Alyssa Lane
ASB Bank Limited, commonly stylised as ASB, is a bank owned by Commonwealth Bank of Australia and operating in New Zealand. It provides a range of financial services, including insurance, through its Sovereign Limited subsidiary. ASB Insurance offers a variety of insurance products, including home, contents, motor vehicle, life, health, and travel insurance. ASB has partnered with specialist insurer IAG, which underwrites its general insurance policies, and with AIA New Zealand Limited for life, health, and disability insurance.
| Characteristics | Values |
|---|---|
| Type of Insurance | Life, Health, Disability, General, Home, Motor Vehicle, Contents, Travel |
| Underwriters | IAG New Zealand Limited, AIA New Zealand Limited |
| Availability | Subject to application approval, terms, conditions, and exclusions |
| Application Requirements | Answer all questions honestly and completely |
| Discounts | Multi-Product discount, no discount for house alarms |
| Additional Benefits | Dedicated claims manager, online changes to policy |
| Customer Support | Expert team of insurance specialists |
| Other Services | Retail, business and rural banking, funds management, investment and securities services |
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What You'll Learn
ASB's insurance partners
ASB Bank Limited, commonly known as ASB, is a bank owned by the Commonwealth Bank of Australia and operates in New Zealand. ASB offers a range of financial services, including insurance.
IAG New Zealand Limited
ASB has partnered with IAG New Zealand Limited (IAG) for general insurance underwriting. IAG is an insurance specialist that provides cover for homes, personal belongings, and other possessions such as cars, boats, trailers, and caravans. By having ASB and IAG insurance together, customers benefit from having their insurance and banking in one place, keeping things simple. IAG is the largest general insurer in New Zealand and Australia and has a strong financial strength rating.
AIA New Zealand Limited
ASB has teamed up with AIA New Zealand Limited (AIA), New Zealand's largest life insurer, for life, loan, and income protection insurance. AIA also underwrites ASB's health and disability insurance.
Sovereign Limited
ASB acquired Sovereign Limited, a life insurance company, in 1999. Sovereign Limited operates as a subsidiary of ASB, providing insurance services to ASB customers.
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Home and contents insurance
ASB Bank offers home and contents insurance to protect your home and personal belongings from financial loss in the event of accidental damage, fire, theft, or natural disasters. This insurance is particularly important as your home and its contents likely represent your most valuable assets.
ASB's home insurance covers the costs to repair or rebuild your home if it is damaged or destroyed, up to your total sum insured. This includes costs for fences, driveways, demolition, debris removal, compliance, professional fees, and GST. Notably, if your home is damaged or destroyed by fire or explosion, ASB will cover the costs to repair or rebuild, even if it exceeds your home sum insured.
ASB's contents insurance offers three types of protection for your belongings: repairing damaged items, replacing lost or stolen items with the closest equivalent, or paying the present value for items that cannot be repaired or replaced. This includes items in storage, transit, or while moving homes. Certain items, such as jewellery, watches, art, and bicycles, have maximum limits, and valuable items exceeding policy limits can be insured separately.
ASB's home and contents insurance is underwritten by IAG New Zealand Limited, a specialist insurer that provides the necessary cover and support. This insurance is available to individuals over 18 years of age who are New Zealand citizens or permanent residents.
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Life, health and disability insurance
Life, health, and disability insurance from ASB Bank can help protect your family, possessions, and business. ASB has partnered with New Zealand's largest life insurer, AIA, to offer life, loan, and income protection insurance.
Life insurance from ASB provides financial protection for your loved ones in the event of your death. It offers a lump sum or monthly payment to help cover expenses, such as children's education, household bills, and other financial obligations. Additionally, ASB's life insurance includes a critical conditions benefit, providing a lump sum payment if you suffer from specified conditions defined within the policy. This can help ease the financial burden on your family during challenging times.
