How Does a Multi-Policy Discount Save Money?
In a Nutshell: A multi-policy discount (also called a bundle discount) is offered when you take out two or more insurance policies with the same insurer — most commonly car + home or car + contents. The discount is typically 10–15% off each policy. It's one of the easiest ways to save because you're just consolidating policies you already need.
How Multi-Policy Discounts Work
| Policy Combination | Typical Saving | Example |
|---|---|---|
| Car only | No discount | $1,000 |
| Car + Home building | 10–15% off each | Car $850 + Home $1,100 = $1,950 (save ~$250) |
| Car + Contents | 10–15% off each | Car $850 + Contents $400 = $1,250 (save ~$150) |
| Car + Home + Contents | 10–20% off each | Car $800 + Home $1,050 + Contents $380 = $2,230 (save ~$320) |
| Multi-car (2+ cars) | 10–15% off each | 2 cars: $900 + $850 = $1,750 (save ~$250) |
Multi-Policy Discounts by Insurer
| Insurer | Typical Discount | Best For |
|---|---|---|
| NRMA | Up to 15% | Car + home + member benefits |
| AAMI | Up to 15% | Car + home bundle |
| Allianz | Up to 12% | Car + home + travel |
| QBE | Up to 12% | Car + home |
| GIO | Up to 15% | Car + home + contents |
| RACV / RACQ / RAC | Up to 15% | Club members — car + home + roadside |
| Budget Direct | Up to 10% | Car + home (limited compared to others) |
| Youi | Up to 10% | Car + home (depends on personalised quote) |
| Bingle | ❌ No multi-policy | Car only |
Multi-Car Discount
If you have multiple cars in one household:
| Scenario | Separate Policies | Multi-Car Policy | Saving |
|---|---|---|---|
| 2 cars (couple) | $950 + $850 = $1,800 | $820 + $750 = $1,570 | $230 (12.8%) |
| 3 cars (family) | $850 + $700 + $950 = $2,500 | $730 + $600 + $810 = $2,140 | $360 (14.4%) |
| Fleet (5 cars, business) | $4,500 total | $3,200 total (fleet) | $1,300 (28.9%) |
💡 Multi-car vs multi-policy: Some insurers offer a multi-car discount even if the cars are on separate policies. Others require a single multi-car policy. Both approaches save money.
What Happens If You Cancel One Policy?
| Situation | What Happens to the Discount |
|---|---|
| You cancel home insurance but keep car | Multi-policy discount on car is removed at renewal |
| You switch one policy to another insurer | Discount on remaining policies is removed |
| You move to a different state | Multi-policy may need to be re-quoted |
| You add a third policy | Discount increases further |
⚠️ Warning: The multi-policy discount only applies while you hold BOTH policies with the same insurer. If you cancel one, expect the premium on the other to increase by the discount amount.
Is a Multi-Policy Discount Always the Best Deal?
| Scenario | Recommendation |
|---|---|
| Both policies are competitively priced individually | ✅ Bundle them — the discount is a free saving |
| Home insurance is much cheaper elsewhere | ⚠️ Check — the home saving might outweigh the bundle discount |
| Car insurance is much cheaper elsewhere | ⚠️ Check — compare single policies + discount vs separate best deals |
| You have 3+ policies | ✅ Very hard to beat the combined discount |
Example:
- Car with Insurer A: $850 (standalone) | Car with Insurer B: $1,100 (bundled with home)
- Home with Insurer A: $1,200 (standalone) | Home with Insurer B: $950 (bundled with car)
- Total A (separate): $2,050 | Total B (bundled): $2,050
💡 Sometimes bundling doesn't save overall. Always compare the total cost of bundling vs the sum of the best individual prices.
Key Takeaway
- Multi-policy discount: 10–15% off each policy when you combine car + home/contents.
- Also available as multi-car discount (10–15% off each car).
- NRMA, AAMI, Allianz, GIO, and QBE offer the best bundle discounts.
- Bingle does NOT offer multi-policy discounts.
- Cancelling one policy removes the discount from the other(s).
- Always compare: bundled total vs sum of best individual prices.
- Multi-policy is one of the easiest savings — if your policies are already competitive.
Last updated: July 2026
Disclaimer: This article provides general information about multi-policy discounts in Australian car insurance. Discounts, terms, and combinations vary by insurer. Always compare the total bundled cost against separate policies.