QBE car insurance policyholders will soon be able to access one-off vouchers to help ease the pressure on household budgets during the COVID-19 crisis.

Eligible existing and new Australian QBE comprehensive car insurance customers are being offered a $50 gift card, while motorcycle, caravan and other private motor insurance customers will receive a $25 voucher.

The gift cards represent about 25% of the average private-use motor insurance policy from April to June.

QBE Australia Pacific CEO Vivek Bhatia says the benefit reflects fewer vehicles on the road due to travel and other restrictions to limit the spread of COVID-19, resulting in fewer insurance claims.

“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. This one-off benefit will be a welcome boost to Aussie families at this difficult time,” Mr Bhatia said.

Last week, Challenger-brand Youi announced a 15% premium relief for three months to motor customers who are driving less due to COVID-19.

More than 50,000 Australians applied for the relief in the first five days and the South African-owned insurer was “quickly closing in on $2 million of premium” to be returned to customers, CEO Hugo Schreuder said.

In New Zealand, Finity Consulting estimates around $NZ35 million ($33.10 million) will be sliced from the cost of personal motor claims to insurers during four weeks of the strictest “Level 4” lockdown.

The frequency of collision claims may fall up to 80%, though that may be offset by larger claims, supply chain constraints, inflation and exchange-rate impacts, Finity says. Theft may see a smaller decrease than collision claims.

Insurance Council of New Zealand (ICNZ) CEO Tim Grafton said the insurance industry was “acutely aware” of the pressure COVID-19 was placing on customers and was offering active support.

"It is critical that each insurer responds in a way that is most appropriate for their customers and for them to maintain solvency,” Mr Grafton said.

“In this way, our members can balance the needs of those in genuine hardship with their obligation to be there for all policyholders."

New Zealand insurer Tower said yesterday it was also working on a refund plan of unprecedented scale for motor policyholders to reflect lower car use and claims.

“Any savings we make will be passed back to our customers,” CEO Richard Harding says.

Suncorp’s AAMI brand has not offered any refund on premiums paid but was providing options to those experiencing hardship, including flexible payment and waiving cancellation fees.

IAG has also not opted for refunds or vouchers but says a dedicated team is working on customer support measures, and any additional benefits arising from restrictions would “ultimately flow through to our customers.”

IAG motor customers can change upcoming premium payments from annual to pay-by-the-month, and cancellation fees have been waived.

Consumer group One Big Switch is spearheading a pressure campaign for Compulsory Third Party (CTP) premium relief, launching a petition to push the states and territories to temporarily reduce the fees they charge.