QBE Insurance (QBE) has today announced it will be offering gift cards to Australian motor insurance customers "to help ease the pressure on household budgets brought on by COVID-19."

According to QBE, eligible existing comprehensive car insurance customers will receive a one-off COVID-19 benefit in the form of a $50 gift card. 

New customers who sign up before June 30, 2020 will get one too. 

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.

Lender

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

New Car Loan - Home Owner Special

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

New / Demo Car Loan (Variable)

    FixedNew99 yearsMore details
    Loan amounts from $2k to $75k
    • Available for any new motorised vehicle
    • No ongoing or early exit fees
    • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
    • Get quick decision. Funds in 24 hrs if approved
    Loan amounts from $2k to $75k

    New Car Loan

    • Available for any new motorised vehicle
    • No ongoing or early exit fees
    • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
    • Get quick decision. Funds in 24 hrs if approved
    VariableNew1 yearMore details
    • Discounted rate on qualifying electric cars
    • Up to 7 yrs loan term
    • Redraw available up to $5,000/day

    Green Car Loan

    • Discounted rate on qualifying electric cars
    • Up to 7 yrs loan term
    • Redraw available up to $5,000/day
    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 June 24, 2024. View disclaimer.

    Meanwhile, new and existing motorcycle, caravan and other private motor insurance customers will receive a $25 gift card.

    That $25 also applies to customers with third party (excluding CTP) and third party fire & theft policies. 

    This benefit represents about 25% of the average insurance policy cost over April to June, according to QBE Australia Pacific CEO Vivek Bhatia.

    “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," Mr Bhatia said.

    "This one-off benefit will be a welcome boost to Aussie families at this difficult time."

    Mr Bhatia said QBE is rolling out this support in response to fewer vehicles being on the road, resulting in fewer car insurance claims. 

    QBE Group CEO Pat Regan meanwhile said it is vital insurers step up to assist customers. 

    "While the path through this pandemic remains uncertain, we will continue to be there to support our customers and their communities, true to our purpose to give people the confidence to achieve their ambitions," he said. 

    This relief package excludes commercial and fleet policies.

    Will other car insurers follow suit? 

    As it stands, QBE's offer is a unique one in terms of support offered during COVID-19. 

    A quick scan of the market found most insurers' COVID-19 support pages are quite vague, saying things like "We know that thousands of Aussies will be financially stretched for the next few months. If you’re among them, we may be able to help", before telling customers to contact them (AAMI). 

    Others are slightly more direct, such as Budget Direct, which has an FAQ section that tells customers, among other things, that if they use a car for business and are now working from home, they can update their policy to potentially get a lower premium. 

    One insurer to offer discounted premiums to car insurance customers is Youi, discounting 15% off premiums for the next three months.

    This will be available to new and existing policy-holders who are driving their cars less due to restrictions imposed for non-essential travel during the pandemic. All they have to do is login to their online account and click the required box (existing), or click the box at the quote stage if they're a new customer. 

    “Given the decline in driving at the moment, premiums can be lower,” Youi CEO Hugo Schreuder said.

    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.