Which car insurers are offering financial relief during COVID-19?

If you’re experiencing financial difficulty due to the coronavirus pandemic, your car insurer may be able to help.

Some car insurers are offering financial relief to affected customers in the form of premium waivers, discounts and gift cards. Other providers are offering premium discounts to customers who are using their car less than usual at the moment.

Here’s a roundup of some of the relief options and discounts that are currently available from a selection of the car insurers on our database to customers facing financial hardship due to COVID-19. For more information, including the terms, conditions and eligibility requirements, please check with the insurer directly.

If your insurer is not listed below, it might still be worth contacting them directly and seeing what your options are. Although you may not be driving your car as much as usual, remember that if you stop paying your car insurance premiums completely or cancel your insurance, you most likely won’t be covered should something happen, such as if your car is stolen.

Provider Coronavirus financial relief
AAMI Existing car insurance customers facing financial hardship can receive a premium discount of up to 20% or a three-month premium waiver.

Check with AAMI for T&Cs.

Apia Existing car insurance customers facing financial hardship can receive a premium discount of up to 20% or a three-month premium waiver.

Check with Apia for T&Cs.

GIO Existing car insurance customers facing financial hardship can receive a premium discount of up to 20% or a three-month premium waiver.

Check with GIO for T&Cs.

QBE Comprehensive car insurance customers can receive a $50 gift card. Eligible third party (excluding CTP), third party fire and theft, motorcycle and caravan insurance customers can receive a $25 gift card. QBE advised on its website that it would “be in contact shortly with the details of how to access this COVID-19 benefit.”

Check with QBE online for T&Cs.

RACQ Premium increases have been paused for existing comprehensive car insurance customers. Customers renewing or purchasing a new policy before June 30 will also receive a premium discount. RACQ says customers will receive an average saving of $30 per policy.

Check with RACQ for T&Cs.

Suncorp Existing car insurance customers facing financial hardship can receive a premium discount of up to 20% or a three-month premium waiver.

Check with Suncorp for T&Cs.

Youi New and existing customers who are using their cars less due to COVID-19 can apply for 15% cashback on car insurance premiums for the next three months.

Check with Youi for T&Cs.

Source: Providers’ websites as at 28 April 2020.

In addition to looking out for relief from their insurer, some policyholders might be able to cut down on car insurance costs when it comes time to renew their policy. Depending on your circumstances, you may be able to find a better deal by comparing car insurance. Bear in mind, though, that if you switch to a new insurer you might not be eligible for any coronavirus relief that insurer is offering, if relief is limited to ‘existing customers’.

If you’re considering car insurance policies, the comparison table below displays some of the policies currently available on Canstar’s database for a 30-39 year old male seeking comprehensive cover in NSW without cover for an extra driver under 25. Please note the table is sorted by Star Rating (highest to lowest) followed by provider name (alphabetical) and features links direct to the providers’ website. Use Canstar’s car insurance comparison selector to view a wider range of policies.

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Image source: Shuang Li (Shutterstock)

As with all our content, Canstar’s Coronavirus coverage will always be free for our readers.

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