Have You Paid for Junk Insurance in The Last Few Years? Well Use This Free Tool to Get It Back

eman resu on 09/08/2024 - 09:49

What is junk insurance?
Junk insurance is an Aussie term to describe add-on insurance policies which are added to loans and credit cards.

Common examples are
consumer credit insurance guaranteed asset protection (GAP) that are added onto loans with the rest of the paperwork.

You might have paid for junk insurance accidentally over the years. If you’ve purchased a car or gotten a credit card or home loan, you may have unintentionally paid for junk insurance or a rubbish warranty. Read more about junk insurance here.

How does it all work?
When you apply for a car loan, personal loan, or credit card, you may have bought consumer credit insurance (CCI), guaranteed asset protection (GAP), mechanical breakdown insurance and tyre and rim insurance policies. These products are expensive, offer poor value for money and you might be entitled to a refund.

Will my refund affect my relationship with the financial firm?

Absolutely not! If you have been treated unfairly then you have a right to claim back your money under Australian Consumer Law (ACL).

Following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, lenders set aside billions of dollars as they know they are responsible for the mis-selling of these policies. For this reason, your refund will not affect your relationship with the financial firm.

Will my refund affect my relationship with the financial firm?
Absolutely not! If you have been treated unfairly then you have a right to claim back your money under Australian Consumer Law (ACL).

Following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, lenders set aside billions of dollars as they know they are responsible for the mis-selling of these policies. For this reason, your refund will not affect your relationship with the financial firm.

Do it yourself and save money you would pay another firm to do it for you?

I claimed for the following:
credit card insurance from NAB
GAP insurance for my landcruiser

Check out the following for free claim forms.
https://demandarefund.consumeraction.org.au/start-your-refun…

Financial Insurance

Comments

  • c64 on 09/08/2024 - 11:12
    +15

    how do i get my money back for my private health insurance?

  • ricadam on 09/08/2024 - 11:39
    +3

    Would LMI be considered junk insurance?

    • miwahni on 09/08/2024 - 21:54

      Wouldn't matter if you considered it junk or not, it covers the bank, not you, and without it you likely wouldn't get a loan unless you have 20% deposit or work as a professional in certain fields.

  • tsunamisurfer on 09/08/2024 - 13:01
    -3

    Each and everyone of these customers got a copy of the PDS that outlined the product in detail.

    Every customer would have read that PDS and determined that the product is for them.

    Every customer then signed that they understood the terms of the PDS and want the product.

    Based on this, why is a refund needed?

    OP, can you please offer some clarity on what you understood from the PDS when you signed for the Credit Card Insurance? Why you signed for it?

    I too was offered CC insurance through Citbank. I found it to be incredibly expensive for something that I was never ever going to use and I insisted not to have it.

    • coffeeinmyveins on 09/08/2024 - 13:32
      +1

      Every customer would have read that PDS and determined that the product is for them.

      Rubbish. Absolutely rubbish.

      I work in the insurance sector and I can tell you in no uncertain terms that a very small percentage of people taking out insurance actually read the pds documents.

      It's the reason I laugh when people think insurance is this magical shield that protects them.

      • tsunamisurfer on 09/08/2024 - 14:42
        -2

        You are right my second sentence is laughable.

        Thats why I followed it up with the next sentence, which makes second 2 moot.

        I have worked in financial services for more than 12 years and I know the behaviours.

        Some institutions have been naughty. But the customers are also at fault here.

        • greatlamp on 12/08/2024 - 22:20

          12 years experience and you don't realise why consumer protection is needed?

          It's very simple.

          Once one supplier adopts egregious terms then their competitors will quickly do the same, there is nothing to encourage them not to.

    • pharkurnell on 09/08/2024 - 14:15

      Every customer would have read that PDS and determined that the product is for them.

      hahahahahahahahaha..

    • eman resu on 09/08/2024 - 14:42
      +1

      You had the option. Others were pushed into it and made to feel that without it they would not get the credit.

  • m a c9 on 09/08/2024 - 13:13

    There's a class action going on for something similar to this I think?

    https://www.mauriceblackburn.com.au/class-actions/join-a-cla….

    • eman resu on 09/08/2024 - 14:42

      There are several class action lawsuits going at the same time.

      The banks have had to put aside billions to settle the claims for people. But you have to apply, they don't have to notify you.

  • cnmarine on 09/08/2024 - 15:12

    Do all the insurance that's bundled within the super count? I didn't know about them till few years later and already paid thousands.

    • tsunamisurfer on 09/08/2024 - 22:55

      It was clearly stated…..in the PDS……that you signed off on.

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