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.

The new Vero Residential Home, Vero Residential Contents and Vero MotorPlan insurance policy wordings have been re-written in plain language and achieved the WriteMark quality mark.

WriteMark is an internationally recognised quality mark awarded to documents written to a high standard of plain language.

Visit vero.co.nz/eqc for information on how EQC changes affect your home, commercial or rural insurance from the 1 October 2022.

If you have chosen this optional benefit before a loss occurs, you won’t have to pay an excess if your vehicle’s windscreen or window glass needs to be replaced due to accidental damage, provided you’re not claiming for any other loss or damage to your vehicle or for legal liability.

If you have chosen this optional benefit before a loss occurs, you won’t have to pay an excess if your vehicle’s windscreen or window glass needs to be replaced due to accidental damage, provided you’re not claiming for any other loss or damage to your vehicle or for legal liability.

If there is accidental damage to your windscreen or window glass that can be repaired, the current Windscreen and window glass benefit allows you to claim for this repair with no excess. If your windscreen or window glass needs to be replaced, then your excess applies.

If you have Third Party Fire and Theft Cover, there is cover if your windscreen or window glass is accidentally damaged by fire or theft and you will need to pay your excess. There is also limited cover if your vehicle’s windscreen or window glass is accidentally damaged by an uninsured third party and certain requirements are met.

If you have Third Party Cover, there is no general cover for accidental damage to your vehicle’s windscreen or window glass, but there is limited cover if your vehicle’s windscreen or window glass is accidentally damaged by an uninsured third party and certain requirements are met.

This optional benefit is available from 16^th August 2021 for all new motor policies. You also can add this optional benefit at your policy renewal from 16^th August 2021 onwards, or you can choose to select it after renewal (before a loss occurs).

Please talk to your broker or adviser or the Vero team to obtain a quote for the Excess-free windscreen and window glass optional benefit.

Vero policy wordings now include a communicable disease exclusion. See your policy wording for details.

We’ve added the communicable disease exclusion to ensure we can continue to be there for our customers in the long term.

Like all insurance providers, we rely on reinsurance cover – which is insurance for insurance companies. Having reinsurance in place means we are able to meet claims costs if there’s a large event like an earthquake or a major flood. Our reinsurance providers have recently added a communicable disease exclusion to the cover they provide us.

It’s important that the cover we provide customers aligns to our reinsurance cover. This is an important part of our ability to be a sustainable business and to ensure we can continue to pay claims in the event of a large-scale event.

Reinsurance can be influenced by external factors such as the COVID-19 pandemic that’s had global impact. COVID-19 has resulted in significant financial impacts for reinsurers, and, as such, they have put this exclusion in place to protect the sustainability of their businesses.

The exclusion will be applied to all Vero-underwritten policies that start or renew on or after 16 June 2021.

If you are an existing customer, your renewal documentation will tell you the exact date it applies to you.

This exclusion will affect a claim or portion of a claim that’s related to communicable diseases.

A communicable disease includes diseases that are infectious or quarantinable, for example coronaviruses or measles.

If the exclusion applies to your claim, your claims consultant will discuss it with you. Vero remains committed to supporting customers in the event of any claim.

The exclusion will only apply to a claim or portion of a claim that is related to a communicable disease. We’ll still pay to repair or replace insured property that has been damaged by insured events – like an earthquake or other natural disaster.

The application of the exclusion will depend on the specific situation. Some examples of when it might apply could include:

• If New Zealand goes into COVID-19 Alert Level 4 while contractors are in the middle of an insurance repair that requires scaffolding at your property. The increased costs of having the scaffolding at your property over the lock-down period may not be covered.
• Any increased costs of a claim if Alert Level rules prevent flood damage from being dried and there are additional costs to reinstate the property due to mould damage which could have been prevented.
• Any increased costs of a claim, for example if due to Alert Level rules portable toilets are required for contractors who are carrying out repairs at your property.