Multi-policy discount

If you have more than one Eligible policy and the Eligibility criteria are met, Tower will apply a Multi-policy discount to the price we charge you as as Tower Premium for those Eligible policies, before we add any applicable taxes and levies such as Natural Hazards Commission and Fire and Emergency levies, and GST and as set out, and subject to the limitations in these Terms.

Tower is discontinuing its Multi-policy discount. See paragraph 8 for more information.

1. Definitions

Eligibility criteria means the Eligibility criteria in paragraph 2 below.

Eligible policy or Eligible policies means any Tower or Trade Me Insurance branded insurance policy described in paragraph 3.1.

Multi-policy discount also known as "Package discount" in other communications with us means the discount described in paragraph 6 below.

My Tower means Tower’s online self-service portal accessed at https://my.tower.co.nz/auth/login

Premium means the price we charge you as a total premium on your policy/policies, including the Tower Premium, taxes and levies.

Terms means these terms and conditions, as amended or replaced from time to time.

Tower, we, us, our means Tower Limited and does not include any subsidiary or related company of Tower Limited.

Tower Premium, also called “company premium” in other communications with us, means the price we charge you for your policy/policies before we add any taxes, levies and other amounts payable to third parties (including GST, Fire and Emergency levies and Natural Hazards Commission levies).

2. Eligibility criteria

2.1 You will be eligible to receive a Multi-policy discount if:

  1. You hold two or more Eligible policies (see paragraph 3 below); and
  2. You are a named policyholder on the Eligible policies, whether:
    1. in your own personal capacity whether alone or as a joint policyholder; or
    2. as a sole trader; or
    3. as a partner in a business partnership; or
    4. as a trustee of a trust; or
    5. the policy is in the name of a company of which you are a director,

as long as you provide us sufficient information to identify that you hold multiple Eligible Policies (see paragraph 4 below).

2.2 Policies held by your spouse, partner, children, other relatives, or flatmates, do not qualify you for a Multi-policy discount unless you are also a named policyholder.

3. Eligible Policies

3.1 The policies listed below are Eligible policies, if they are branded Tower or Trade Me Insurance:

  1. House: Standard, Plus, Premium;
  2. Landlord’s House: Plus;
  3. Contents: Standard, Plus, Premium;
  4. Private Car: Comprehensive, Third Party Fire and Theft, Third Party;
  5. Commercial Vehicle: Comprehensive, Third Party;
  6. Motorbike: Comprehensive, Third Party, Fire and Theft;
  7. Motorhome: Comprehensive, Third Party, Fire and Theft;
  8. Caravan or Trailer: Comprehensive;
  9. Boat Insurance: Comprehensive;
  10. Provider: House, Contents, Supermaxi House and Contents;
  11. Provider: Rental;
  12. Provider: Boat;
  13. Provider: Farm – House, Contents, Private Motor and Boat;
  14. Tower Motor Policy –Tailored Protection;
  15. Tower Insurance Rural Policy-Tailored Protection; House, Contents, Private Motor and Boat; and
  16. Tower: Farm-House, Contents, Private Motor and Boat.

3.2 The Multi-policy discount as described in these Terms only applies to policies issued by Tower in New Zealand. Any policy issued by a Tower subsidiary (i.e. not Tower Limited in New Zealand) is not eligible for the Multi-policy discount from Tower and does not count towards a Multi-policy discount.

3.3 The Multi-policy discount will also be applied to the Tower Premium charged for all optional benefits added to your Eligible policies that receive a Multi-policy discount, except the optional benefits listed below:

  1. Car: RoadWise optional benefit;
  2. Commercial Vehicle: RoadWise optional benefit;
  3. Tower Motor Policy-Tailored Protection: Motor optional benefits;
  4. Provider: House, Contents, Supermaxi, Rental optional benefits;
  5. Provider: Farm – House, Contents, Private Motor optional benefits;
  6. Tower Insurance Rural Policy- Tailored Protection: – House, Contents, Private Motor optional benefits; and
  7. Tower: Farm-House, Contents, Private Motor optional benefits.

4. Tell us about your Eligible policies so we can calculate your Multi-policy discount

4.1 To ensure that you receive the correct Multi-policy discount for all your Eligible policies, it is important that you tell us about Eligible policies:

  1. held by you as a trustee of a trust, a partner in a partnership, as a sole trader or together with someone else, and through a company of which you are a director; or
  2. held in different variations of your name (i.e. Michael/Mike or Susan/Sue) and/or email address; or
  3. held by other trustees of trusts for which you are a trustee, other people you are in partnership with or hold policies jointly with, and other directors of companies in which you are a director.

and that you tell us the correct number of current Eligible policies held by you and these other entities.  This helps us ensure that you receive the correct Multi-policy discount on your Tower Premium.

Where possible, it is also important that you purchase your policies by logging in to My Tower, https://my.tower.co.nz/auth/login. This helps us keep your policy records together and calculate your Multi-policy discount correctly.

4.2 We will link all Eligible policies from the date we are satisfied that the Eligibility criteria have been met. Your Multi-policy discount may not increase at this time (see paragraph 7 for more information on when Multi-policy discounts on your Tower Premium are calculated).

4.3 If you do not provide complete, accurate and consistent details including, but not limited to, contact name, policyholder name, address, phone number, email address and/or number and details of Eligible policies you hold, or keep your details for all policies up to date, you may not receive the correct Multi-policy discount on your Tower Premium. The easiest way for you to ensure that we have all the correct information is to buy and manage your policies in My Tower, where possible.

4.4 If you do not provide complete, accurate and consistent information as described in paragraph 4.3 above then Tower will not be responsible for any failure to apply the correct Multi-policy discount to your Tower Premium. See paragraph 10.7 for more information.

