Australian car insurers offer discounts amid coronavirus
These are the major brands offering cut rates or cashback, in the form of vouchers.
Lots of car insurance companies in the US have started offering drivers partial refunds because they can't use their cars during lockdown. The same isn't happening in Australia – yet – but there have been some positive signs.
While refunds haven't made an appearance, several of Australia's biggest car insurers have begun offering discounts on premiums or – in the case of QBE – cashback via a gift voucher.
Youi was the first big brand to announce a discount, offering 20% off premiums for new and existing customers, on the condition they are using their car less due to COVID-19.
"Given the decline in driving at the moment premiums can be lower, so we feel the right thing to do is to give back to our customers during this incredibly tough time," said Youi CEO Hugo Schreuder.
QBE soon followed, announcing a one-off COVID-19 benefit in the form of a $50 gift card, available to both new and existing comprehensive car insurance customers. Motorcycle, caravan and other private motor insurance customers will receive a $25 gift card.
According to QBE CEO Vivek Bhatia, the COVID-19 benefit represents about 25% of the average private-use motor insurance policy from April to June.
Suncorp also confirmed a coronavirus-related discount, with some of its major brands offering premium discounts of up to 20% or 3-month premium waivers for eligible home and car insurance customers.
The premium relief accompanies other measures by Suncorp, including free counselling for customers and their families.
The table below shows which brands have so far announced discounts on car insurance premiums. We'll be keeping this updated if more insurers follow suit.
|Brand||What they're offering||How to get in touch|
|Youi||15% discount on car insurance – to new and existing customers||Go to Site|
|AAMI||20% discounts on premiums or a 3-month waiver||Chat online at www.aami.com.au/contact|
Call 13 22 44 or
+61 3 8520 1300
|Apia||20% discounts on premiums or a 3-month waiver||Call 13 50 50|
|GIO||20% discounts on premiums or a 3-month waiver||Call 13 10 10|
Chat online at www.gio.com.au/contact-us
|Suncorp||20% discounts on premiums or a 3-month waiver||Call 13 11 55|
|QBE||$50 vouchers||Call 133 723|
Enquire online at www.qbe.com/au/contact-us