hire vehicle
- Completion of journey
- Legal defence
- Keys and locks
- Death benefit
- Medical expenses
- Shortfall cover
- Marine general average
- Third party liability
- No claims bonus protection
The policy also offers optional benefits, including roadside assistance and windscreen, which can be added for an additional cost.
The Co-operative Bank
This is the first year that The C0-operative Bank’s car insurance policies have been included in Canstar’s award ratings. And, on its debut, the bank makes a great impression, earning an Outstanding Value Award due to the affordable cost of its policies.
The Co-operative Bank’s Outstanding Value Ratings:
- Under 25-Female Driver – 4 Stars
- Under 25-Male Driver – 3 Stars
- 25-29 Driver – 4 Stars
- 30-49 Driver – 4 Stars
- 50+ Driver 4 Stars
- Family with Young Driver – 5 Stars
What The Co-operative Bank offers:
The Co-operative Bank offers customers a choice of three car insurance policies: comprehensive, third party, fire and theft, and third party.
What’s covered by The Co-operative Bank’s comprehensive policy?
The Co-operative Bank’s comprehensive cover includes benefits including:
- Sum insured or market value
- Liability cover up to $20m for property, up to $1m for injury to another person
- Up to $500 for keys and locks
- Full replacement for new vehicles up to a year old following a total loss
- Accommodation costs, up to $500
- Up to $1000 for road-clearing costs
- No claims bonus not affected by claims for glass damage
- 1 Fly Buys point for every $20 spent on your premium
Optional benefits: The Co-operative Bank Roadside Rescue.
The Co-operative Bank offers a generous no-claims bonus discount of up to 65% for multi-policy holders
Click here for more on our Outstanding Value Car Insurance Ratings
About the author of this page
This report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. Prior to Canstar, he worked as a freelancer, including for The Australian Financial Review, the NZ Financial Markets Authority, and for real estate companies on both sides of the Tasman.
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