Generally in New Zealand your current insurance will be full replacement based on the square metre area of your home. The majority of insurance providers are no longer offering replacement insurance and when your policy is up for its annual renewal (or when you purchase a new property) your policy will change to a maximum sum insured value.
Replacement Insurance vs Sum Insured
To explain the difference… Continue reading
Dan had a nose-to-tail care accident, where he rear-ended another car causing major damage to his car and the car in front. Dan thought “no big deal, it’ll be covered by my insurance” and exchanged insurance details with the other driver. However, when it came to making his claim, Dan was shocked when it was declined. He was faced with not only having to pay to fix his car … Continue reading
While visiting Spain Stan decided to participate in the Pamplona bull-run. Unfortunately a bull caught up with Stan and he suffered a crushed pelvis and severe internal injuries resulting in a very long stay in a Spanish hospital.
Stan had failed to check his policy before the run to see if he was covered for participating in such an activity. Surprise, surprise he wasn’t covered and the tens of… Continue reading
If not then don’t lose your insurance cover because you forgot to tell your insurer something.
Every year people who innocently leave out some information have their insurance policy avoided and have no cover.
If you fail to disclose any material information at the time of seeking insurance or renewing a policy then your insurer can elect to avoid the policy. This means they do not have to… Continue reading