Health insurance from ASB prioritizes your family's health and wellbeing. It covers a wide range of medical conditions, specialist consultations, diagnostics, testing, surgery, hospitalisation, and medical care. ASB offers two health insurance options: ASB Private Health and ASB Private Health Plus. The latter provides additional benefits, including cover for cancer treatment and supporting diagnostic procedures. By choosing ASB health insurance, you can avoid long wait times for treatment under the public health system for lifestyle-altering illnesses.
ASB's total permanent disability (TPD) insurance provides financial security if you become permanently disabled and unable to work due to illness, accident, or injury. It offers a lump sum payment to help cover medical treatments, caregiver expenses, and modifications to your home or vehicle. Additionally, you can access up to $15,000 for specialized medical equipment or home adjustments. Under certain circumstances, such as loss of sight in one eye, you may be eligible for a partial permanent disablement benefit.
ASB also offers AIA Vitality, a science-backed health and wellness program that rewards healthy choices. When you take out a life or health insurance policy with ASB, you can join AIA Vitality and enjoy benefits such as Woolworths vouchers, Airpoints Dollars, and discounts on memberships and leading brands.
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Motor vehicle insurance
ASB Bank offers motor vehicle insurance to its customers. Motor vehicle insurance is one of the many insurance services provided by ASB Bank to help protect your family, possessions, and business. ASB Bank has partnered with specialist insurer IAG, which underwrites your policy, to ensure you have the cover and support you need.
ASB motor vehicle insurance offers three levels of cover to suit your needs. Full cover protects your car from accidents, fire, and theft, as well as your liability for damage to other cars or property, or injury to someone else. Third-Party, Fire, and Theft covers fire, theft, and your liability for damage to other cars or property, or injury to someone else. Third-Party Only covers your liability for damage to other cars or property or injury to someone else. All cover levels come with access to AMI MotorHub for covered claims.
ASB Roadside Rescue can be added to commercial vehicle insurance for an extra cost. You can also choose to exclude drivers under 25 years old and receive a premium reduction. ASB Insurance also offers a Package Discount if you have two or more home, contents, or car insurance policies through ASB.
To get a quote for ASB motor vehicle insurance, you can call 0800 200 252.
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Travel insurance
ASB Bank offers a range of insurance services, including travel insurance. ASB's travel insurance is available to those with an ASB Visa Platinum Rewards credit card. This insurance covers a wide range of benefits, including lost luggage, cancelled flights, and medical emergencies. It also includes emergency assistance that can be called from anywhere in the world, 24 hours a day, 7 days a week.
The ASB Visa Platinum Travel Insurance policy covers the cardholder and their spouse and dependent children when they are travelling together. The policy provides up to 90 days of travel insurance per overseas return trip. It is important to note that there are age restrictions for this insurance; cardholders aged 76 and above are not eligible for cover under the base policy but may be able to purchase Mature Age Cover to receive travel insurance benefits.
To activate ASB travel insurance, cardholders must visit www.asbtravel.co.nz and answer several questions. Once completed, they will receive an email with their policy documents confirming activation. It is important to keep proof of activation in case a claim needs to be made. ASB has chosen AIG to underwrite their ASB Visa Platinum Rewards Travel Insurance, and they can be contacted for policy questions, emergency assistance, and claims.
Optional upgrades for ASB credit card travel insurance can be purchased for an additional premium, including specified items and extensions of cover. It is important to note that any pre-existing health conditions, diagnosed or not, are automatically excluded from the policy. However, cardholders can contact AIG to apply for an extension of cover, which will require an additional premium. Scuba diving is covered if the cardholder holds an open water diving certificate, such as a PADI, or is diving with an instructor.
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Frequently asked questions
ASB Bank, operating in New Zealand, offers a range of insurance services through its Sovereign Limited subsidiary. These include life, health, home, motor vehicle, and contents insurance. ASB Bank has also partnered with specialist insurer IAG to underwrite general insurance policies.
ASB Bank's home insurance covers your home and personal belongings against financial loss due to damage, fire, or theft. It also offers protection for specific valuable items and while your belongings are in storage, transit, or when moving homes.
To obtain a quote for ASB Bank Insurance, you can call their customer service line on 0800 200 252.
