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The Australian insurance industry is highly competitive, with scores of providers battling for market share across a wide range of policies. One of the ways insurers work to increase their slice of the pie is to offer multi-policy discounts to customers, rewarding them for their loyalty with cheaper premiums.
By holding one or more policies with the same insurer, you can enjoy premium discounts across travel, home and contents, car and life insurance cover. Let’s take a closer look at how multi-policy discounts work and how you can use them to save money across a range of essential insurance policies.
Fund | Multi-policy discount | Apply |
---|---|---|
![]() | ahm members will get two months free pet insurance and can save 10% on their life & travel insurance. Members can also save up to 10% off car insurance or up to 20% off home and contents insurance from Real Insurance when they join online. | |
![]() | HCF members save 15% on pet insurance. | Go to Site |
![]() | Medibank members can get 10% off on life, income protection, funeral and pet insurance. Then another 15% off on travel insurance. | Go to Site |
![]() | You can get a 10% discount on NIB travel insurance. | |
![]() | Bupa members can get 10% off the cost of home insurance, car insurance, landlord insurance and pet insurance. Members can also save up to 15% on travel insurance. | |
![]() | RT Health partnered with Zurich to offer members access to Ezicover, Zurich's range of "do it yourself" online life insurance products. |
Multi-policy discounts are premium discounts that an insurer offers you when you hold multiple policies with them. Designed to encourage customer loyalty, these discounts allow you to enjoy substantial savings across a wide range of insurance policies when you hold two or more types of cover with the same insurance provider. In some cases, the size of the discount may also increase based on the number of policies you bundle together.
For example, let’s say you already hold health insurance with Insurer A and comprehensive car insurance cover with Insurer B. Because these policies are with separate insurers, you pay the full premium for each type of cover.
But as a way to encourage you to switch car insurance providers, Insurer A offers a multi-policy discount of 10% off the cost of its own comprehensive car insurance policy. By switching insurers and holding two policies with the one company, you can enjoy a significant saving.
And if you also choose to move your home and contents insurance over to the same insurer, the discount on your comprehensive car insurance rises to 25%. It’s a win-win situation for you as a consumer since you still have the essential insurance cover you need, but at a reduced cost compared to what you would normally pay.
While the policies that are eligible for a discount vary from one insurer to the next, you can commonly expect to find multi-policy discounts offered on the following types of cover:
However, not all insurers that provide multiple cover types will offer multi-policy discounts. These insurers claim that no discounts are available because their policies are already as affordable as possible. It’s important to make sure the savings offered by a multi-policy discount provide good value for money.
The size of any multi-policy discount varies between insurance providers, so it’s best to contact your insurer to find out the details of any special offer. However, multi-policy premium discounts generally range from 5% up to 25%.
The size of the discount may also increase if you bundle more policies with the same insurer or if you buy cover online. Read the fine print for full information on the maximum discount available.
Health insurers may provide the following special offers and bonuses to reward customers for their loyalty:
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