Survey sheds light on Kiwis’ attitudes towards insurance
New Zealanders are far more likely to insure their home or car than they are to insure themselves, a survey suggests.
The Trade Me survey of 1000 Kiwis found that 88 per cent of respondents had vehicle insurance, 74 per cent had home and contents insurance but only half had life insurance and 41 per cent had health insurance.
The survey also found New Zealanders were no more insured than they were four years ago.
Trade Me head of insurance Jaime Monaghan said the survey of New Zealanders aged 18 to 65 was designed to better understand attitudes towards insurance. People were relying on a ‘‘she’ll be right’’ attitude, he said.
‘‘It seems this Kiwi mantra is still alive and well.’’
A similar survey run by the auction website in 2014 showed just 51 per cent of respondents had life insurance, 45 per cent had health insurance and 88 per cent had vehicle insurance, she said.
In the latest survey, one in five said life insurance was not important to them.
‘‘While it’s definitely important to have insurance for your large assets, we’d argue the greatest asset you have is you and your ability to earn money for you and your family.’’
Kiwis valued vehicle insurance the most with 86 per cent of respondents regarding it as important or very important.
‘‘There’s a common misconception that life insurance is really expensive, which is probably why so many Kiwis haven’t looked into it.’’
But there were options for all budgets, she said.
Millennials – generally those under the age of 36 – were the most underinsured, Monaghan said.
Just 29 per cent of them had house and contents insurance and 22 per cent had life insurance.
Couples with children had more life cover, she said.
‘‘Parents want to make sure their families are taken care of should the unexpected happen.’’