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.

Update resultsUpdate
Filters
LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Vehicle Type Maximum Vehicle Age Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkCompare
7.19% p.a.
8.31% p.a.
$597
Fixed
New
1 year
$8
$400
$35,804
Approval within 24 hoursEarly payout available
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
6.69% p.a.
7.81% p.a.
$590
Fixed
New
1 year
$8
$400
$35,379
Approval within 24 hours
  • Save the planet. Save thousands on your car loan.
  • Get a discounted rate if you buy electric
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
6.57% p.a.
7.19% p.a.
$588
Fixed
New
No Max
$0
$250
$35,278
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
6.34% p.a.
8.36% p.a.
$585
Variable
New
1 year
$8
$400
$35,084
7.29% p.a.
8.41% p.a.
$598
Fixed
New
1 year
$8
$400
$35,889
7.99% p.a.
8.27% p.a.
$608
Fixed
New, Used
No Max
$0
$195
$36,489
7.19% p.a.
7.82% p.a.
$597
Fixed
New, Used
7 years
$0
$249
$35,804
No ongoing fees
8.27% p.a.
8.27% p.a.
$612
Fixed
New, Used
No Max
$0
$595
$36,731
7.95% p.a.
8.16% p.a.
$608
Fixed
New
5 years
$0
$150
$36,454
8.99% p.a.
9.33% p.a.
$623
Fixed
New, Used
7 years
$5
$0
$37,356
9.24% p.a.
9.86% p.a.
$626
Variable
New, Used
10 years
$5
$195
$37,575
9.49% p.a.
10.82% p.a.
$630
Fixed
New, Used
No Max
$9
$474
$37,795
  • 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.

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 . View disclaimer.

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.