If there’s one trait Australian insurance providers cherish in a customer, it’s loyalty in a competitive market.
As it stands, competition is rife in Australia’s insurance industry – so much so that according to a recent JP Morgan/Taylor Fry report, some insurance firms suffered deteriorating profits over last year. The research also found that 56 per cent of insurers identified competition as their biggest concern heading into 2016. On average, car insurance premiums actually decreased by two per cent in 2015 as a result of this competition.
All of this is fantastic for consumers. With firms fighting tooth and nail over every insurance contract, we’re seeing plenty of online discounts and sign-up offers as insurers encourage customers to switch.
But insurance firms also want their existing customers to remain loyal by having all their different policies (car, home, contents life etc.) insured with them. As such they offer multi-policy discounts which can help customers save money on their total premiums whilst discouraging them from switching providers.
10 car insurance multi-policy discounts
Correct at the time of writing, here 10 multi-policy discounts on offer for car insurance.
|Company||Product||Multi-policy discount||Eligible Policies|
|ANZ||All car insurance||Up to 15% off (3 or more eligible ANZ policies) and up to 12.5% (2 eligible ANZ policies)||Home, Contents cover, Landlord.|
|Budget Direct||Comprehensive only||25% discount if you have another policy with Budget Direct||Not specified. Call Budget Direct on 1800 179 417 to find out.|
|GIO||All car insurance||10% discount with 3 or more eligible GIO policies||Home, Contents, Landlord, NSW CTP Green Slip (Can’t be discounted), Motorcycle, Caravan, Boat.|
|NRMA||All car insurance||Save from 5% to 25% off depending on how many eligible NRMA policies you have and how many consecutive years you’ve been with NRMA.||Motorbike, All Home policies, Caravan, Boat, Trailer, All Landlord policies, Vintage, Veteran, Classic, Transport Accident, CTP Green Slip NSW & CTP ACT (can’t be discounted), Life Insurance (can’t be discounted), Income Protection (can’t be discounted), Funeral (can’t be discounted), NRMA Motoring & Services membership (can’t be discounted).|
|RAA (SA)||All car insurance||Up to 10% off with 3 or more eligible RAA policies||Not specified on website. Call RAA on 08 8202 4567 to find out.|
|RACQ (QLD)||All car insurance||Up to 5% off with three or more eligible RACQ policies||Motorcycle, Home, Contents, Caravan, Trailer, Boat,|
|RACV (VIC)||All car insurance||10% off with 2 or more eligible RACV policies||All except Travel, Business and Farm Insurance products.|
|SGIC (SA)||All car insurance||Save from 5% to 25% off depending on how many eligible SGIC policies you have and how many consecutive years you’ve been with SGIC.||Motorbike, All Home policies, Caravan, Boat, Trailer, All Landlord policies, Vintage, Veteran, Classic, Retail Business (can’t be discounted).|
|SGIO (WA)||All car insurance||Save from 5% to 25% off depending on how many eligible SGIC policies you have and how many consecutive years you’ve been with SGIC.||Motorbike, All Home policies, Caravan, Boat, Trailer, All Landlord policies, Vintage, Veteran, Classic, Retail Business (can’t be discounted).|
|Suncorp||All car insurance||15% off when you combine 3 or more eligible Suncorp policies||Home, Contents, CTP (can’t be discounted), Landlord, Motorcycle, Caravan, Motorhome, Boat.|
Source: Providers’ websites. Information gathered 5th April 2016. Correct at time of writing.
Note that some of these discounts might not apply to extra premiums for optional covers (such as windscreen cover). Also, the discount might only apply to your car insurance and not your other policies. Be sure to read the full terms and conditions of the offers before you apply.
Keep in mind…
While discounts and bonuses sound great, don’t forget that a policy offering a multi-policy discount isn’t always better value than one that doesn’t offer one. You’ve got to take into account the quality of the coverage you’re getting for your money.