Nice surprise from Cove motor insurance Wow, your car premium has decreased

Forums › Transport (cars, bikes and boats) › Nice surprise from Cove motor insurance Wow, your car premium has decreased

xyeovillian

379 posts

Ultimate Geek

ID Verified

#320117 8-Jul-2025 15:12

Wow, your car premium has decreased

As part of our mission to be New Zealand's best insurer, we're constantly tweaking things to ensure the best overall product and experience. As part of this we think it's important people are paying the right amount for the risk they represent. We use a range of factors, some relating to your personal situation and others relating to market changes or risks similar to yours. This means premiums will change (up or down) from time to time.

We know it's unusual but we’ve decreased the yearly premium from $757.52 to $622.14, but please note that increases sometimes occur too. This change will be effective from 21-07-2025.

wellygary

8312 posts

Uber Geek

#3391965 8-Jul-2025 15:26

its likely to be more common this year,

From Tower in May,
"there was a fall in vehicle insurance premiums because of rate reductions and a tightening in its risk appetite."
https://www.rnz.co.nz/news/business/561542/tower-posts-improved-profit-plans-to-expand-risk-based-pricing

Although bets are probably off if you own a Toyota Aqua and live in the Wairau Valley.. :)

EviLClouD

266 posts

Ultimate Geek

#3391969 8-Jul-2025 15:33

Would be interesting to know if your ‘agreed value’ has dropped too

maoriboy

1007 posts

Uber Geek

Trusted

#3391983 8-Jul-2025 15:47

EviLClouD:

Would be interesting to know if your ‘agreed value’ has dropped too

Exactly! My "agreed value" dropped while the premiums also dropped, albeit by a tiny amount.

Eva888

2427 posts

Uber Geek

Lifetime subscriber

#3391987 8-Jul-2025 16:03

With State, my value was dropped and the premium raised. I changed to Toyota insurance and raised my value but still saved about $250. Plus got roadside included for free.

Wheelbarrow01

1723 posts

Uber Geek

Trusted

Chorus

#3392179 8-Jul-2025 22:42

My recent renewals:

Car 1 (3rd party/fire/theft) - premium fell 3.65%. Agreed value fell 11.8%

Car 2 (comprehensive) - premium rose 3.4%. Agreed value fell 10.05%

So they both increased in real terms - just one more than the other.

What intrigues me is that I have owned a boat since 2010, the agreed value has never changed in 15 years, and the premium is still within $50 of when I first took out the policy despite making a couple of claims over that 15 year period. I'm not complaining, it's just a curious oddity...