5. Counting your Eligible policies for the Multi-policy discount

All Eligible Policies, except those purchased through brokers

5.1 Except for policies purchased through brokers, all your Eligible policies meeting the Eligibility criteria are counted together for the purposes of calculating the Multi-policy discount in accordance with paragraph 6.1.  See paragraph 5.2 below for information on policies purchased through a broker.

Policies purchased through a broker

5.2 Your Eligible policies meeting the Eligibility Criteria and purchased using the same insurance broker are counted together to calculate your Multi-policy discount in accordance with paragraph 6.1. Eligible policies purchased from a broker will not be counted together with any Eligible policies purchased from other brokers or any other Eligible policies purchased via other channels to calculate your Multi-policy discount.

6. How much is the Multi-policy discount?

6.1 If the Eligibility criteria are met, subject to paragraph 5 above and 6.2 below, we apply a discount percentage to the Tower Premium for each Eligible policy before we add any taxes and levies as follows:

  1. One policy: 0%
  2. Two policies: Up to 10%
  3. Three or more policies: Up to 20%

6.2 Some new policies or renewals that commenced before 1 April 2025 may have been impacted by the application of Tower’s minimum premium rules. Minimum premium rules mean that your premium cannot be less than a certain amount.

Minimum premiums differed by policy type. This paragraph 6.2 applies only to policies in respect of which Tower applied a minimum premium when calculating the Tower Premium. Some policies with a Tower Premium below the minimum premium applicable at the time the Tower Premium was calculated (if any) do not qualify for a Multi-policy discount. For some Tower Premiums above the minimum premium applicable at the time the Tower Premium was calculated (if any), where the application of the Multi-policy discount would reduce the Tower Premium below the applicable minimum premium, the Multi-policy discount is reduced so the Tower Premium is not less than the applicable minimum premium.

6.3 If another percentage discount has already been applied to your Tower Premium before your Eligible policy has become entitled to a Multi-policy discount, then your Multi-policy discount will be taken off the already-discounted Tower Premium, subject to paragraph 6.2 above.

7. When eligibility for a Multi-policy discount is determined

7.1 For new Eligible policies, the Multi-policy discount will be applied to the Tower Premium for those policies from the date cover commences, if the Eligibility criteria are met and we are still offering the Multi-policy discount on new policies.

7.2 This paragraph applies only if your next policy renewal date is before the date on which we stop offering the Multi-policy discount on new policies:

We re-calculate your Multi-policy discount for each Eligible policy based on the number of Eligible policies you hold up to approximately eight weeks prior to its renewal date. If you own more or less Eligible policies at that time than you did at the time of purchase or last renewal date (whichever is more recent), and we are still offering the Multi-policy discount, then your percentage Multi-policy discount on the relevant Eligible policy may increase or decrease (depending on the number of Eligible policies you hold at that time), with effect from the Eligible policy renewal date.

Note that changes to your total number of Eligible policies after we have completed the calculation in paragraph 7.2 may result in you not receiving any additional Multi-policy discount.

If your next policy renewal date is after the date on which we stop offering the Multi-policy discount on new policies, then you will not receive any Multi-policy discount on renewed policies.

8. Ending Multi-Policy Discount

8.1 We are discontinuing our Multi-policy discount.  The date on which this will occur is yet to be determined. In the meantime, Multi-policy discount will continue to be available for new and existing Eligible policies where the Eligibility criteria are met, in accordance with these Terms. Policies with a Multi-policy discount already applied will retain their Multi-policy discount until their first renewal date after we have discontinued the Multi-policy discount, subject to these Terms.

9. Adjustments to your Eligible policies

9.1 When you make changes to an Eligible policy that impact the dollar amount of the Multi-policy discount you are eligible for, your Tower Premium for that Eligible Policy will change, effective from when the change to the Eligible policy takes effect.

9.2 If you cancel an Eligible policy, the Multi-policy discount applied to your remaining Eligible policy  or policies will be reviewed in accordance with paragraph 7.2.

10. Other important terms

10.1 Policy terms, conditions, exclusions, and underwriting criteria apply to all Eligible policies.

10.2 We will collect, hold, use, and share personal information about you in connection with the Multi-policy discount in accordance with the Privacy Act 2020 and our Privacy Statement. Our Privacy Statement sets out how we collect, hold, and use your personal information. Our Privacy Statement can be viewed here.

10.3 Multi-policy discounts cannot be transferred or exchanged for cash or any other benefit.

10.4 We reserve the right, without notice to you, to:

  1. change or cease offering our Multi-policy discount;
  2. add policies to, or remove policies from, the list of included policies (at paragraph 3.1); and
  3. change any other aspect of the Multi-policy discount, including its application, or these Terms,

at any time.

Any change we make to the Multi-policy discount or the application of the Multi-policy discount will take effect immediately or from the date specified for new eligible policies and for existing Eligible policies from the next renewal date for those applicable policies.  If you are unhappy with the change or consider that it operates to your detriment in any way, you may cancel your policies with us without any additional cost however the Premium remains payable until the date of any cancellation.

10.5 Any change to these Terms will take effect immediately following publication on our website.

10.6 By purchasing or renewing any Eligible policy where the Multi-policy discount has been applied, you are bound by these Terms. If you do not agree to be bound by these Terms, then you must notify us prior to purchasing an Eligible policy and we will remove the Multi-policy discount at our discretion.

10.7 Except for liability which may not be excluded by law, we will not be liable for any loss, claim, cost, expense, liability, or injury suffered by any person in any way associated with the Multi-policy discount or the application of these Terms.

10.8 These Terms are governed by the laws of New Zealand and any disputes will be subject to the exclusive jurisdiction of the courts of New Zealand.