New Zealand's broker-only general insurer backed by Suncorp Group. 100+ years in NZ with AA- financial strength rating. Comprehensive car, home, contents, and landlord insurance distributed exclusively through brokers and advisers.
In This Review
What is Vero Insurance and who's behind it?
Vero Insurance New Zealand Limited is one of New Zealand's longest-running general insurers, incorporated on 7 February 1923. Originally known as Mercantile and General Insurance, the company has operated under several names - including Sun Alliance Insurance and Royal and Sun Alliance Insurance - before becoming Vero Insurance NZ Limited in 2003 when Suncorp Group Limited completed its reorganisation.
Today Vero is a subsidiary of Suncorp New Zealand, which is part of the ASX-listed Suncorp Group Limited - a financial services group with approximately 10,000 employees and $33 billion in assets across Australia and New Zealand. Sibling brands under Suncorp NZ include AA Insurance and Vero Liability Insurance.
Vero holds a full licence from the Financial Markets Authority (FMA), is a member of the Insurance Council of New Zealand, and adheres to the Fair Insurance Code. The company maintains an AA- (Very Strong) financial strength rating from S&P Global Ratings with a solvency ratio of 227% (December 2025).
Unlike most consumer-facing NZ insurers, Vero operates a broker-only distribution model. All products are purchased through insurance brokers, advisers, and corporate partners - not directly from Vero:
Vero does not sell policies directly to consumers. To get a Vero quote or purchase a policy, you need to go through an insurance broker or adviser. Use the Vero Broker Locator to find a broker near you.
How customers rate Vero Insurance across major review platforms
Note on limited reviews: Vero's broker-only distribution model means far fewer direct consumer reviews compared to insurers that sell online. The Trustpilot rating (1.4/5) is based on a small sample of ~56 reviews, which may over-represent negative experiences. Some 5-star Trustpilot reviews appear misdirected (cafes and restaurants). The 2017 Canstar Blue award and AA- financial strength provide additional context. We do our best to keep all data up to date and accurate. If you've noticed something incorrect, please let us know.
Common themes from ~56 Trustpilot reviews and broker feedback
Our broker arranged cover for a property that other insurers turned down. Vero's willingness to take on challenging risks through a broker channel was a genuine advantage for us.
Pricing was competitive with what we were quoted by other major insurers. The Maxi tier gave us replacement value cover on our home, which was important after the Christchurch experience.
Waited over 50 days for any contact about my claim. When they finally got back to me the claim was denied with reasoning I strongly disagreed with. Extremely frustrating process.
The broker-only model means you cannot manage anything yourself online. Every policy change requires a phone call to your broker, which adds delays to simple tasks.
Had my policy cancelled after making a single claim. No warning, no discussion - just a letter saying they would not renew. Left scrambling to find new cover at short notice.
Been with Vero through our broker for eight years. Claims on house insurance were handled well both times. The AA- financial strength rating gives us confidence they can pay out.
Reviews are paraphrased summaries of verified customer feedback. Theme percentages are based on our analysis of the most recent Trustpilot reviews as of March 2026. The small review sample size means percentages should be interpreted with caution.
Vero covers most major general insurance categories - distributed exclusively through brokers
Three levels of cover under the MotorPlan policy. Features include lifetime repair guarantee on approved repairers, uninsured driver protection, and EV charging cable cover.
Two tiers of dwelling cover. Maxi House provides replacement/as-new cover to sum insured with SumExtra (+10%). Flexi House offers indemnity value with defined perils.
Two tiers of contents cover. Maxi Contents provides replacement cover with personal liability and alternative accommodation. Flexi Contents offers market value with defined perils.
Contents insurance is available for renters but Vero does not offer a standalone renters-specific product. Renters can access contents cover through a broker.
Landlord's Extension covers malicious tenant damage up to $30,000, loss of rental income, landlord liability, and landlord furnishings ($20K Maxi / $5K Flexi).
Covered under the MotorPlan policy and through Vero Schemes. Star Insure Specialists switched from Vero to Berkshire Hathaway (BHSI) underwriting in July 2022.
Vintage car insurance available through Vero Schemes with Vintage Car Club affiliation. Includes storage and restoration cover options.
Covered under the MotorPlan policy for caravans and horse floats. Includes a 60% market value replacement threshold.
Vero Marine is a dedicated division offering specialised marine insurance for boats, yachts, and commercial vessels through broker partners.
Available through broker partners. Star Insure Specialists switched from Vero to Berkshire Hathaway (BHSI) underwriting for RVs and motorhomes in July 2022.
Comprehensive commercial and business insurance through Vero Commercial & Personal, Vero Specialist Risks, and Autosure divisions.
Limited travel cover when travelling to Australia or Pacific Islands. Not a core Vero product - other insurers offer more comprehensive travel options.
The good and the not-so-good based on customer reviews and our analysis
How much does Vero insurance cost? Indicative examples based on market analysis
Vero uses risk-based pricing with individual factors including location, vehicle storage, and security systems. All pricing is determined through brokers - there is no online self-service quoting. Vero focuses on affordability strategies to smooth out price changes. Higher excess options can reduce premiums, and annual payment may be cheaper than monthly instalments.
