About Lantern Insurance

Who is Lantern Insurance?

Lantern insurance was launched in July 2008 to provide a quality, personalised service to customers who had purchased insurance products directly through NZI. As a result, NZI insurance products can now only be bought through a broker, or through a specialist agent like ourselves.

Our competitive advantage hinges on knowing our customers well enough to deliver relevant NZI products and services that meet their lifestyle needs.

NZI was formed in 1859 and is one of New Zealand's largest and longest-serving fire and general insurance brands. Through Lantern NZI delivers innovative products, tailored solutions made possible by NZI’s expertise and knowledge in underwriting, and focused fast and responsive claims resolution.

How financially stable is Lantern Insurance?

Lantern Insurance and NZI are business divisions of IAG New Zealand Limited, which received a Standard & Poor’s (Australia) Pty Ltd rating of AA- on Nov 3, 2009.

This means NZI has a ‘Very Strong’ claim paying ability. As a customer, this is important to you, as it is your assurance that NZI will be able to pay out on your claims.

Products

What products does Lantern insurance sell?

We sell a range of NZI products that provide cover for your :

• House
• Car
• Caravan
• Trailer
• House renovations or new domestic building work
• Motorcycle
• Small business

We also offer a mechanical and electrical breakdown warranty product for your car and can arrange life insurance and travel insurance for you.

Car Insurance

Do I get a discount if I have a car immobiliser?

We don’t provide a discount on your premiums, but there are benefits to installing an NZI approved engine immobiliser. The risk of your car being stolen or damaged during an attempted theft will be greatly reduced and if you do have to make a claim for theft or attempted theft damage and your immobiliser was activated at the time, you won't have to pay an excess and you won't lose your no claim discount.

Will my car insurance premium increase if I make a claim?

We work with a no claims bonus system. If there is a claim we may alter the level of this discount at your renewal.

Insurance terms

What is a policy wording?

It is a document, that along with your application for insurance and the policy schedule, forms part of the insurance contract between you and us. The policy wording is common for all customers and describes what property is covered, the events your property is or isn’t insured against as well as the amounts that you can claim. It also describes the obligations you must meet in order for the policy to remain valid.

What is a policy schedule?

You will receive a policy schedule when you buy a policy and when a change is made to your policy. The policy schedule contains information specific to you such as details of the property have insured, the dates you are insured from and to, the amount it is insured for, any excesses that apply and any special conditions that apply to your policy.

What is a premium advice?

“Premium” is an insurance term meaning the “cost” or “price” of the insurance policy. A premium advice is a document you will receive when you first purchase insurance, before your policy is due to expire or if a change is made to your policy that results in a refund or extra premium to pay. It describes what the premium is, the date the payment is due by and the payment options available to you.

What is agreed value and market value?

The market value of your vehicle is the reasonable cost to buy a vehicle of the same year, make, model and specifications, mileage/hours and general condition as your vehicle. Agreed value is the amount you and your Insurer agree will be paid to you if your vehicle is irreparable following an insured event. However, all of Lantern Insurance / NZI vehicle products are market value.

Keeping your costs down

How can I keep the cost of my insurance premiums down?

We offer discounts to customers who keep all their NZI policies with Lantern. If you have two or more of the following NZI insurance policies with Lantern Insurance – house, contents, motor vehicle, motorcycle or boat – you will be eligible to receive discounts on other personal insurance policies.

Age
Premium discounts may apply if you are aged 50 or over and even greater discounts if you are 60 or over.

Burglar Alarms
Make crime less attractive with a professionally installed burglar alarm system with an external siren and you will receive a 15% discount off your NZI contents policy. There are also higher discounts for monitored alarm systems.

Choosing a higher excess
If you choose to elect a higher excess, you can make savings on your premiums.

Joining Lantern Insurance

How do I sign up for Lantern Insurance products?

You can obtain a quote and purchase car, contents and house insurance online. Alternatively you can give us a call on 0800 800 800, and if you are eligible we will insure you over the phone – no application forms to complete!

What happens once I have signed up?

If you have purchased your insurance online, you will receive a confirmation email from us with your policy documents. If you have taken insurance over the phone we will post you a confirmation which includes a cover letter, policy schedule and premium advice and policy document/s.

What happens if I move house or sell my car?

Please call or email us and tell us of any changes in your circumstances or any new purchases. It is important for you to advise us of any changes as soon as you are aware of them so we can provide adequate cover for your needs.

When does my insurance expire?

Usually your insurance is valid for one year from the time of purchase – your policy schedule shows the period you are covered for. If you are paying by monthly instalments, your insurance may become invalid if you miss a payment.

How do I find out what I’m covered for?

The policy wording describes your cover in detail.

Payment information

What payment options do you offer?

• annually by invoice (cheque, bank deposit, online or credit card)
• monthly direct debit payments from your bank account
• monthly credit card payments

Do I pay more if I pay by monthly direct debit?

No, you will pay the same amount as you would if you paid for the entire year up front.

Can I pay by automatic payments or cheque each month?

No, we don’t accept automatic payments or monthly cheques, however you can pay by monthly direct debit instead.

Claims

How do I make a claim?

If you need to make a claim simply call us on 0800 800 800 as soon as you can and we will take care of things from there - no matter how large or small your claim.

We handle your claim over the phone, and in most cases you will not need to complete a claim form. This will save you time and means that your claim will be processed as quickly as possible.

If you need to make a claim we will:

• Treat you fairly and process the claim within the terms of your policy
• Arrange assessment straight away if you have experienced a major property loss (such as house fire)
• Accept your claim during the first phone call if we can. If we need more information we will let you know as soon as possible
• Keep you informed on the progress of your claim
• Give you all the information you need on how we will settle your claim

What happens if I make a claim for a lost item, then find that lost item a few weeks / months / years later?

Please give us a call and we can advise you of the best options.