Your base premium is the portion of your premium that we've calculated for the cover we're providing, and is based on a range of rating factors and risks. Examples of the rating factors we take into consideration include the claims statistics we hold for previous years, the size of your home, the materials that your home is made of, when it was built and where it's located in the country, or the year, make and model of your car and the drivers listed on your policy, including their age.
Your base premium also takes into account reinsurance costs. Put simply, reinsurance is insurance for insurance companies. Purchasing reinsurance means we can be there for our customers when they need us most, including during large-scale events that affect large areas of New Zealand.
Your base premium is listed on your policy schedule, and doesn't include any applicable taxes or levies.