CGU Insurance


Why did BankVic move to a single insurer?

BankVic chose to switch to a sole insurer as it proved to be beneficial to members for a number of reasons, including: improved member service and member experience, service efficiency and price competitiveness.

Why was CGU chosen as the preferred insurer?

CGU was identified as the standout candidate against a range of criteria including:

  • Longevity of relationship - 34 year BankVic relationship, industry reputation and claims handling experience with BankVic members.
  • Superiority of coverage - benefits including flexible excess, coverage levels and competitive pricing. 
  • Investment in BankVic systems, products and support for our community.
  • Overall commitment to BankVic in terms of service, understanding member needs and valued business partnering approach. 
  • Proven effective claims handling processes and systems with 98.4% of claims paid every year.

Is my Allianz home/car/travel insurance still valid? 

Your existing insurance policy remains valid until its expiry date. At that time, you will receive a renewal invitation to renew with CGU Insurance and this will replace your existing policy.

Are there changes to payment arrangements with the change of my insurer?

This will depend on the type of payment arrangement you currently have in place. 

For payments made via regular instalments with a BankVic account:
You do not need to do anything to ensure your insurance policy continues. For your convenience, your BankVic direct debits will automatically commence with CGU upon expiry of your Allianz policy unless you advise us otherwise.

For payments made via regular instalments with another bank account or non-BankVic credit card:
You will receive an invitation to insure showing the available payment options. You can nominate your preferred payment frequency and the instalment commencement date.  Please call our friendly Insurance Consultants on 13 63 73 option 5 for further information.

What benefits can I expect under this new arrangement?

Under our arrangement with CGU, you will benefit from:

  • 24/7 local claims management service
  • Great value for money insurance products
  • Flexible cover options so you choose the cover that’s right for you and only pay for what you need
  • Potential additional coverage on your insurance policies, included in the premium

In addition to the new policy features, you will also receive a CGU Privilege Card at no extra cost. The CGU Privilege Card is an exclusive program that provides membership to Presidential Card and Presidential Card Online Shop. These two great programs offer discounts and savings on thousands of lifestyle benefits as well as many other goods and services. You can find out how to make the most of the savings on offer at

What if I need to make a change to my existing policy before my new CGU policy begins?

If you need to make any changes prior to your policy renewal, please call the BankVic Insurance team on 13 63 73 option 5 and we will be happy to help.

Can I transfer all my policies over to CGU now?

Yes, we would be pleased to assist you to transfer your policies earlier. Please call the BankVic Insurance team on 13 63 73 option 5.

Where do I find details of premium and payment schedule?

On the front page of your enclosed invitation to insure, you will find your premium instalment amount. On the second page you will see further details regarding your instalment, including the date of your first instalment.

What happens if I need to make a claim?

From the policy renewal date your coverage will continue with CGU. CGU provides 24 hours a day, 7 days a week, 365 days a year claim service. To notify CGU of a claim, simply call 13 24 80.

Best of Both Guarantee

To give you peace of mind, CGU will provide a Best of Both Guarantee for the first two years of your policy. This means if you make a claim under your CGU policy, they will apply the conditions of your previous policy and the conditions of your CGU policy and determine a more favourable outcome for you. After two years, the conditions of the CGU policy conditions will apply. If you have any queries in regards to this, please call the BankVic Insurance team on 13 63 73 option 5.

My motor insurance policy does not appear to include all the drivers as listed on my previous policy.

Your previous policy may have included drivers with age restrictions and may not have required all drivers to be listed. To confirm the necessary details of all drivers of your motor vehicle, please call the BankVic Insurance team on 13 63 73 option 5.

Why is my excess different to my previous policy?

The excess noted on your new CGU policy schedule may differ slightly to your previous policy. Your new excess has been as closely matched to CGU’s nearest equivalent excess. If you want to discuss alternative excess options or change your excess, please call the BankVic Insurance team on 13 63 73 option 5.

Why is flood cover automatically included in my new CGU policy?

CGU insurance policies include flood cover in all home and landlord policies. Flood cover is automatically included to provide members with peace of mind knowing they are covered should they need to make a claim for flood.  

BSB: 704 230

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