Multi-Policy Discounts for Car Insurance

Co-author: William Jolly 

How much could you save by bundling all your insurance policies together?

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 car insurance multi-policy discount

Correct at the time of writing, here are all of the multi-policy discounts on offer for car insurance.

Check the ratings here.

Budget Direct

Budget Direct offers a slew of benefits for existing insurance customers. By having a car insurance policy, you can enjoy discounts on other Budget Direct products, such as:

  • 15% off a new comprehensive Car Insurance policy
  • Up to a 30% discount when you combine your Home & Contents Insurance
  • 15% if you add separate Home or Contents Insurance policies
  • 10% discounts when you add Life and Travel Insurance under the same name

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 car and contents are at the same address.

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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