Claim your refund on junk insurance today

No Win No Fee - if you don't get a refund, you don't pay. Demand a refund today!

How we can help get your refund

Car Finance

Car Finance

If you’ve taken out a car loan you may have been sold add-on insurance. Let our expert claims specialist do the hard work for you.

Credit Cards

Credit Cards

If you’ve had a credit card or store card you may have paid credit card insurance. Our experts can help check your refund eligibility for free.

Personal Loans

Personal Loans

If you’ve had a personal loan, you may have paid junk insurance. We can request your documentation from your bank.

Home Loans

Home Loans

Mortgage Protection Insurance is often sold alongside home loans. Our team are experts in securing refunds on hidden insurances.

Start your claim today

Claimo offers a service to help check your documents or request relevant paperwork for free.

Featured on Channel 9

“Aussie start-up getting back thousands for customers sold junk insurance”

How does claimo get my refund?

Details

Complete your details and tell us about your claim.

Letter of Authority

Where we identify a potential claim, we will issue you with a Letter of Authority.

Review

We will conduct a review to check your eligibility to claim and get further information from you.

Refund

Upon receipt of your Letter of Authority, we will get to work on your refund.

Frequently Asked Questions

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 and 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. 

If you’ve been sold insurance without your consent or knowledge, Claimo is here to help refund your money back. Here are the current class actions, read more about class action refunds here. 

What is a class action refund?

A class action refund is a settlement or pay out from an existing class action.

You can find out more about all current, and past class actions here. 

How much compensation will I receive?

Refunds vary from hundreds to thousands depending on the policy. CCI & GAP policies often incur interest charges too, making for higher refunds. 

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.

Claimo are experts in getting money back for these policies on a No Win No Fee basis. 

What is Consumer Credit Insurance?

Consumer credit insurance (CCI) provides cover for consumers if they are unable to meet their minimum loan repayments due to unemployment, sickness or injury or to pay the outstanding loan balance upon death. CCI is optional and is usually sold by lenders to consumers with a car loan, credit card, personal loan or home loan. Learn more about consumer credit insurance refunds here. 

What is Guaranteed Asset Protection Insurance?

Occasionally called Shortfall insurance or Gap insurance, it is designed to provide cover for the ‘gap’ between what you owe under your car loan and what your car insurer pays out on your comprehensive car insurance if your car is a ‘write-off’.

Read more about it on our GAP Insurance Refund page. 

Can I still apply for a refund if I no longer have the paperwork?

Of course. Log an enquiry with us and we will send you a template to help locate your paperwork for free.

How do I check my paperwork?

Check your loan agreement or monthly statements for junk insurance premiums. The insurance can be called different names such as CCI, GAP, credit or loan protection.

If you’re unsure or have any questions, Claimo offer a free service to help check your paperwork for junk insurance. 

How much does it cost to make a claim?

Claimo operates on a completely No Refund, No Fee basis. That means if you do not get a refund, we won’t charge you.

Our fee is 20% (+ GST) for any amount settled in the claims process with your financial firm or Australian Financial Complaints Authority.

Is there anything else I should know?

You do not need to use Claimo to assess your eligibility. