Structural comparison
State Insurance and AMI Insurance are both NZ direct-to-consumer brands owned by IAG NZ. Tool cover from either is typically delivered as an extension on a contents policy. The key differences are brand, channel, and product-detail wording — not the underwriter. Below is a factual overview; premiums and coverage caps are set per application.
Note: First Commercial Insurance Brokers (FSP748591) does not currently place State or AMI tool insurance — this page is an independent guide comparing the two products. For a tailored quote from FCIB's commercial panel, use the /apply form.
No fabricated premiums, coverage caps, or claims-processing percentages — those are set per application by the insurer. Below are the structural facts that don't depend on your individual quote.
| Attribute | State Insurance | AMI Insurance |
|---|---|---|
| Parent / underwriter | IAG New Zealand | IAG New Zealand |
| Tool cover route | Contents-policy extension; small-business pack | Contents-policy extension; specified-item add-on |
| Quote channel | Online / phone, direct | Online / phone, direct |
| Brand positioning | Mainstream, value | Mainstream, NZ heritage |
| Standard premium | Set per application | Set per application |
| Maximum coverage | Set per application | Set per application |
| Excess options | Variable — pick at quote time | Variable — pick at quote time |
Even though both brands are underwritten by IAG NZ, each has its own pricing model, brand-level loadings, distribution costs, and claims experience attribution. So the same person with the same tool list and the same risk profile can get a different number from each. Quoting both is the only reliable way to know which suits your situation.
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Structural questions about the two products
Both are NZ brands of IAG New Zealand — the country's largest general insurer. The legal underwriter for many of their personal-lines products is IAG NZ Ltd. The brands operate separately for distribution but sit under the same parent.
Premiums are set per application based on your tool value, trade, location, claims history and excess. The two brands often quote differently for the same risk because the brand-level pricing rules differ — but neither publishes flat rates. The only way to know which is cheaper for you is to quote both.
Both typically provide tool cover as an extension on a Contents (or Home & Contents) policy. Higher-value items often need to be 'specified' — listed individually with replacement value, and sometimes photos / serial numbers. If you operate as a company or partnership, you'll usually need a commercial policy rather than a personal-lines extension.
Yes — at renewal, without penalty in most cases. Mid-policy you can cancel and re-place, but read the cancellation terms first. Make sure your new cover starts before the old one ends to avoid a gap.
Both can cover tools while in transit / in a work vehicle, subject to the policy's 'in vehicle' / 'unattended' wording — including any required security measures (locked vehicle, deadlocks, alarm, hidden from view). The exact wording differs between products and changes from time to time. Read the current policy wording before you decide.
Both brands offer variable excess — a higher excess (the amount you pay before the insurer pays) lowers your premium. Pick an excess you can afford to pay at claim time. The reduction isn't proportional, so don't push it higher than that.
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