During the week ASIC announced they had reached agreements with another 6 insurers to refund another $14.7m in premiums paid by consumers for add-on insurance sold through car dealers that was either useless or of little value.
The affected insurers this time are:
- Aioi Nissay Dowa Insurance Company Australia Pty Ltd (ADICA) who sell insurance products under the Toyota brand
- Eric Insurance Limited (formerly AVEA Insurance)
- Sovereign Insurance Australia Pty Ltd
- Virginia Surety Company, Inc. (Virginia Surety)
- LFI Group Pty Ltd (insurer for Liberty Finance)
- NM Insurance Pty Ltd, an underwriting agency, and three insurers – The Hollard Insurance Company Pty Ltd, AAI Limited (a member of the Suncorp Group) and AIG Australia Limited
The insurance policies affected include:
- Guaranteed Asset Protection (GAP) Insurance
- Consumer Credit Insurance (CCI)
- Mechanical Breakdown Insurance (also known as Extended Warranty)
This brings the total refunded for this type of insurance to more than $130m.
Customers who think they may be entitled to receive a refund but haven’t been contacted by the insurer are encouraged to contact the insurer themselves.
This is not the first set of refunds like this – there have been lots more of them. Check the related documents for other examples where you might have been entitled to a refund.
Further information is also available from ASIC.
At MoneyBrilliant, we’ve got your back. We’ve automatically contacted MoneyBrilliant customers that might be entitled to a refund. It’s all part of the MoneyBrilliant service. To make sure you know about refunds you might be entitled to sign up now at moneybrilliant.com.au