BNZ (Bank of New Zealand) is a bank-distributed insurance provider, offering general insurance underwritten by IAG New Zealand Limited, life insurance through Partners Life Limited, and credit card travel insurance via AIG. We've assessed BNZ's insurance offerings based on Trustpilot, Consumer NZ, and product analysis.
In This Review
What is BNZ Insurance and who's behind it?
BNZ Insurance is offered by the Bank of New Zealand (BNZ), one of New Zealand's oldest financial institutions, founded in 1861. BNZ is a subsidiary of National Australia Bank (NAB), one of Australia's largest banking groups.
BNZ does not underwrite insurance policies itself. Instead, it operates as a bank-distributed insurance provider, referring customers to underwriting partners. General insurance products (car, home, contents, landlord, boat & leisure vehicles) are underwritten by IAG New Zealand Limited - NZ's largest general insurer, which also underwrites State, AMI, and NAC brands. Life and funeral insurance is underwritten by Partners Life Limited.
Headquartered in Wellington, BNZ employs over 5,000 staff across New Zealand. While primarily known as a bank, BNZ offers a range of insurance products that customers can manage alongside their banking through BNZ Internet Banking and the BNZ app.
BNZ offers the following insurance products:
BNZ sells insurance through its banking channels - online, via the app, or in-branch. BNZ staff are not personally paid commission for insurance referrals. Most general insurance products can be quoted through bnz.co.nz, with policies managed through BNZ Internet Banking.
How customers rate BNZ Insurance across review platforms
Note on ratings: BNZ's Trustpilot rating (2.3/5) covers the entire bank, not insurance alone. Consumer NZ surveys indicate bank insurers, including BNZ, receive below-average satisfaction compared to specialist insurers like MAS and FMG. No specific insurance awards from Canstar or other bodies have been identified. We do our best to keep all data up to date and accurate. If you've noticed something incorrect, please let us know.
Common themes from Trustpilot reviews and Consumer NZ survey data
Really convenient having my insurance alongside my banking. I can see my policies and make changes right in the BNZ app without needing to call anyone.
Multi-policy discount made it worthwhile bundling car and home insurance. The no-claims discount on car insurance has saved me a decent amount over the years.
When I needed to claim, I found out my claim was actually handled by IAG, not BNZ. The process felt disconnected and I wasn't sure who to contact for updates.
Decent contents cover with full replacement value regardless of age. However, when I compared prices, specialist insurers were noticeably cheaper for similar cover.
Phone wait times are absolutely dreadful. Over 45 minutes on hold just to ask a simple question about my policy. This is unacceptable for a major bank.
I went into the branch to sort out a home loan and left with car insurance I hadn't planned on getting. Felt like I was being upsold during what should have been a banking visit.
Reviews are paraphrased summaries of customer feedback themes. Theme percentages are based on our analysis of available Trustpilot reviews and Consumer NZ survey data as of March 2026.
BNZ offers 9+ insurance product categories through its underwriting partners
PremierCare Car Insurance with three tiers of cover. Underwritten by IAG New Zealand. Includes no-claims discounts of 30-60% and optional 24/7 roadside rescue.
PremierCare Home Insurance covering sudden and accidental damage, natural disasters, and more. Underwritten by IAG.
Full replacement value regardless of item age. Covers home office equipment, students' possessions away from home, and contents in transit during moves. Underwritten by IAG.
Standalone contents insurance for tenants. Can be purchased without home insurance. Underwritten by IAG.
PremierCare Landlord Insurance for investment properties. Includes lost rent, abandoned possessions, and meth decontamination cover. Underwritten by IAG.
Covered under BNZ's Boat & Leisure Vehicle insurance category. Underwritten by IAG.
Covered under BNZ's Boat & Leisure Vehicle insurance. Includes trailers. Underwritten by IAG.
Life cover, funeral cover, and disability benefits through Partners Life Limited. Tax-free lump sum payment on death or terminal illness (under current law).
Credit card travel insurance only - complimentary with BNZ Advantage Visa Platinum (90 days) and Advantage Business (35 days). Underwritten by AIG. Standalone travel insurance is no longer sold.
PremierCare Boat Insurance covering boats, jet skis, yachts, and belongings on board. Underwritten by IAG.
BNZ does not offer health insurance. Consider specialist health insurers such as Southern Cross or nib.
BNZ does not offer pet insurance. Consider specialist pet insurers for cover.
The good and the not-so-good based on customer reviews and our analysis
How much does BNZ car insurance cost? Indicative examples based on market analysis
BNZ Insurance uses personalised pricing based on risk factors, location, sum insured, excess chosen, and optional benefits. Multi-policy discounts and no-claims discounts (30-60%) can reduce premiums. Here are indicative monthly premiums for common driver profiles:
Disclaimer: These are indicative estimates based on publicly reported customer experiences and market comparisons, not official BNZ Insurance quotes. Your actual premium will vary based on your specific circumstances. Get an accurate quote at bnz.co.nz. We do our best to keep all data up to date and accurate. If you've noticed something incorrect, please let us know.
