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Home /
Renewal Hub


VOTED MOST TRUSTED GENERAL INSURER BY NEW ZEALANDERS FOR 13 YEARS RUNNING


YOUR AA INSURANCE RENEWAL HUB

It’s common to have questions when you have a policy coming up for renewal. We
want to help make things easier and so have put together some handy resources
that could help you live freer come renewal time.


HOW TO CHECK YOUR POLICY'S INSURANCE COVER VALUE

When you receive your renewal notice you will see an agreed value for motor
insurance, sum insured for home insurance, or sum insured for contents
insurance. It is very important to check that this is correct for your
individual needs as it is the maximum that could be paid out to you if you make
a claim. After all, things change all the time, and your treasured possessions
will quickly add up!


CONTENTS SUM INSURED

You can check your Contents Insurance policy's sum insured by logging into My AA
Insurance.

You can also use the contents calculator, independently provided by Sum Insured,
to help calculate the value of your contents. This works by using your address
and information provided to offer a possible replacement cost for your household
contents.


HOME SUM INSURED

The amount you insure your home for, or sum insured, should reflect the total
cost of rebuilding your home. There’s a lot to consider when calculating this
value including building materials, foundations, interiors, outbuildings and
your home’s surrounds.

The free Cordell Online Calculator can help you work out an estimated rebuild
cost.




CAR AGREED VALUE

At AA Insurance we use an independent company that specialises in vehicle
valuations to provide an indicative replacement value for your car. You can
check your vehicle's agreed value at My AA Insurance. Remember, if you don’t
think the value provided is accurate for your car, you can talk to us about
adjusting it.




MAKE RENEWAL EASY WITH MY AA INSURANCE

If you haven’t already you can sign up for My AA Insurance - your anywhere,
anytime online account.






WITH MY AA INSURANCE YOU CAN

 * View your policy details – so you know what you’re covered for

 * Renew your policy – in just a few clicks

 * Update your contact details – to ensure you always receive your policy
   information

 * Add or remove optional benefits – like Excess-free glass cover

 * Change your payment frequency – to fortnightly, monthly or annually

 * Request policy documentation – get a copy of your policy schedule straight to
   your inbox


BE IN TO WIN A $1,000 PREZZY® CARD WHEN YOU RENEW YOUR POLICY.^

We’re humbled that our customers trust us to look after their treasured
possessions year-on-year. To say thank you, we’ll enter every policy renewed
each month into a prize draw to WIN a $1,000 Prezzy® card. Good luck!

Don’t forget, you can renew your policy online at My AA Insurance, over the
phone or through your local AA Centre.

^T&Cs apply. Competition period 1 January 2024 – 31 December 2024. Twelve (12)
monthly draws for twelve (12) $1000 Prezzy® cards will be held. One (1) winning
policy per month, one (1) entry only per policy. To be eligible for a draw,
renewing policies must be paid via annual payment or direct debit. The winner of
each monthly draw will be contacted via telephone.




HELPFUL INSURANCE GUIDES FOR RENEWAL TIME



What to expect at renewal

It’s important to review your insurance regularly and renewal provides a good
opportunity to check that the policy you’ve chosen is still right for you and
that your details are up to date. For car, home, contents and landlord policies,
you can review the details of your cover and make changes on your My AA
Insurance account.


Find out more
What is proof of ownership?

In insurance terms, proof of ownership refers to documentation that proves you
have owned the item(s) you’re claiming for. As well as serving the primary
purpose of proving ownership, these documents can provide specific details about
your lost or damaged item so we can properly compensate you for the loss.


Find out more
Contents insurance: what to expect at claim time

Making a contents insurance claim can be daunting. We’ve laid out each step of
the journey so you know what you can expect from the process.


Find out more
Understanding agreed and market value

‘Agreed value’ and ‘market value’ refer to the dollar amount your vehicle is
insured for, which will be paid out by your insurance provider if your car is
deemed a total loss or is stolen. It’s important to understand the difference
between these terms.


Find out more
Home insurance: what to expect at claim time

What happens when you make a home insurance claim? We’ve outlined each step so
you know what to expect if you need to make a claim.


Find out more


COMMON RENEWAL QUESTIONS

You’ll find answers for many of your questions here. If you have a more specific
question or want more detail, please contact us.

DO I NEED TO CHECK AND REVISE THE HOME SUM INSURED ON MY RENEWAL NOTICE?

Yes - it's important that you review and revise your sum insured on a regular
basis, and contact us if you need to make any changes. A good time to review
this information is when your policy is up for renewal, but you can review and
adjust your sum insured at anytime. This is to make sure your policy is
up-to-date and will sufficiently cover the rebuild of your home or rental
property. If you don't check or revise your sum insured, you could find yourself
over or under insured at claim time.

