Multi-policy discount error frequently asked questions
Frequently Asked Questions
If you've recently received an email, letter, or SMS about a multi-policy discount error, here are the answers to some questions you may have.
A multi-policy discount is a discount available to customers who have more than one policy with us, and allows those customers to save up to 20% on the premiums for eligible policies. For example, if you have House insurance and Car insurance with Tower, you may be eligible for a multi-policy discount. See our terms and conditions for more information.
If you have received a multi-policy discount on your policy, you'll be able to see it on your Certificate of Insurance. You should also see a green tick next to your policies when you view them in My Tower. Simply log in to My Tower and click ‘manage my policy’ to check yours. If you’re logged into My Tower when you get a quote, your discount will be automatically added to the quote.
We’ve become aware of an issue with our systems that means that some customers haven’t received the correct multi-policy discount. From 5 December 2022, we’ll start getting in touch with anyone who has not received their full multi-policy discount to give them a refund.
Some policies held by the same customer were not properly linked between our systems. This means that we didn’t recognise multiple policies for those customers so they didn’t get the correct discounts.
We’re addressing the issues that caused this error by putting new processes in place to ensure that customers receive their correct discounts.
We’ll get in touch with you. From there, we’ll either pay the refund directly to you or ask for your bank details.
If we don't have your bank details, we'll ask you to fill out our secure online form which you can access from www.tower.co.nz/refund. You'll have to fill in some personal details, along with a unique code from the email, letter or SMS we'll send you. You'll also need to provide a New Zealand bank account number.
If we already have your bank account details, we’ll aim to make your payment within 10 working days of notifying you that you are due a payment.
If we don't have your bank account details, we'll aim to transfer your payment within 10 working days from the date we receive that information.
If you haven't received the money within two weeks, please let us know at email@example.com.
If you have any concerns about emails you receive from us, please forward them to firstname.lastname@example.org and we’ll look into it.
If we don't already have your bank details, we'll need you to share them with us so we can pay your refund straight into your account.
You can safely give us your bank details via our online form. The details go directly to our team and will never be shared with anyone outside Tower.
Remember, no one can withdraw money from your account using just your account number and we'll never ask you for passwords or login details for your accounts.
The online form address is https://refund.tower.co.nz. You can open a new browser and type in the URL directly.
No. We only need your bank account details. If you receive an email that looks like it’s from us asking for credit or debit card details, please contact us immediately.
Sorry, no. We can’t credit the amount elsewhere or put it towards your premiums. The payment needs to go into your bank account.
We are currently reviewing all policies to make sure they have received the correct discount. If you are due a refund on any of your other policies, we’ll get in touch.
The payment is made up of two parts.
The first part is the premium refund, which is calculated by working out how much money you would have saved if your multi-policy discount had been applied correctly.
The second part is an additional amount to acknowledge that we've had your money in error over this time.
We used the Ministry of Justice Civil Debt Interest Calculator, a widely accepted benchmark in New Zealand, as a model for working out an appropriate amount. You can read how this works on the Ministry of Justice website.