Ts & Cs on Virgin Home/Contents Insurance

[Catweazle]

New members can sign up now to receive a bonus 10,000 Velocity points.

Purchase a new eligible combined Home & Contents in surance policy by 30 September 2024 and earn up to 10,000 Velocity Points. T&Cs apply.

When I scroll down to the footnote at the bottom of the webpage, I read this:

18. Offer of 10,000 Velocity Frequent Flyer Points (Velocity Points) is available to eligible customers who purchase a new combined Virgin Home and Contents Insurance policy and have not previously received points for that same policy (not available for renewals). This offer is valid for new policy purchases from 27 March 2024 – 30 September 2024 and is subject to change or removal at the discretion of Virgin Money. Offer is not valid to customers who purchased through Compare the Market, Choosi, iSelect, Finder, Canstar, Infochoice, Mozo or the Virgin Money app. A valid Velocity membership number must be provided at the time of application. If you’re not a Velocity member you can join Velocity for free. Maximum of 10,000 Velocity Points per policy. In order to receive the Points, the policy holder’s name must match the Velocity name and account number provided. Eligible policy holders will be entitled to up to 10,000 Velocity Points, subject to the following conditions: the policy holder will be entitled to 10,000 Velocity Points if the insurance is held for at least 65 days (credited to the eligible Velocity Account up to 90 days after the policy has been purchased); The Velocity Membership Terms and Conditions apply. This offer cannot be used in conjunction with any other Virgin Money Home and Contents Insurance offers, is not redeemable for cash and is not transferable.

Emphasis added. A similar policy with Qantas advises that you can earn up to 30k points, but the quote I got makes it out to be only 9k over the course of twelve months. That's the same with their health insurance – sure, pay through the nose and they'll give you 100k+ points galore. Take the minimum cost out and you'll be lucky to score 10k points.

However, are Virgin contradicting themselves here? In one sentence they say that you can "earn up to 10,000 velocity points" and the next sentence says that "the policy holder will be entitled to 10,000 velocity points".

Am I reading this wrong? Will they give me the full 10k points just for signing up then, or only if we pay through the nose and give them top dollar with zero excess (lol)?

Moreover, what happens if I don't feel entitled enough?