While your policy will include a general adjustment for inflation at renewal, it
won't include any significant improvements, extensions, or alterations you've
made, such as building a deck, installing a swimming pool, or adding a new room.

WHY DOES MY AGREED VALUE CHANGE AT RENEWAL TIME?

When your policy renews, your agreed value is updated based on a figure provided
by Redbook, a company that specialises in vehicle valuations. They calculate
valuations using current market conditions such as sales at auction,
dealerships, manufacturers, newspapers and field research. Redbook update us
with new values on a monthly basis.

Redbook doesn't take into consideration the condition of your vehicle. It's
important you check the value shown on your policy schedule and get in touch
with us if you feel that the agreed value we've offered doesn't match your
vehicle.

WHAT CAN I EXPECT IF MY POLICY IS DUE TO RENEW?

Approximately one month before your policy expires, your renewal documents will
be sent to you via email or post (depending on your chosen method of
communication). This will outline the date that your policy is due to renew,
your payment information (found in your renewal cover letter) and details of
what’s insured (found in your policy schedule). It’s important that you review
these documents carefully to ensure that everything is correct.

After you’ve reviewed your renewal documents and have checked you’re happy with
everything, you have until the date specified on your letter to pay your annual
premium. If you pay by direct debit, your policy will automatically renew. You
can find out more about how to renew your policy here.

If, after reviewing your renewal documents, you have any questions or would like
to make changes, simply get in touch.

 

WHY IS LAST YEAR’S PREMIUM ON MY RENEWAL NOTICE?

We strive to make things as easy as possible for our customers and want to make
our notices as transparent as possible. That's why we’ve decided to display last
year's premium on your renewal notices, alongside your new premium for your
coming policy term. 

So you can quickly and easily see how much your premium has increased or
decreased, we've also listed the percentage by which your premium has changed. 

HOW DO I RENEW MY POLICY?

As an AA Insurance customer, you can expect to receive your renewal documents by
email or in the post (depending on your chosen method of communication)
approximately one month before your policy is due to renew.

Once you’ve reviewed your documents, and are happy to continue with your cover,
you can then renew your policy by arranging payment.

If you pay by direct debit instalments, your policy will automatically renew and
your payments will continue to be deducted. You’ll find your payment amounts and
your first instalment date outlined on your renewal letter.

If you choose to pay for your policy on an annual basis, you don’t need to wait
until your renewal date to arrange payment; you can do this straight away by you
can using:

 * My AA Insurance, our online customer portal
 * Credit or debit card: go to aainsurance.co.nz/pay or phone 0800 500 213
 * Internet banking:
   - search for AA Insurance - Premium as the Bill Payee so we can track your
   payment
   - enter your Customer PRN (Payment Reference Number) in the Particulars
   field.
 * AA Centres: Search for an AA Centre near you, where you can pay your premium
   in person.



CAN I UPDATE MY POLICY BEFORE RENEWING IT?

You can update your car, home, contents and landlord policies by signing in to
your My AA Insurance account.

There are two ways to update your policy while it is renewing. If you pay by
direct debit, you can update your policy using the options under Update your
policy and any changes you make before your renewal date will be effective from
your renewal date. Please note, while your policy is renewing, the Replace my
car option will not be available. If you need to update the car insured under
your policy, please contact us. Alternatively, if you select Renew now from your
policy list, you'll be able to update your excess, payment frequency and any
optional benefits, depending on your cover type.

If you pay annually, you'll be able to update your excess, payment frequency and
any optional benefits (depending on your cover type) when you renew your policy.
These changes will take effect from your renewal date.

You will need to contact us for all other policy types or if you want to make
any other changes that aren't listed above, and our team will be happy to help.

WHY HAS MY CAR INSURANCE PREMIUM INCREASED?

We’re continually checking our pricing against factors like the number and types
of claims we receive, and changes to the cost of running our business, so that
we can ensure we can be there for our customers at claims time. This means that
each year your premium can change, even if your personal circumstances haven’t.

Recently, inflation and increasing reinsurance costs have impacted premiums
across the insurance industry. We’ve seen a significant increase in the recorded
number of claims over the past year due to rising thefts and weather events,
such as Cyclone Gabrielle. 

Due to pressure on supply chains, the cost to repair and replace vehicles has
also risen considerably, impacting the time and cost to resolve our car claims. 

The above factors mean that most of our customers will see a premium increase on
their policies at their next renewal. We want to assure you that we’re here to
help provide information about your policy options so that your cover is
suitable for your insurance and budget needs.

