Have Multi-Policy Discounts Ended in NZ 2026? Save on Insurance.

Which NZ Insurers Have Removed Multi-Policy Discounts?

As of May 2026, eight major NZ insurers have removed multi-policy discounts: State Insurance, AMI, AA Insurance, Vero, AMP, ANZ, Tower Insurance, and Trade Me Insurance. Tower and Trade Me were the last major holdouts, ending their multi-policy discounts on 28 January 2026. Trade Me still offers a separate Trade Me Member discount of up to 15% off premiums (excluding levies and taxes), but this is a membership benefit, not a bundling reward.

You might still see a “Multi-Policy Discount” line item on an old renewal notice, but for most major insurers it is already gone. Major players have moved to “net-rated” pricing where the price reflects the specific risk of each asset, not the number of policies you hold.

Multi-Policy Discount Removal Timeline by Insurer

If you have stuck with one provider solely for a discount that has now been deleted or absorbed into the base premium, you are effectively paying a premium for a benefit that no longer exists. Check your latest renewal letter carefully. If the discount line is gone or reduced, your reason for staying should be too.

Which NZ Insurers Still Offer Multi-Policy Discounts in 2026?

Two notable providers still offer multi-policy discounts in New Zealand in 2026: MAS and Cove. They work very differently in terms of eligibility, structure, and the size of the discount, so the headline percentage is rarely the full story.

While the industry giants (IAG-branded State and AMI, plus AA Insurance, Vero, AMP, ANZ, Tower, and Trade Me) have exited the discount game, these mutual and challenger providers continue to use bundling to retain customers or grow market share.

MAS (Medical Assurance Society) offers two bundling programs: a Multi-Product Discount for holding any two of car, house, or contents cover, and a higher-tier Goldshield discount for holding all three together.

Cove Insurance incentivises bundling with discounts of up to 10% across two or more eligible policies, including cross-category combinations like Pet plus Car. This makes them a popular choice for younger demographics who may not yet own a home. Cove does not currently offer house or contents cover.

How Much Can You Save by Splitting Your Insurance Policies?

Kiwis who shop their insurance separately can save an average of $1,560 per year by combining the cheapest car, house, and contents providers. Our latest Q1 2026 Quashed Index shows average savings of $377 on car insurance (with 81% finding cheaper), $908 on house insurance (67% finding cheaper), and $275 on contents insurance (76% finding cheaper) for those who compare across providers.

Many Kiwis assume that bundling their car and home insurance with one provider saves them money and hassle. They worry that splitting policies means double the paperwork. However, this convenience often comes with a hefty price tag that goes unnoticed until you compare.

Our data shows that no single insurer is the cheapest for every risk. While one provider might offer a great rate for your home, they could be overcharging for your car. By decoupling your policies, you can capture the best rate for each asset.

• The Price Gap: It is not just about your car. While we frequently see price gaps of $600 or more between insurers for the exact same vehicle, the differences in property cover are even more extreme. Quashed Market Scans revealed an average price gap of $1,143 for house insurance and $431 for contents insurance.

• The Split Win: No single insurer is the cheapest across every category. Often, using two specialised providers (for example, a dedicated car insurer combined with a separate home insurer) can beat a bundled price from a single provider.

Do not be afraid to split. Use the Quashed Dashboard to view all your policies in one place, regardless of which provider they are with. This solves the admin problem while letting you pocket the savings.

What is Risk-Based Insurance Pricing in NZ?

Risk-based pricing means insurers price each policy strictly on the specific risk of the asset being insured, rather than spreading risk across a bundle. Your house is priced on its location-specific risks (such as seismic activity, flood zones, and hillside exposure), and your car is priced on factors like theft and accident statistics for that exact model.

Insurers have moved away from “flat discounts” (where low-risk customers effectively subsidise high-risk ones) for two main reasons. First, it allows them to price more accurately for individual circumstances. Second, it reduces regulatory risk after several major court actions for failing to apply discounts correctly. In October 2025, IAG New Zealand, the underwriter behind the State, AMI, and NZI brands, was ordered to pay a record $19.5 million penalty for overcharging around 269,000 customers approximately $35 million. Tower was penalised $7 million in December 2025 for over a decade of overcharging, and AA Insurance was fined $6.175 million in 2024 for failing to apply multi-policy and membership discounts.

In the past, a bundle discount might have masked the fact that your car insurance was actually overpriced. Now, every single asset is priced strictly on its own risk:

• Your House: Priced on granular risks like seismic activity, flood zones, and hillside exposure. This can cause premiums to vary by thousands between suburbs. For example, a hillside home in Karori may attract a very different premium to a flat section in Te Aro.

• Your Car: Priced on specific factors like theft statistics. High-theft vehicles like the Ford Ranger or Toyota Aqua now face “target premiums” that a generic discount cannot offset.