Disclaimer: These are indicative estimates based on publicly reported customer experiences and market comparisons, not official Vero quotes. Your actual premium will vary based on your specific circumstances. Contact a Vero broker for accurate pricing via the Vero Broker Locator. We do our best to keep all data up to date and accurate. If you've noticed something incorrect, please let us know.
Auckland and Wellington typically cost more than regional areas due to higher risk profiles and claims frequency.
Higher-value vehicles and performance cars attract higher premiums. EVs and PHEVs may have different pricing due to repair costs.
A clean claims history over 3-5 years significantly reduces your premium. Recent at-fault claims will increase it.
Garage parking, alarm systems, and security features can reduce premiums. Street parking attracts the highest rates.
Choosing a higher voluntary excess can reduce your premium. Discuss the right excess level with your broker.
Maxi (replacement value) costs more than Flexi (indemnity value). Your broker can help determine which tier suits your needs.
Vero Insurance vs. other popular NZ insurers
| Feature | Vero | AA Insurance | Tower | AMI | State |
|---|---|---|---|---|---|
| Overall Rating | 1.8/5 60+ reviews | 3.8/5 3,131 reviews | 4.0/5 | 3.9/5 | 3.8/5 |
| Cover Types | Comp, TP, TPFT | Comp, TP, TPFT | Comp, TP, TPFT | Comp, TP, TPFT | Comp, TP, TPFT |
| Distribution | Broker only | Direct online | Direct online | Direct online | Direct online |
| Online Quotes | Not available | Instant | Instant | Instant | Instant |
| Financial Strength | AA- (S&P) | AA- (S&P) | A- (S&P) | AA- (S&P) | AA- (S&P) |
| Cover Tiers | Maxi & Flexi | Standard tiers | Standard tiers | Standard tiers | Standard tiers |
| Roadside Assist | 24/7 via AA | AA Members | Add-on | Add-on | Add-on |
| EV Cover | Included | Limited | Limited | Limited | Limited |
| Product Range | 8+ categories | 13+ categories | 8 categories | 10 categories | 10 categories |
| Price Range | $$$ | $$$ | $$$ | $$$ | $$$ |
Disclaimer: Ratings are aggregated from available review platforms. Pricing is indicative based on market comparisons and customer reports. Features may change - verify directly with the insurer or your broker. We do our best to keep all data up to date and accurate. If you've noticed something incorrect, please let us know.
Other NZ insurers worth considering, depending on your priorities
Also owned by Suncorp Group but sells directly to consumers online. Covers all 13 major insurance categories. NZ's Most Trusted General Insurer for 15 consecutive years. A direct-channel alternative to Vero.
NZ-owned insurer with a strong digital platform. Offers comprehensive, third-party, and TPFT cover. Known for innovative features like SmartDriver discounts and risk-based pricing.
Part of the IAG group. Offers a full range of personal insurance with a strong regional presence and large branch network. Multi-policy discounts available for bundled cover.
Digital-first insurance brand offering car and pet insurance at competitive prices. Monthly billing with no lock-in contracts. May suit drivers aged 21+ who prioritise value and a fully online experience.
Vero Insurance may suit some customers more than others
Those who prefer personalised guidance from a qualified broker rather than self-service online purchasing. Vero's broker network can tailor cover to complex needs.
The Maxi and Flexi tiers offer genuine flexibility on cover levels. Landlord's Extension with $30,000 malicious tenant damage cover is a standout feature for property investors.
Vero Schemes offer specialist vintage and classic car insurance through the Vintage Car Club affiliation, with storage and restoration cover options.
Those wanting quick online quotes, self-service policy management, or the convenience of buying insurance directly. Also not suited for those needing life, health, or pet insurance.
Compare.org.nz's editorial assessment of Vero Insurance
With 100+ years in New Zealand, an AA- financial strength rating from S&P Global, and the backing of the $33 billion Suncorp Group, Vero has strong fundamentals. The flexible Maxi and Flexi coverage tiers across house and contents insurance are a genuine differentiator, and the Landlord's Extension with $30,000 tenant damage cover is among the more comprehensive landlord products available.
However, the broker-only distribution model is a significant limitation for consumers who expect to quote, purchase, and manage insurance online. Vero's 1.4/5 Trustpilot rating - while based on a small sample - raises concerns about claims handling, with multiple reviewers citing delays of 50+ days and denied claims. The absence of life, health, and pet insurance narrows the product range compared to sister brand AA Insurance.
For customers who value broker relationships, flexible coverage tiers, and the security of a well-capitalised insurer, Vero is worth exploring through a broker conversation. Those wanting digital convenience, transparent online pricing, or a broader product range may find alternatives like AA Insurance or Tower more suitable.
Common questions about Vero Insurance
How we research and rate insurance companies
This review is based on data collected from the following sources, last verified in March 2026:
Our editorial scores (out of 10) are calculated using a weighted methodology that considers:
Disclaimer: Nothing on this page constitutes financial advice. Scores are editorial opinion based on publicly available data. Always verify details directly with your insurer or broker and consider seeking professional advice for your specific situation. We do our best to keep all data up to date and accurate. If you've noticed something incorrect, please let us know.
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