You can find out more about what influences your insurance premium here. We’ve
also have more information available on how you can look at reducing your
premium here, if needed. 

If you’d prefer to discuss your policy in more detail, please get in touch and
our team will be happy to help. 

HOW DO I CHECK WHAT’S COVERED BY MY POLICY?

Your policy schedule and policy document work together to outline your cover.

Your policy schedule is detailed record of your policy, including your level of
cover, excess and details of special things that you’ve insured. We send you
this at renewal and any time you contact us to make a change. You can also
request one through My AA Insurance by following the instructions here.

Your policy document explains your insurance cover, the benefits you’ll receive,
your responsibilities and how to make a claim. You can find your policy
documents here. 

WHEN DOES MY POLICY RENEW?

Your policy has a period of insurance which outlines the dates that your policy
starts and ends on. As the end date approaches, we send you an offer for a new
term called a renewal. If you accept this offer, your policy will renew on the
end date and start a new period of insurance. Rest assured, there’s no gap in
cover when this occurs.

This renewal offer and period of insurance may have different cover limits so
it’s important you review the documents we send you. Find out what you can
expect if your policy is due to renew here.

 

WHY IS THE DIRECT DEBIT AMOUNT SHOWN ON MY RENEWAL NOTICE UNDER 'LAST YEAR'S
PREMIUM' DIFFERENT TO WHAT I'M PAYING, WHEN I HAVEN'T MADE ANY CHANGES TO MY
POLICY?

If you pay by direct debit, and haven't made any changes to your policy over the
last year, the ‘last year’s premium’ figure displayed on your renewal notice may
be based on the number of instalment payments for the coming year. We've done
this so that you can compare the instalments of your renewing policy to the
instalments you paid last year, like-for-like.

For example, if you paid 25 instalments last year, and you have 26 this year,
your ‘last year’s premium’ figure will be based on 26 payments.

This is calculated as: Last year’s premium = Annual premium / number of
instalments for upcoming year.

WHY HAS MY HOME AND/OR CONTENTS INSURANCE PREMIUM INCREASED?

The premium you pay can be influenced by a range of factors, including your
location, the materials used to construct your home, your sum insured, when your
home was built, the number and types of claims we receive and more. Another
portion of your premium goes towards taxes and levies that we collect on behalf
of Government agencies.

Part of the premium we charge also goes towards paying our own insurance premium
for reinsurance. Recently, increasing reinsurance costs have impacted premiums
across the insurance industry. This has been influenced by the significant
number of claims we received this past year due to extreme weather events,
including the North Island floods and Cyclone Gabrielle. As a result of these
types of events, and even past events such as earthquakes, reinsurers are
changing how they view New Zealand and the costs being charged to insurers,
which means AA Insurance’s reinsurance costs have increased significantly.

Additionally, we’re working to update our pricing so it more accurately reflects
your circumstances. This means customers that are in areas that are at a higher
risk of weather events and/or earthquakes could pay higher premiums, and vice
versa.

The above factors mean that most of our customers will see a premium increase on
their policies at their next renewal. We want to assure you that we’re here to
help provide information about your policy options so that you can make
decisions about the suitability of your cover for your insurance and budget
needs. 

You can find out more about what influences your insurance premium here. We also
have more information available on how you can look at reducing your home
premium here or contents premium here, if needed.  

If you’d prefer to discuss your policy in more detail, please get in touch and
our team will be happy to help.  

WHY IS LAST YEAR’S PREMIUM ON MY RENEWAL NOTICE DIFFERENT TO WHAT I PAID?

We may have used a like-for-like premium to help you compare the cost of your
renewing policy, to the price you paid last year. This means it may not be the
amount you paid last year. This is used if you’ve made changes to your policy
throughout the last 12 months. We’ve found this is more useful than comparing
your renewing policy price to your previous policy, especially if there have
been significant changes.

If you haven’t made any changes to your policy, there’s nothing to worry about.
The amount shown from ‘last year’ should match the premium you paid for the
previous policy term.




MORE THAN JUST INSURANCE


IN YOUR COMMUNITY

We genuinely care about having a positive impact in the community. You can find
out the latest news about our sponsorships and partnerships here.


CUSTOMER HUB

We've put this customer hub together so that it's easy for you to find relevant
resources, customer exclusive competitions and handy information all in one
place.


TOOLS & TIPS

We’ve put together straightforward answers to some commonly asked questions, as
well as tips and examples to help you better understand insurance.

*As voted by consumers 2011 – 2022 in the Reader’s Digest Trusted Brands survey.
For more information visit aainsurance.co.nz/awards


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