Find out if your health fund offers multi-policy discounts for bundling other insurance products.
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.
Which funds offer multi-policy discounts?
|ahm||ahm members can save 10% on their travel insurance. Members can also save up to 15% off car insurance or up to 25% off home and contents insurance from Real Insurance when they join online.|
|Bupa||Bupa members can get 10% off the cost of home and contents, car insurance, landlord insurance and pet insurance. Members can also save up to 15% on travel insurance.|
|Doctors' Health||Doctors' Health Fund members can save 30% discount on QBE travel insurance.|
|GU Corporate Health||Specially negotiated travel insurance premiums with ACE Travel Insurance.|
|HBF||HBF members get up to 14.5% when they take out property or vehicle insurance and 10% off travel insurance. You can get an additional 10% off HBF Travel Insurance when you buy your policy online.|
|HCF||HCF members save 10% on travel, pet and home insurance.|
|Health Care Insurance||Specially negotiated travel insurance premiums with QBE Travel Insurance.|
|Medibank||Medibank members can get 10% off pet, life and travel insurance.|
|Phoenix Health Fund||Specially negotiated travel insurance premiums with QBE Travel Insurance.|
|RT Health||RT members can save up to 40% on their travel insurance premiums with QBE Travel Insurance.|
|St.Lukes Health||St.Lukes members can get a 10% discount on the standard CGU premium for home and contents insurance.|
|Transport Health||Transport members can save up to 30% on their travel insurance premiums with QBE Travel Insurance.|
|Westfund||Westfund Members get a 15% discount on Cover-More Travel Insurance.|
What are multi-policy discounts?
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.
What kind of insurance policies can you expect to get a discount on?
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.
How much can you expect to save?
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.
Pros and cons of multi-policy discounts
- Big savings. Multi-policy discounts allow you to keep more money in your pocket, providing premium savings of up to 25% per policy.
- Essential cover. Bundling policies doesn’t affect your ability to ensure that you still have all the important insurance cover you need.
- Easier to manage. When all of your essential insurance policies are with the same insurer, it can make it much easier to manage your policies and make claims.
- They limit your choice. The policy that offers discounted premiums may not necessarily offer the right cover for you.
- You still need to shop around. Just because a policy has discounted premiums doesn’t mean it’s the most affordable cover available, so make sure to compare your options and obtain quotes from multiple insurers.
What others types of loyalty bonuses are on offer?
Health insurers may provide the following special offers and bonuses to reward customers for their loyalty:
- Increasing benefits. Many insurers give you increased benefits on specific extras services when you maintain your membership for an extended period. Typically seen with services such as dental, physio, chiro and more, these rewards increase your benefit limit for each year that you retain your membership.
- Cover for out-of-pocket hospital expenses. Simply by paying your premiums, your health fund may allow you to earn reward points that you can use to pay for out-of-pocket hospital expenses that your policy does not cover.
- Discounted gym memberships. Membership in many health funds allows you to access cheaper memberships at partner gym and fitness chains.
- Discounts at partner retailers. Many funds also provide discounts and special offers with a wide range of partner retailers, allowing you to save on everything from sporting goods to movie tickets.
- Giveaways. Many health funds offer member-exclusive competitions to win electronic items or sporting goods.
- Referral bonuses. You may earn a gift card for referring a friend who signs up to become a member of your health fund.
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