The game is up for car yards and insurance companies who’ve been ripping Australians off, according to Consumer Action Law Centre.
Following the corporate watchdog ASIC’s announcement today that insurer QBE will refund $15.9 million of junk insurance, and a similar announcement in June that Virginia Surety will refund $330,000, plus an impending class action against worthless car yard warranties – Consumer Action says now is the time for Australians to fight back.
“Anyone who has bought a car in recent years should check their paperwork—you could get your money back,” says Susan Quinn, Senior Policy Officer at Consumer Action Law Centre.
“This car yard sham has been exposed. Insurers and warranty companies have been in cahoots with car dealers for too long and finally people are fighting back and winning. Car yards, insurers and warranty companies have let this behaviour go on for a long time and now they’re facing the consequences.”
Consumer Action’s DemandARefund.com has helped people right across Australia demand over $600,000 in refunds from car yards and insurers.
“Check your paperwork for any insurance or warranties you might not know about, or that you felt pushed into buying,” advises Quinn.
“Even if you did choose to buy it, it may be worthless to you. And if so, you should demand your money back. DemandARefund.com can help you do that.”
Media Contact: Jonathan Brown, 0413 299 567, email@example.com
Susan Quinn and Philippa Heir (Consumer Action Senior Solicitor) are available for comment.
DemandARefund.com users are available for comment.
Been ripped off by junk insurance? Here’s how to Demand A Refund
Bought add-on insurance from QBE?
You can find out if you’re eligible for a partial refund from QBE at the ASIC MoneySmart website. You could get a partial refund plus any interest you paid.
But, if you want to seek a full refund of the premiums, visit DemandARefund.com
Bought add-on insurance from another insurer?
To seek a full refund for add-on insurance or a used car extended warranty, visit DemandARefund.com
If you are not happy with the insurer’s offer or they do not respond within 45 days, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA) online.
ASIC MoneySmart QBE add-on insurance refunds
ASIC QBE refunds $15.9 million in add-on insurance premiums (2 August 2017)
ASIC Virginia Surety to refund over $330,000 to add-on insurance customers (20 June 2017)
Consumer Action’s 3 tips for avoiding car yard shonks:
1 – Insurance and warranties sold in car yards are bad news.
Our experience shows that the insurance products and warranties sold at car yards is often poor value. The salesperson is more focused on their commission than getting the right insurance for you. Research your own options.
2 – Car yards are bad places for financial decisions.
It might seem convenient to buy your car and arrange a loan in the same place, but you could be stung with an expensive loan you can’t afford. Compare rates in the market and speak to a lender who cares about giving you the right loan for your circumstances.
3 – Prepare before entering the car yard.
Walk in prepared. Set your budget, know what car features are important for you and be prepared to sleep on it. Cars are a major financial decision – so don’t rush!