If you have been sold insurance on a car loan, you may be entitled to a refund of the premiums + interest charges if, for example, the insurance company or dealership sold the policy under false pretences.
Problems that are covered
• The company has failed to supply the goods or services, or has supplied goods not up to standard, or
• The company has misrepresented what it is supplying - for example, they told you that you would be covered but you wouldn’t.
If you want to claim a refund for car insurance, your first step should be to contact the company you bought it from, to give them a chance to put things right. However, if they do not reply, or they won’t give you a refund, or it’s clear there is no point in contacting them (as they have disappeared), you can refer the request to an external dispute resolution scheme such as Australian Financial Complaints Authority (AFCA).
The insurance company will likely ask you to prove why you are entitled to a refund. This may be a time consuming and complicated process depending on a range of factors such as your time, confidence of dealing with banks, or the financial firm you are dealing with. If you do not want to deal with financial firm yourself,
Claimo is a claims management service that can assist consumers with a refund on a No Win No Fee basis. We advocate on behalf of consumers, so we work for you and not the bank. The information provided in this article does not constitute legal or financial advice.