Co-author: William Jolly
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% of insurers identified competition as their biggest concern. On average, car insurance premiums have increased by nearly 9% from 2016.
This isn’t good for consumers, but there is a silver lining. 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.
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Every multi car insurance policy discount
Multi car insurance policies are offered by a number of Australian providers. Correct at the time of the last update (8 March 2018), here are all of the brands that offer multi-policy discounts from Canstar’s database, ranked in alphabetical order.
Budget Direct
Budget Direct offers a range of discounts for existing insurance customers. By having a car insurance policy, you can enjoy discounts on other Budget Direct products, such as:
- Home & Contents Insurance: Up to 30% discount
- Home Insurance: Up to 15% discount
- Contents Insurance: Up to 15% discount
- New comprehensive car insurance policy: Up to 15% discount
- Life Insurance: Up to 15% discount
- Travel insurance: Up to 15% discount
Budget Direct’s product snapshot below is based on a male driver in New South Wales aged 30-39, with no cover for an extra driver under 25.
Learn More about Budget Direct Car Insurance
Youi
Youi customers with Car Insurance can be eligible for a 20% discount on their Contents Insurance where the overnight address for the car matches the insured address of the contents insurance policy.
Youi’s product snapshot below is based on a male driver in New South Wales aged 30-39, with no cover for an extra driver under 25.
Learn More about Youi Car Insurance
Other multi-policy discounts
| Company | Product | Multi-policy discount | Eligible policies |
|---|---|---|---|
| ANZ | Comprehensive | Get a 15% rebate on your premium by holding two or more policies for a year | Home, Contents and Landlord insurance |
| APIA | Car Advantage – Comprehensive | Save 10% on each policy you hold with APIA | Life or Home insurance |
| Australian Unity Insurance
|
Comprehensive | 10% off each subsequent general insurance policy | All except Travel insurance |
| Bupa Insurance
|
Comprehensive | Existing Bupa Health members receive a 10% discount on car insurance | Health insurance |
| GIO
|
Comprehensive, Platinum | 10% discount if you hold three or more eligible policies | Home Building, Contents, Landlord, Car, Motorcycle, Caravan or Boat insurance |
| HBF | Comprehensive | 10% discount on car and home insurance for HBF health members. Add a 2nd policy and get 14.5% off both | Home, Health and Travel insurance |
| NRMA Insurance
|
Comprehensive NSW, ACT, TAS, QLD, ACT | Depends on the numbers of years you’ve been with NRMA and the number of policies you have. Check their calculator here | Car, Motorbike, Home & Contents, Landlord, Caravan and Boat insurance |
| Progressive Direct
|
Comprehensive | Bundle up to 5 cars on a single policy and save. Contact Progressive for details | Car insurance |
| RAA
|
Comprehensive | 10% discount off each policy when you have three or more in the same name | Home & Contents, Motorcycle, Caravan & Boat insurance |
| RACQ
|
Comprehensive | 5% off each policy when you have three or more with RACQ | Car, Classic Car, Motorcycle, Pet, Home & Contents, Caravan and Boat insurance |
| RACT
|
Comprehensive | Premium discounts when combining Motor Vehicle insurance with Home & Contents insurance. See RACT for details | Car, Boat, Caravan and Home & Contents insurance |
| RACV
|
Comprehensive, Complete Care | Save 10% if you have at least one other insurance policy under the same name | Home, Landlord,
Motor, Caravan & Trailer, Boat or Veteran, Vintage and Classic Vehicle insurance |
| SGIC
|
Comprehensive PLUS | Replaced by Loyalty discount. % of savings changes depending on the time and amount of policies you have. Check out the discount table here | Car, Motorbike, Vintage Car, Home & Contents, Landlord and Retail Business insurance |
| SGIO
|
Comprehensive PLUS | Replaced by Loyalty discount. % of savings changes depending on the time and amount of policies you have. Check out the discount table here | Car, Motorbike, Vintage Car, Home & Contents, Landlord and Retail Business insurance |
| Shannons Insurance
|
Comprehensive | 10% off your home & contents premium as well as multi-vehicle discounts | Motor vehicle insurance as well as Home & Contents insurance |
| Suncorp Insurance
|
Comprehensive, Comprehensive Advantages, Comprehensive Extras | Combine three or more policies and save 15% | Home & Contents insurance, Landlord insurance and Car insurance |
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.Source: Providers’ websites. Information correct as at 8/03/18.
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.
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