ASB, Westpac, ANZ, BNZ and Kiwibank car insurance: who actually underwrites it

Who underwrites each bank's car insurance?

Three insurers sit behind the five banks. Two banks use IAG, two use Tower and one uses Vero. The bank's name is on the quote and in your banking app; the insurer's name is on the policy wording and on the claim decision.

IAG is the company behind AMI, State and NZI as well, so an ASB or BNZ policy comes from the same underwriter as those brands. Tower sells direct under its own name and also underwrites Trade Me Insurance. Vero sells through brokers and through ANZ. Which brand you buy through does not change who pays the claim.

What does the bank actually do?

It introduces you to the insurer and gets paid for it. The banks say so in plain terms. The policy, the premium, the excess and the claim are the insurer's.

• ASB: "ASB General Insurance is arranged by ASB Bank Limited and underwritten and administered by IAG New Zealand Ltd."
• Westpac: "Westpac will receive commission payments as a result of the arrangement of Tower policies." It adds that neither Westpac nor any member of its group "guarantee the obligations of, or any products issued by, Tower".
• ANZ: "ANZ may receive a commission on any policy it arranges." Its policy document is the ANZ Asset Protector, and "All ANZ Asset Protector policies are underwritten and issued by Vero Insurance New Zealand Limited (Vero) and distributed through ANZ Bank New Zealand Limited (ANZ)."
• BNZ: "If you purchase one of these insurance policies following a referral by BNZ, IAG will pay BNZ commissions and other fees." Then: "BNZ does not underwrite these insurance policies, is not an agent of IAG, and does not guarantee the obligations of IAG or any of its related entities."
• Kiwibank: "Kiwibank Limited (Kiwibank) receives a commission from the sale of insurance policies sold by Tower when referred by Kiwibank." And: "The contracts of insurance are between you and Tower Limited."

The commission is not a reason to avoid bank-sold cover. It is a reason to compare the bank's quote with the underwriter's own direct quote and with the other brands on the same underwriter, because the wording can be close to identical while the price and the extras are not.

Does it matter who the underwriter is?

Yes, for three practical reasons: the claim, the dispute and the comparison. The underwriter decides your claim, belongs to the dispute scheme you escalate to, and is the company whose other brands you should be comparing against.

1. Claims. BNZ puts it directly: "As the insurer, IAG provides support, manages your policies, and looks after any claims." ANZ customers claim through Vero's claims portal, and Kiwibank customers through the My Tower portal. Our claims guides describe the process in general terms; the insurer's own wording governs.
2. Disputes. If a claim is declined, the complaint goes to the insurer first and then to the dispute scheme the insurer belongs to, not the bank's. How disputes work is on the comparison page for each insurer we hold data on.
3. Comparing. If you are quoting with ASB, you are quoting with IAG. The useful comparison is against AMI, State and NZI (also IAG) and against a different underwriter like Tower or Vero, rather than against another IAG brand in a different wrapper.

Is bank car insurance cheaper?

No source publishes a like-for-like premium comparison, and this site does not estimate one. What the banks do publish is bundle discounts and app convenience. Kiwibank's page advertises a saving on new comprehensive car cover and a larger one for car, house and contents together, with terms attached. Those are Tower's prices with a Kiwibank introduction, so the fair check is a direct Tower quote for the same car and driver.

The questions that move the price are the same whoever sells it: the excess, whether the car is covered for agreed or market value, which drivers are named, and what the under-25 terms are. Take the checklist to every quote and compare the answers, not the brand.

How to get a quote through each bank

Each bank routes you to the underwriter's quote system, usually from inside its banking app. ASB quotes and manages cover in the ASB Mobile Banking app. Westpac quotes in Westpac One. ANZ sends you to Vero's site, or starts from goMoney or Internet Banking. BNZ runs an IAG dashboard inside the BNZ app and Internet Banking. Kiwibank's 'Apply now' goes to Tower's online quote. The links to each bank's own page are in the sources below.