Get the Finder app 🥳

Track your credit score

Free

Australian car insurers offer discounts amid coronavirus

Posted: 23 April 2020 11:51 am
News

Car garage

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.

BrandWhat they're offeringHow to get in touch
Youi15% discount on car insurance – to new and existing customersGo to Site
AAMI20% discounts on premiums or a 3-month waiverChat online at www.aami.com.au/contact

Call 13 22 44 or

+61 3 8520 1300

Apia20% discounts on premiums or a 3-month waiverCall 13 50 50
GIO20% discounts on premiums or a 3-month waiverCall 13 10 10

Chat online at www.gio.com.au/contact-us

Suncorp20% discounts on premiums or a 3-month waiverCall 13 11 55

Email direct@suncorp.com.au

QBE$50 vouchersCall 133 723

Enquire online at www.qbe.com/au/contact-us

Get more from Finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site