There's relief coming out the ears ever since coronavirus wreaked havoc on our health, our lives, and the economy.

Many of us are feeling the pinch, and there are numerous measures out there to ease the burden, such as extended welfare and stimulus, home loan deferrals, credit card interest deferrals, and more.

However, until recently, car insurers have been fairly quiet in offering policy relief.

After all, many of us are driving less, and there are fewer people out on the road, theoretically reducing risk of a crash.

So where is the policy discount?

A few insurers have introduced relief measures, and more could follow suit - so watch this space as more insurers come to the table.

In the market for a new car? The table below features car loans with some of the lowest fixed and variable interest rates on the market.

Rates
Features
Fees
Other
Lender
VariableNew1 year
More details
  • Redraw facility available up to $5000/day
  • Available for purchasing new and demo vehicles
  • $5,000 to $150,000 loan amount
  • Required: Good credit history, stable employment history. Aus citizenship or PR.

New - Home Owner Special

  • Redraw facility available up to $5000/day
  • Available for purchasing new and demo vehicles
  • $5,000 to $150,000 loan amount
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
More details
FixedNew99 years
More details
APPLY ONLINE
  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • Flexible repayment options
APPLY ONLINE

New Car Loan

  • Available for any new motorised vehicle
  • No ongoing or early exit fees
  • Flexible repayment options
More details
FixedNew1 year
More details
Approval within 24 hoursEarly payout available
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
Approval within 24 hoursEarly payout available

New Car Loan - Special (Fixed)

  • Required: Good credit history, stable employment history. Aus citizenship or PR.
More details
FixedNew2 years
More details

New Vehicle Fast Loan Low Rate

    More details
    • Redraw facility available up to $5000/day
    • Available for purchasing new and demo vehicles
    • $5,000 to $150,000 loan amount
    • Required: Good credit history, stable employment history. Aus citizenship or PR.

    More details
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

    The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

    Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of December 6, 2023. View disclaimer.

    What insurers are offering policy discounts?

    So far, in our research, seven insurers have extended an olive branch to policyholders - AAMI, APIA, GIO, Suncorp, QBE, RACQ, and Youi.

    Has your insurer offered policy relief? We'd like to hear about it. 

    Suncorp, APIA, AAMI, GIO

    On 23 April, the Suncorp Group introduced a 'Peace of Mind Package', and that package contains a 20% discount on home and car insurance premiums.

    Alternatively, policy holders can also get a three-month premium waiver, in addition to:

    • Insurance Health Checks to help customers save, introducing options such as lower premiums for reduced vehicle use.
    • No fees for policy cancellation.

    The package is available to customers who have held their policy before 2 April 2020, and excludes landlord, strata and CTP insurance.

    The Suncorp Group includes AAMI, APIA and GIO, so the same package applies to these three as well.

    QBE

    Rather than a percentage discount, QBE has gone the gift card route.

    On 22 April, QBE announced it will give its eligible existing comprehensive car insurance customers a $50 gift card.

    This is also extended to those who sign up before 30 June 2020.

    Motorcycle, third party, third party fire and theft and caravan insurance customers will get a $25 gift card.

    QBE says this benefit represents about 25% of the average private-use motor insurance policy from April to June.

    It is not yet known what brand gift cards are included, and further details on how to access will be revealed "shortly".

    RACQ

    The Queensland-based automotive giant has introduced several measures to help out its customers amid the coronavirus pandemic.

    First is a pause on premium increases when renewing, estimated to save an average of $30 per policy.

    This is estimated to save members $5 million and is available to anyone renewing or purchasing a new policy before 30 June.

    Second is negotiating with customers to implement a payment plan for the $750 excess if they get into an accident.

    RACQ is encouraging members to reach out if they are experiencing hardships.

    Youi

    Youi's assistance is straightforward - 15% off premiums for the next three months.

    This is available to new and existing policy holders who are driving their car less due to the pandemic. 

    This discount is available via the online customer portal, or by clicking the relevant box when obtaining an online quote if you are a new customer.

    Insurance Policy Coronavirus Relief 

    Check back here to see if your insurer offers any policy relief. As always, reach out to your insurer directly if you are experiencing financial hardship due to COVID-19.

    • AAMI - Yes
    • AI Car Insurance
    • Allianz
    • ANZ
    • APIA - Yes
    • Australia Post
    • Australian Seniors Insurance
    • Agency
    • Australian Unity
    • BankSA
    • Bankwest
    • Bendigo Bank
    • Bingle
    • Bank of Queensland (BOQ)
    • Budget Direct
    • Bupa
    • CGU
    • Coles
    • CommInsure
    • Dodo
    • Elders Insurance
    • Eric Car Insurance
    • Famous Insurance
    • GIO - Yes
    • Guild Insurance
    • HBF
    • HSBC
    • Huddle
    • Hume Bank
    • Kogan Insurance
    • Latitude
    • Lumley
    • MB Insurance
    • NAB
    • National Seniors Australia
    • NRMA
    • Over Fifty
    • Ozicare
    • People's Choice Credit Union
    • Progressive
    • Qantas Car Insurance
    • QBE - Yes
    • RAA
    • RAC
    • RACQ - Yes
    • RACT
    • RACV
    • Real Insurance
    • Ryno Insurance
    • SGIC
    • SGIO
    • Shannons
    • St. George Bank
    • Suncorp - Yes
    • TIO
    • Virgin Money
    • Westpac
    • WFI
    • Woolworths
    • Youi - Yes

    Photo by Trent Szmolnik on Unsplash