InsureMyTesla policy wordings

At renewal your policy number will change and the updated InsureMyTesla policy wording will apply to you.

Your updated policy wording includes changes to some cover limits and benefits. You can review a summary of the policy changes here.

This change applies from your renewal date.

Insurance premiums can change due to several factors. These might include risk factors, changes in cover and broader factors like inflation, claims costs, reinsurance costs and industry-wide adjustments.

We regularly sense check our pricing against things like our claim’s costs, and when large events occur. We want to be here for our customers in the long term, so we need to continually check that pricing across all our products are sustainable. But we’re also here to help protect New Zealanders, and we want to ensure that insurance cover remains affordable for as many New Zealanders as possible.

There are some options you could consider which could reduce your premium:

• The optional benefit ‘Excess-free windscreen, window, and roof glass replacement’, could be removed. This will reduce your premium but if you need to replace your windscreen, window or roof glass in the future, you’ll need to pay the windscreen excess which is $500.
• There are other excess options available to choose from. The higher the excess, the lower the premium. An excess is the amount you’ll need to pay us in the event of a claim, so if you're considering increasing your excess, it's important that you consider the excess amount that best suits you.

Your InsureMyTesla cover has been updated.  Some cover has been reduced, while new options have also been added.  It’s important to familiarise yourself with the updated cover. Refer to the change document which clearly highlights what has changed

No, the updated InsureMyTesla cover will apply to you from your next renewal.

However, you have 30 days following your renewal to decide if the updated cover is right for you. If you decide it no longer meets your needs, we’ll refund any premium you have paid following your renewal as long as you haven’t made any claims. Simply contact our team and we’ll arrange this for you. You can call us on 0800 551 142.

Your new InsureMyTesla policy still provides cover for some business use including:

• sales or service duties
• insurance assessing
• building, construction, and civil works
• carrying materials, goods or samples for your trade or wholesale or retail business
• work as a commission agent or commercial traveller
• work as a stock or station agent or real estate agent
• maintenance callouts for your business (unless your business is motor trade, which we never cover under this policy).    

However, there is no longer cover if you use your Tesla for any of the following purposes:

• to transport fare-paying passengers (if it’s used as a taxi or for ride sharing such as Uber)
• as a courier or delivery vehicle 
• as a courtesy, loan or hire vehicle
• motor vehicle hire
• for security work
• motor trade (including vehicle sales yards, motor mechanics, and vehicle servicing)
• while you’re being paid to teach others how to drive.  

If your business needs are no longer covered, call us on 0800 551 142.

We provide information about our products only, and not financial advice. It’s important you choose the cover options and level of cover appropriate for you. Please call us on 0800 551 142 if you would like more information about the updated cover.

Your direct debt payments will continue as usual, however the reference on your bank statement may appear different.