Use the promo code VELOCITYPET when you take out an eligible pet insurance policy with Medibank to receive 15,000 bonus Velocity points after you have held the policy for 90 days. Any pet insurance policy with an annualised premium of $200 or more is eligible for the bonus points.
Even if you have no interest in pet insurance, this offer could be a cheap way of buying some Velocity points. For example, it can cost as little as $200 to insure a young domestic house cat for a year. If you cancel after the 90 days, Medibank say it will provide a pro rata refund for the unused portion of your policy, meaning those 15,000 points would cost just ~$55 when all is said and done.
If you would rather not pay the year upfront, you could instead choose to pay by fortnightly or monthly instalments. However, these instalments incur a collection fee of $0.73 so it’s cheaper to purchase an annual policy and then be refunded when you cancel.
Existing Medibank or ahm health insurance policy holders can save 10% on Medibank pet insurance but your pet’s annualised premium must still be $200 or more after this discount is applied to be eligible for the 15,000 bonus points.
In our experience, the points are usually credited 92 days after sign up. Whilst the Medibank website states that you can earn bonus points on multiple policies purchased in the same transaction, a number of people have reported that they only received a single allotment of points so it might be safer to just purchase one policy.
Update 26 Feb: The Medibank website used to state that you will earn the bonus points on multiple policies but they have now removed this line. You can find the old wording on an archived version of the page or in this screenshot provided by a user on OzBargain.
What are 15,000 Velocity points worth?
It depends on how you redeem them:
Terms and conditions
Offer starts 12.01am AEST 30 August 2023 and ends 11.59pm AEDT on 29 February 2024 (Promotion Period). Available to new Medibank Pet Insurance customers who are a current member of the Velocity Frequent Flyer program (Velocity member). Offer not valid for Velocity members’ existing Medibank Pet Insurance Policies, or those who have held Medibank Pet Insurance in the last 12 months. Must purchase a new, eligible policy during the Promotion Period with a minimum annualised premium of $200 (post any discounts being applied). Must use promo code VELOCITYPET and enter their valid Velocity member number at the time of taking out the policy during the Promotion Period. Must hold the same eligible product for 90 continuous days from the purchase date and the policy must be active, not suspended or in arrears for Velocity points to be awarded. Velocity membership, Points and redemption are subject to the Velocity member Terms and Conditions, as amended from time to time. Offer subject to the terms and conditions of the Medibank Pet Insurance policy.
If the eligibility criteria is met, Velocity Points will be issued based on the Medibank Pet Insurance cover level purchased during the Promotion Period listed as follows:
- 15,000 Points for Medibank Pet Protect Pet Insurance
- 15,000 Points for Medibank Pet Plus Pet Insurance
- 15,000 Points for Medibank Pet Max Pet Insurance
Please allow an additional 10 business days after the 90-day holding period for Velocity Points to be awarded. Not valid with any other pet insurance offer (including but not limited to the Medibank and ahm employee discounts), except for the following:
- Velocity Members who take out two or more Medibank Pet Insurance policies are eligible for a 5% discount on the premium for their second policy and each subsequent policy (see full terms and conditions below for the multi-pet discount).
- Velocity Members who currently hold a Medibank or ahm Health Insurance Policy are eligible for a 10% discount on Medibank Pet Insurance premiums. Those Medibank and ahm health members (who are also Velocity Members) who wish to activate this discount must provide accurate membership details: (a) at point of purchase for the discount to apply; or (b) prior to renewal for the discount to apply at renewal.
Medibank Pet Insurance reserves the right to withdraw, vary or extend this Offer at any time, without notice.
10 Responses
When should I cancel my membership but also get the 15k points.
You become eligible after 90 days but the terms state that it may take an additional 10 business days for the points to be credited. I wouldn’t recommend cancelling until the points are in your account.
It’s been 90 days. How do I cancel now?
Have you received the points yet? If not, I’d wait a couple of days as the points are usually credited on day 92.
Once you’ve received them, give them a call and ask to cancel. The whole process shouldn’t take more than a few minutes.
How many policies can you take out?
Example,
1x 15,000 Points for Medibank Pet Protect Pet Insurance
1x 15,000 Points for Medibank Pet Plus Pet Insurance
1x 15,000 Points for Medibank Pet Max Pet Insurance
or 15,000 in total regardless how many you take out or do they stack up?
From the offer page:
That would suggest that you will earn points on multiple policies but I would recommend that you confirm this with them before purchasing.
Should I be worried about it not displaying the points pending? I did two, one in my husband velocity account and one in mine, mine shows points pending, husband did not. Should I be worried?
I wouldn’t worry about it yet. If you receive the points when the 90 days are up but he doesn’t, definitely give them a call then.
I have received 15,000 points for one of two policies taken out on the same day after day 90. After calling to enquire on second lot of points was told to wait an additional 10 business days
They don’t pay out properly for 2 policies – shocking company to deal with.