Auckland typically costs more than regional areas due to higher theft and accident rates.
Higher-value vehicles cost more to insure. SUVs and performance cars attract higher premiums than sedans.
No claims in the past 3-5 years significantly reduces your premium via the no-claims discount (30-60%).
Garage parking is cheapest. Off-street parking costs moderately more. Street parking attracts the highest premiums.
Choosing a higher voluntary excess can reduce your premium. BNZ offers flexibility in setting your excess level.
Bundling multiple BNZ insurance products (e.g. car + home + contents) can unlock multi-policy discounts.
BNZ Insurance vs. other popular NZ car insurers
| Feature | BNZ Insurance | AA Insurance | Tower | AMI | State |
|---|---|---|---|---|---|
| Overall Rating | 2.3/5 128 reviews | 3.8/5 3,131 reviews | 4.0/5 | 3.9/5 | 3.8/5 |
| Cover Types | Comp, TP, TPFT | Comp, TP, TPFT | Comp, TP, TPFT | Comp, TP, TPFT | Comp, TP, TPFT |
| Online Quotes | Available | Instant | Instant | Instant | Instant |
| Billing | Fortnightly, Monthly, Annual | Monthly or Annual | Monthly or Annual | Monthly or Annual | Monthly or Annual |
| Min Driver Age | Any (with excess) | Any (with excess) | Any (with excess) | Any (with excess) | Any (with excess) |
| Max Vehicle Value | No stated limit | No stated limit | No stated limit | No stated limit | No stated limit |
| Roadside Assist | $1/fortnight | AA Members | Add-on | Add-on | Add-on |
| Underwriter | IAG NZ | Vero/Suncorp | Tower | IAG NZ | IAG NZ |
| Product Range | 9+ categories | 13+ categories | 8 categories | 10 categories | 10 categories |
| Price Range | $$$ | $$$ | $$$ | $$$ | $$$ |
Disclaimer: Ratings are aggregated from Trustpilot, Consumer NZ, and other public sources where available. Pricing is indicative based on market comparisons and customer reports. Features may change - verify directly with the insurer. We do our best to keep all data up to date and accurate. If you've noticed something incorrect, please let us know.
Other NZ insurers worth considering, depending on your priorities
One of NZ's most recognised general insurers with all 13 major product categories. NZ's Most Trusted General Insurer for 15 consecutive years. AA Member discounts available.
NZ-owned insurer with a strong digital platform. Known for innovative features like risk-based pricing and a modern online experience.
Part of the IAG group (same underwriter as BNZ general insurance). Full range of personal insurance with a strong regional branch network. Multi-policy discounts available.
Digital-first insurance brand offering car, pet, and phone insurance at competitive prices. Monthly billing with no lock-in contracts. May suit those aged 21+ who prefer a fully online experience.
BNZ Insurance may suit some customers more than others
The primary advantage of BNZ Insurance is the convenience of managing policies alongside your banking through BNZ Internet Banking and the BNZ app.
Multi-policy discounts and the ability to handle banking, home loans, and insurance in one place may appeal to customers who prefer a single financial provider.
General insurance is underwritten by IAG - NZ's largest general insurer - providing confidence that claims obligations can be met.
Customers seeking specialist insurance service, the most competitive pricing, or products like health, pet, or classic car insurance that BNZ does not offer.
Compare.org.nz's editorial assessment of BNZ Insurance
BNZ offers a reasonable range of insurance products through its banking channels, with general insurance backed by IAG - NZ's largest general insurer. The convenience of managing policies through BNZ Internet Banking and the BNZ app is a genuine benefit for existing BNZ customers who value having everything in one place.
However, Consumer NZ survey data consistently shows bank insurers, including BNZ, receiving below-average satisfaction ratings compared to specialist insurers like MAS and FMG. The Trustpilot rating of 2.3/5 - while covering BNZ as a whole, not just insurance - does not inspire confidence. BNZ also lacks specific insurance awards from Canstar or other recognised bodies.
BNZ Insurance is best suited for existing BNZ banking customers who value the convenience of a one-stop financial provider. Those who prioritise specialist service, competitive pricing, or a broader product range may find alternatives like AA Insurance, Tower, or the insurance brand Cove more suitable.
Common questions about BNZ Insurance
How we research and rate insurance companies
This review is based on data collected from the following sources, last verified in March 2026:
Our editorial scores (out of 10) are calculated using a weighted methodology that considers:
Disclaimer: Nothing on this page constitutes financial advice. Scores are editorial opinion based on publicly available data. Always verify details directly with your insurer and consider seeking professional advice for your specific situation. We do our best to keep all data up to date and accurate. If you've noticed something incorrect, please let us know.
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