Three NZ tool insurance options compared structurally. State and AMI are mainstream IAG-owned brands; Builtin is a specialist trade insurer. Premiums and coverage caps are set per application by each insurer — we don't publish made-up tier prices.
The structural facts that don't depend on your individual quote. Premium and coverage values are intentionally not shown — those are set per application.
| Attribute | State Insurance | AMI Insurance | Builtin |
|---|---|---|---|
| Type | Mainstream brand (IAG NZ) | Mainstream brand (IAG NZ) | Specialist trade insurer |
| Tool cover route | Contents extension or small-business pack | Contents extension; specified-item add-on | Trade-focused product, often via business pack |
| Best fit | Sole trader, lower tool value | Sole trader, lower tool value | Trades, companies, larger tool lists |
| Quote channel | Online / phone, direct | Online / phone, direct | Online-first |
| Premium | Set per application | Set per application | Set per application |
| Coverage cap | Set per application | Set per application | Set per application |
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State and AMI are mainstream personal-lines brands of IAG New Zealand — they underwrite tool cover as an extension on a contents policy, mostly aimed at sole traders. Builtin is a specialist NZ trade insurer focused on construction and trades, typically quoting via a commercial business pack. Different routes for different setups.
Each insurer prices per application based on your tool value, trade, location, claims history and excess. None of them publish flat rates. A specialist insurer like Builtin can be cheaper for higher-risk trades or larger tool lists; a mainstream personal-lines extension from State or AMI can be cheaper for sole traders with lower-value tool lists. Quote all three to find your real number.
Sole traders are often eligible for the personal-lines route at State or AMI (cheaper, simpler). Companies and partnerships generally need a commercial business pack — Builtin is built for that, and BizCover places similar commercial business across a panel of underwriters. If you're a sole trader, quote both routes — sometimes the personal-lines route is materially cheaper.
We don't publish claims-processing rankings. The actual claims experience depends on the specific claim, the documentation you have, the policy wording, and the assessor. The right question to ask before buying is: 'What does this policy require me to do at claim time?' — read the claims section of the policy wording rather than relying on third-party rankings.
You can hold cover with different insurers for different items, but you can't double-claim the same loss. Most tradies pick one insurer for all of their tools. If a single policy isn't enough for a high-value asset, ask the insurer about specifying the asset on a separate schedule or arranging a stand-alone policy.