Insurance
5 min read
Insurance brokers often get a bad rap.
Let’s be honest, no one enjoys paying for insurance. So you might think: “I don’t want to talk to an insurance broker. They’re just going to try and sell me insurance.”
That tends to cloud people’s perception of brokers. But most Kiwis also know that, like it or not, insurance is essential.
So how do you tell the difference between a good broker and someone who is more middle-of-the-road?
In this article, you’ll get our honest review of the top 5 insurance brokers in the country.
Some I work with, some I’ve used, and others I regularly refer clients to.
Yes, that’s my company – and I know putting Opes at the top of the list (created by Opes) might seem a little biased, but hear me out.
Many investors come to me after trying other brokers or buying insurance online. And often, they say: “I wish I had known about Opes Insurance sooner.”
Our adviser, Bill McGavock, specialises in helping property investors get the right cover.
Buying an investment property is a big financial decision — and with that comes risk. And the biggest risk is often you. Specifically, the risk that you lose your income.
To help investors figure out how much insurance might cost, we have also created the Opes Risk Reducer calculator.
This gives you a sense of the minimum insurance you might need and how much it might cost. That way there’s less risk (if you’ll forgive the pun) that you get insurance you don’t need.
It’s also important to talk about who Opes Insurance might not be the right fit for.
First off, we specialise in working with property investors. Of course, we can help anyone, but property investment is our focus.
We also only focus on personal risk insurance (think life, income protection, and trauma cover).
So if you want house, contents, car or business insurance, you might look to use another insurance broker on this list.
Second on the list is Axico. They cover all types of insurance.
They can help get insurance for your house, vehicle, and small business. They can also help you with personal risk and private medical insurance.
Said another way, if you have zero insurance, Axico can cover everything you need under one roof (and often you’ll get a discount for bundling policies together).
One of the biggest benefits of working with Axico is the personal service.
Owner Simon Yarrell gives all the advice. He’s supported by five staff, one of whom is his daughter, Pieta.
Axico is a family business (Simon’s father founded the company 40 years ago) but after he retired Simon took over.
They’re available 24/7 and really do go above and beyond to help clients. For example, if a client is struggling financially, Axico will work with them to keep their insurance active until they can pay.
Here at Opes, we recommend Simon for house, car and contents insurance.
Josh Cuttance has been in the industry for six years and built his business from the ground up.
It’s a family-run company; Josh leads the business with his wife. They work with a team of four staff based out of Dunedin.
Josh likes to take an educational approach to insurance.
He creates reels on his Instagram. This helps people understand their insurance options.
This philosophy also extends to his client meetings. He believes in explaining policies thoroughly so clients feel confident in their decisions. That way clients don’t feel like they’re being told what to do.
His company offers all personal risk insurance, which includes life, trauma, income protection, and health. He also specialises in business insurance, and provides KiwiSaver advice.
Josh is 32 and sees this as his long-term career. Since his business is family-run, he’s committed to building lasting client relationships.
To him, clients must have a trusted adviser to call, rather than dealing with an 0800 number.
Guy Buchanan has been a financial adviser since 2007, but has run Buchanan Financial Partners for five years.
Buchanan Financial Partners is a sole-adviser practice, so it’s just him. He splits his time between working from a home office and a city office in Christchurch CBD.
Buchanan Financial Partners provides advice on personal insurance, which includes:
He also advises on business insurance, and helps companies who pay health insurance for employees.
His approach allows investors to understand their risks; that way they can decide whether to accept the risk or cover the risk with insurance.
PIC Insurance Brokers is a well-established, Kiwi-owned broker.
PIC is a much larger nationwide firm compared to others on this list. While it may not have the same family feel as the smaller branches, some prefer the security of a well-established company.
Mike Garner started the company back in 1989. Since then PIC has grown to include offices in East Auckland, Auckland North, Franklin, Waikato, Bay of Plenty, and the South Island.
Mike's daughter, Kristen Garner, is the current CEO.
PIC offers a comprehensive range of insurance services, including:
The company has 42 brokers nationwide, but availability depends on the type of insurance you need.
For example, there’s only one broker for marine insurance, although people seeking business insurance can choose from 24 brokers.
What we like about that is that you can choose who you work with. There is also a whole team dedicated to helping clients through the claim process ... when they need it.
The right adviser for you depends on the type of cover you need.
If you’re a property investor looking for specialised advice, consider speaking to Bill at Opes.
But if you want car or house insurance, starting with Simon at Axico might be a better fit.
If you prefer to work with a larger company, PIC will be a better choice.
The best way to find the right insurance broker is to pick up the phone and have a conversation.
Or start with the Risk Reducer calculator to see how much insurance you might need.
Journalist and Property Educator, holds a Bachelor of Communication (Honours) from Massey University.
Laine Moger, a seasoned Journalist and Property Educator holds a Bachelor of Communications (Honours) from Massey University and a Diploma of Journalism from the London School of Journalism. She has been an integral part of the Opes team for four years, crafting content for our website, newsletter, and external columns, as well as contributing to Informed Investor and NZ Property Investor.
