RACQ premium discounts to save members almost $5m

As COVID-19 takes its toll on Queenslanders’ hip pockets, RACQ has announced it would make further changes to help its members, offering almost $5 million in discounts on motor vehicle insurance policies.

The Club has taken action after it received more than 1300 applications for financial hardship relief, of those 60 percent said paying their insurance premiums would be a struggle.
RACQ spokesperson Paul Turner said while the insurer had already hit pause on any comprehensive motor vehicle premium increases for the short-term, meaning most members would see the same or a reduced premium on their renewals, the latest move to also reduce rates equated to an average saving of $30 per policy.
“We know Queenslanders are doing it tough right now and our Hardship team is working day and night to do whatever it can for our members, whether they’re with us for insurance, bank or roadside assistance, just to help ease some of that pressure,” Mr Turner said.
“For members insured with us, we recognise many are using their vehicles differently. That’s why we’ve already paused premiums from going up for our motor vehicle insurance policy holders, and with the further discount, we’re saving members almost $5 million, which will mean anyone renewing or purchasing a new policy before June 30 will benefit from these reductions.”
Mr Turner said the Club would also work with members to help them ease the pressure of paying an excess if they did need to make a claim.
“Not only are insurance premiums causing people worry right now, people might also be struggling to pay an excess too. That’s why if they’ve been in an accident or need to make any time of insurance claim with us, and aren’t able to get that $750 in excess together, we’ll work through the options and give them time to pay that excess back, when they are back on their feet again,” he said.
RACQ’s Group Member Advocate Gavin Watts said while the Club’s Financial Hardship team had seen most requests come in for help paying insurance premiums, banking and home loan repayments had also generated concern from members who’d recently lost their job, or had their hours reduced.
“There’ll be a lot of people out there who are going through tough times and haven’t come to us to ask for help yet – whether it’s for insurance, banking or roadside assistance support, we encourage members to contact us,” Mr Watts said.
“Please go online, or give us a call on 13 1905 so our Hardship team can help talk you through the options we have available, because that’s exactly what we’re here for.”
More information on RACQ’s response to support its members though COVID-19 could be found at https://www.racq.com.au/help.