You must now view your insurance as separate products, not a package deal. The insurer that offers the best price for your home in Wellington is rarely the same insurer that offers the best price for your Toyota Hilux.

Should You Bundle or Split Your Insurance in 2026?

For most Kiwis in 2026, splitting your insurance policies will save more money than bundling. With multi-policy discounts removed by every major general insurer except MAS and Cove, comparing each policy separately and choosing the cheapest specialist provider for each is now the most cost-effective strategy.

The era of the “set and forget” bundle is over. With major insurers having now removed multi-policy discounts, the market has shifted to a “best price wins” model. This is actually good news for consumers who are willing to be active. It means you can cherry-pick the absolute best value for your car, your home, and your contents without being penalised for spreading your business.

Key recommendation: Do not auto-renew your bundle in 2026.

1. Check your renewal: Has the discount disappeared or been baked in?

2. Test the market: Compare your insurance policies separately using Quashed.

3. Split and save: Move your car to a specialist provider if the standalone savings outweigh any remaining multi-policy discount.

Compare your policies now with the Quashed Market Scan to see if you can save.

Related Reading

Arm yourself with the latest data and expert tips to ensure you never overpay for cover again:

• Average Car, House, and Contents Insurance Cost NZ 2026. Quashed's Q1 2026 index showing what Kiwis pay for car, house, and contents cover by region and age group.

• Ultimate NZ Guide to Car Insurance (2026): Compare and Find the Best and Cheapest Cover. A full guide to comparing car insurance in NZ, including how premiums are calculated and the highest-impact ways to save.

• Ultimate NZ Guide to Contents Insurance (2026): Compare and Find the Best and Cheapest Cover. What contents cover includes, how to set your sum insured, and proven ways to lower your premium.

• NZ Car Insurance 2026: Comprehensive vs Third Party, Which Cover Do You Need?. A plain-language comparison of all three cover types with a decision guide to pick the right level for your car.

• Why Is My House Insurance So Expensive? 2026 NZ Premium Hike Guide. Why NZ house premiums keep climbing and what you can do to bring them back down.

Multi-Policy Discount FAQs (NZ 2026)

Which NZ insurers have removed multi-policy discounts?

Eight major NZ insurers have removed multi-policy discounts as of May 2026: State Insurance, AMI, AA Insurance, Vero, AMP, ANZ, Tower Insurance, and Trade Me Insurance. State, AMI, and AA Insurance completed removal between March 2024 and 28 January 2025. Vero, AMP, and ANZ removed discounts from 1 May 2025. Tower Insurance and Trade Me Insurance ended their multi-policy discounts on 28 January 2026, with renewals affected from 1 January 2026.

Do any NZ insurers still offer bundle discounts in 2026?

Yes. MAS and Cove still offer multi-policy discounts in 2026, although the structure and size of the discount differ between them. MAS offers a standard multi-policy discount for two different policy types, plus a higher-tier “Goldshield” discount if you hold house, contents, and car policies together (membership eligibility applies). Cove offers discounts of up to 10% to incentivise bundling, although their cover is currently limited to car and pet insurance. These are now exceptions rather than the rule, so always check whether the base premium is competitive first, even with a discount applied.

Does bundling insurance ever still save money?

Sometimes, but only if the bundled price is genuinely lower than separate policies. A 10% discount on an expensive policy might still cost you more than a separate policy from a competitor with no discount. Always compare the total dollar amount of separate policies versus a bundle, not just the discount percentage.

How much do insurance premiums vary between providers in NZ?

Significantly. Quashed Market Scan data shows price gaps of $600 or more for the same vehicle, plus average gaps of $1,143 for house insurance and $431 for contents insurance. This means loyalty to a single bundle could be costing you significantly more than any discount itself.

Will managing separate insurance policies create more paperwork?

No, digital tools have solved the convenience penalty. You can upload policies from any insurer into the Quashed Dashboard to view your car, home, and contents cover in one place, regardless of which provider they are with. This allows you to cherry-pick the best rates from different specialists while keeping your management centralised.

How does risk-based pricing affect my car or home insurance?

Risk-based pricing means each asset is priced strictly on its own risk rather than on the number of policies you hold. Insurers now use granular data for every individual property and vehicle. For homes, pricing relies on factors like seismic activity, flood zones, and hillside exposure, so a hillside home in Karori versus a flat section in Te Aro can attract very different premiums. For cars, models with high theft statistics, such as the Ford Ranger or Toyota Aqua, may now face target premiums that a generic multi-policy discount is unlikely to offset.

How much can I save by comparing my insurance separately?

The average Kiwi household can save up to $1,560 per year by comparing car, house, and contents insurance separately. Based on our latest Q1 2026 Quashed Index, that breaks down to average savings of $377 on car insurance, $908 on house insurance, and $275 on contents insurance for those who shop around. Run a free Quashed Market Scan to see how much you could save.