Another major insurer has come out with a relief offer for home and car insurance customers suffering the ramifications of COVID-19.
Suncorp has today released its 'Peace of Mind Package', which, among other things, offers those affected financially by COVID-19 a discount on their car insurance.
Existing home and car insurance customers can access discounts of up to 20% on their premiums.
Alternatively, they can also get a three-month premium waiver, as well as:
- Insurance Health Checks to help customers save, including options such as lower premiums for reduced vehicle use
- No fees for cancelling a policy
Suncorp Insurance CEO Gary Dransfield said the package would provide immediate financial and emotional relief for customers.
“The summer of devastating bushfires and severe storms was a recent reminder of why we have insurance to protect our homes, businesses and motor vehicles. The value of insurance has never been clearer for many Australians and we want to help them to remain protected,” he said.
”Over the past month, our people have been helping thousands of customers who are being impacted by COVID-19, and while everyone’s situation is unique, we know some short-term relief will go a long way to easing their worries while ensuring they remain insured.
This package is also available to AAMI, Apia and GIO customers who have held their policy before 2 April 2020, and it excludes landlord, strata and CTP insurance policies.
In the market for a new car? The table below features car loans with some of the lowest fixed interest rates on the market.
Suncorp joins a growing list of car insurers offering relief
One other insurer to offer discounted premiums to car insurance customers is Youi, which is discounting 15% off customers' premiums for the next three months (new or existing).
“Given the decline in driving at the moment, premiums can be lower,” Youi CEO Hugo Schreuder said.
The offer will run until June 30.
Savings.com.au hasn't been able to find any other firms explicitly offering car insurance discounts, but yesterday QBE insurance announced it would be offering a one-off COVID-19 benefit in the form of a $50 gift card.
“We know that for many of our customers, the health and economic crisis unleashed by COVID-19 is placing huge pressure on their household budgets," QBE Australia Pacific CEO Vivek Bhatia said.
"This one-off benefit will be a welcome boost to Aussie families at this difficult time."
If you are struggling to pay your insurance bills or are facing financial hardship because of coronavirus, contact your insurer to see what they can offer you.
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:
- The big four banks are: ANZ, CBA, NAB and Westpac
- The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2019. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
- The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
Some providers' products may not be available in all states.
In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.
*The Comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
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