Get $500 Cash Back on New House Insurance (Exclusions Apply, 90 Days Minimum) @ ANZ

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jakesternz on 21/06/2023 - 09:58 anz.co.nz (217 clicks)
Last edited 21/06/2023 - 10:13 by 1 other user

This seems like a good deal if you are currently reviewing your House Insurance. You don't have to be an ANZ customer and the cash back is paid after 90 days of the insurance policy being in place. (Maybe you could cancel after the 90 days?)

Get $500 cash back on new house insurance
Take out any new house insurance policy through ANZ before 11 August 2023 and you’ll get $500 cash back. Not to mention peace of mind, knowing that your biggest asset is protected with insurance provided by Vero. To arrange cover, talk to your ANZ Home Loan Coach, call 0800 ANZ Home, or pop into a branch.

Terms and conditions apply. Insurance provided by Vero Insurance New Zealand Limited.

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T's and C's:

• Offer period: The offer period for the Cash Back Offer commences on 12.01 am 12 May 2023 and ends at 11.59 pm 11 August 2023 (“Offer Period”).
• Cash back offer: The Cash Back Offer is $500 cash back for any new ANZ Asset Protector home insurance policy (“Qualifying Policy”).
• Eligibility: The Cash Back Offer applies to customers who apply for and commence cover during the Offer Period of a new eligible Qualifying Policy.

The Cash Back Offer does not apply to the following:

• (a) Cover for contents, motor, caravans, trailers, motorcycles, moored craft and the Lifestyle Block benefit;
• (b) Replacements or renewals of existing ANZ Asset Protector policies or cover; and
• (c) Any increase to sum insured under an existing ANZ Asset Protector policy.

To be eligible for the Cash Back Offer, the Qualifying Policy taken out during the Offer Period must remain in-force for 90 days from the commencement date and premium payments must remain up-to-date throughout and to the end of the 90-day period. The 91st day from the commencement date shall be the date of eligibility for payment of the Cash Back Offer (” Eligibility Date”).

Applications for new home insurance cover or additional cover types are subject to underwriting criteria. Acceptance is not guaranteed.

Cash back payment process:

If you pay your premiums by direct debit using a bank account number, the cash back payment will be paid into the bank account you pay your premiums from, after the Eligibility Date.

For policies paid by other means: where Vero Insurance New Zealand Limited (“Vero”) does not hold your bank account number, ANZ will provide a current operational ANZ bank account (active bank account) to Vero to enable the cash back to be paid. If ANZ doesn’t hold active bank account details, Vero will use reasonable endeavours to contact you to obtain payment details. If Vero has not been able to make contact within 45 days of the Eligibility Date, then contact attempts will cease, and you will cease to be eligible for the Cash Back Offer.

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• 

  SmartEntity on 21/06/2023 - 10:05

  This is a pretty good deal…… Unfortunately my house's insurance doesn't end till September…….

  • 

    genesis on 21/06/2023 - 10:20

    +1

    I thought most insurers will give you a refund for the remainder of the policy?

    I'm with Initio and mine doesnt end until Feb 2024, but if I were to cancel now they'd give me a refund from now till feb next year

    • 

      xsolider on 21/06/2023 - 10:22

      +1

      I believe so. I've done this a couple of times in the past.

      • 

        LeraNZ on 21/06/2023 - 16:38

        +1

        Definitely will refund the unused portion , I used to work for an insurance company

  • 

    Divhon on 21/06/2023 - 10:22

    +1

    Does VERO have a good history and current reputation on fulling their obligations on house insurance claims? $500 could just be a carrot.

  • 

    catchthelight on 21/06/2023 - 11:19

    Hypothetically, what would happen if you kept your current insurance but also insured with ANZ for 90 days to receive the $500 cashback (assuming cost was worth it)? I'm guessing being double insured would mean in the case of a claim you'd need to pay two excesses and the insurers would only pay 50% each - not ideal but could be worth it for the low risk. Am I missing anything?

    • 

      ace310 on 21/06/2023 - 11:26

      I like the thinking. Just saying, why would you even make a claim with ANZ if you are joining only for $500.

      My assumption is that, the premium would be much higher which would negate the $500 diff across 90 days. I will have to run numbers to see though.

      • 

        catchthelight on 21/06/2023 - 11:32

        When making a claim, insurers ask you whether the asset is insured with anyone else, so you'd have to say yes and therefore they'd only want to pay half.

        You're right though, just ran some quick numbers and 3 months would cost me approximately $450 in premiums, so not really worth the hassle/risk to hold both at the same time. Still a good deal for anyone wanting a few months cover effectively free though.

    • 

      1ys23 on 11/08/2023 - 10:26

      Almost right. It would classed as dual insurance if they find out you have have done that than you have to go through a process in which to cancel your insurance.

      If you make a claim on both companies and you try to cancel one later if either company find out or you tell them it already insured elsewhere you would get $0 back in premium from either company as that's basically fraud.

      If you claim only on one company and never have a company with the other company ever than you would get 100% of the money back from the dual insurance period from the company you didn't claim with

      If you make no claims with either companies you will get 50% back from both companies

      Source I work in insurance.

      Not financial advice
      Please do not try to dual insurance deliberately you can into so much life long trouble if we find out and all the insurance companies have a data base where we can check other companies claims. Also plz don't lie on the declaration questions if we find out something is wrong years down the line we will cancel your policy back to inception and it will be hard to get insurance elsewhere in NZ. Plz only be insured with one company at a time for any asset you own. Don't be stupid plz. :)

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  Sanketh on 21/06/2023 - 11:00

  Did a comparison, for me the ANZ price was higher and the would only save 200 or so by switching/cancelling. Plus insurance premium will go up 01 July, due to govt levy increase.

  • 

    atoms on 21/06/2023 - 19:26

    How much is it going up? It went up $150 on Oct 1 2022

    • 

      Sanketh on 22/06/2023 - 07:50

      Dufference was 100 to 150 for me if I renew now vs 01 July.

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  atoms on 21/06/2023 - 19:21

  Currently paying 1607/year to Trademe Insurance for a small house in Wellington, ANZ quote for the same amount is 2225/year.

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  LeraNZ on 21/06/2023 - 19:47

  ANZs quote is $383 more than am currently paying with Ami ;) still worth it though even for $120

  • 

    Sanketh on 22/06/2023 - 07:52

    Factor for contents insurance. If you have a claim, then it could be 2 separate excess.. But if they are with same company, thenusualky it is one event on excess.

  • 

    ace310 on 22/06/2023 - 09:38

    +1

    It also depends on how much it is costing you over 90 days +/- and difference is less then 500 - 383 in your scenario. As you have to keep the insurance for atleast 90 days.

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  hval007 on 26/06/2023 - 17:36

  Anyone switched to this offer yet? I will be better off by $227 for 1yr but then see a higher premium of $273 compared to AA insurance.

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  genesis on 30/06/2023 - 16:09

  +1

  Holy moly spent 1 hour and 5 mins on the phone sorting this policy (25mins of waiting on the phone and 40mins talking….) that's the last time doing an insurance policy through ANZ. All that to save $200~, was starting to think if it was worth it…..