Multi-policy & Package Discount Removal
FAQs
From 1 May 2025 we’ll no longer be offering multi-policy or package discounts on our Home Plan, Farm Plan, Everyday and Everyday Plus policies. If you have either of these discounts, you’ll continue to receive it until your policy renewal date.
Why are you no longer offering these discounts?
We’re simplifying our pricing and streamlining processes.
Are other insurance companies removing discounts?
You’ll need to check with them directly as each company has its own policies and pricing structure.
How will this impact the price I pay for my insurance cover?
Your insurance premium is recalculated every year. There are many factors that influence your premium, discounts are just one part of it.
While we can’t provide specifics for individual policies, we aim to keep our pricing fair and competitive for all customers.
What else impacts how much I pay for insurance?
- Factors that are individual to you or the item that you’re insuring may influence the likelihood or size of a loss. It can include things such as the location of your home, where your car is kept or whether you have a security alarm installed.
- Levies and taxes. These are collected by insurance companies on behalf of the Government, examples include Natural Hazard Insurance levy and Fire & Emergency NZ Levy.
- External factors such as inflation. This impacts our suppliers, making repairs, replacement and rebuilds (claims costs) more expensive.
The sum insured on your policy may have also been adjusted for inflation. It’s essential you also check the sum insured to make sure you have enough cover, we encourage you to do this each year, find out more at vero.co.nz/sum-insured
- Reinsurance costs. With increased frequency and severity of weather events in New Zealand, reinsurers are reassessing their risk exposure and charging more for this essential support. (Reinsurance is like insurance for insurance companies).
Can I still bundle my policies together?
Yes you can. Many people find it convenient to have everything in one place as it can make managing payments easier and help ensure there are no gaps in your insurance coverage.
Plus, if you need to make a claim, dealing with one insurer can simplify the process, and in some cases, you may only need to pay one excess if you’re claiming on multiple policies. Refer to your policy wording for details.
Are there other options to reduce my premiums?
- Electing a higher excess may reduce your premiums, so you may want to choose an excess amount that you can afford. It’s important to remember you will need to pay the excess amount whenever you claim under your policy.
- Explore flexible payment options including fortnightly, monthly or yearly. Paying your premium annually could be less expensive than paying by instalments.
- Review your optional benefits before your policy renews make sure your optional benefits are still relevant to your current situation.
If you’re facing financial hardship and struggling to pay your premium, or you’d like to discuss your payment options please reach out to us on ampgpersonallines@vero.co.nz or 0508 806 244. If you have a broker or adviser please contact them, they’ll be happy to help.