If you think that insurance is just for old people with flash cars or whares with like double door fridges and big screen TVs, think again.
We’re here to break it down for you – insurance can be super helpful for you even when you’re starting out. It protects your stuff and other people’s stuff and can prevent you from having to pay out big bills if something goes wrong – think a fire in your flat or a car crash.
Insurance is something that protects you financially against a loss, which means that if something goes wrong, the insurance company may either repair or replace the items that are lost or damaged or pay you an agreed sum of money. This is dependent on your policy too and level of coverage.
Anything of value can be covered by insurance. Some examples of what you can cover include:
(We haven’t included them all but you can also cover your pet, get travel insurance and much more…)
Get a quote for the item/amount or cover you want. You can discuss with the provider all the details of what is covered and what the terms and conditions are.
You pay a premium or amount of money to the insurance company on an annual, quarterly, monthly or weekly basis to cover your policy.
If something happens you file an insurance claim to let the insurance company know what has gone on. The insurance company may pay you or replace if whatever you have insured gets damaged, destroyed or stolen if it meets the criteria in your policy. You’ll need to pay an agreed excess to the Insurance company to process the claim.
It depends on the kind of insurance that you have. Contents insurance and car insurance will typically see the rates or premium change every year. Most policies are set for a year and they’ll need to be renewed every year.
For your car, there are many options. You can just get third party insurance – this covers you for damage caused to others if you’re in a crash and it is your fault. Your car isn’t covered but the damage to the others is – saving you a big bill! You can also get a more comprehensive policy which covers you for damage to your vehicle in a crash or a replacement if it is stolen.
Also consider who you want to cover for driving your car – if someone else is driving your car when it is in an incident you may not be covered.
The above concept applies to all insurance types – some are lower cost and cover the basics and some cover almost all scenarios but cost more.
💡 Just because friends and whānau have been with the same insurance provider for 20 years, that doesn’t mean that provider will suit best your needs or budget.
💡 Research your provider and the policy thoroughly!
💡 Your excess is how much you will pay to the insurance provider if you make a claim. If you have a house insurance policy your excess might be higher – say $800 or $1000 as you are less likely to claim or the item you are claiming might be large and cost a lot – an example might be a new roof or a new bathroom. You can pay less – $400 – and your premium will be higher. Find a balance that is right for you and your situation.
💡 You might have cover under your whānau policy in the first instance – for your first car or flat. Have a kōrero with your whānau about this option!
"*" indicates required fields
READ HERE!
The information contained in this document is intended for general guidance and information only and is not personalised to you. It does not take into account your particular financial situation or goals.
The links shared and associated content on this website have not been vetted or otherwise approved by Whai Rawa Fund Limited and neither Whai Rawa Fund Limited, nor Te Rūnanga o Ngāi Tahu endorse the linked material or its provider in any way. The information provided by these links and third-party providers is not personalised to you and your situation. Before making any investment decision, or taking any action or not, you should refer to the Product Disclosure Statement and / or consult a licensed financial advice provider.
Whai Rawa Fund Limited is the issuer of the Whai Rawa Unit Trust. A copy of the Product Disclosure Statement is available at www.whairawa.com/pds. A financial advice disclosure statement is available for Whai Rawa Fund Limited at www.whairawa.com/financial-advice.
Sign up now and get them delivered right to your inbox – piping hot and no delivery fee!