Insurance is all about managing risk. People often think that they don’t have anything of value to insure, but there are many costs that few can afford to risk. 

General Tips

For any type of insurance it is important to shop around. If you have ready access to the internet getting competing quotes from insurance companies is easy. This is really worthwhile as it can save you a lot of money. 

Considering how comprehensive and what types of policies you should have is not so easy. Seeking independent advice can help clarify what is best for you and your whānau. If you would benefit from sitting down with someone please click here for advice in getting in contact with a budgeting service that suits you.


If you own a car it is highly recommended that you have at least third party insurance. Third party insurance will not protect your car if you are responsible for an accident, but it will protect you for the damage caused to someone else’s car or property.  

Run through the worst case scenario....what will happen to your finances if you run into a new car.... 

The question of whether you should get a more comprehensive insurance policy is a decision you should make based on your individual circumstances. This involves weighing up the worth of your car, the difference between a third party policy and a more comprehensive policy, your reliance on your car and your ability to buy a new one or repair the old if you had an accident.  

House and Contents

Insurance is often seen as unnecessary for people who are renting and have few assets. What many people don't realise is that even if you don’t own a property you can still be liable for damage caused. This is so even when your landlord has insurance. So for example, if a fire causes the property you rent to be damaged or destroyed and you are responsible, then the insurance company can sue you for that damage. Not having insurance is therefore a high risk to take. 

Life Insurance

Life insurance is something that needs careful consideration if you have tamariki. You need to be confident they will be adequately provided for, and that your whānau will not have to jeopardise their own financial position in taking care of them. 

Other types of insurance you may also want to consider are: health and disability insurance, income insurance and travel insurance if you are heading away. Each person’s circumstances are different …and they keep changing. So you need to keep reviewing the protection that you have or need and update accordingly.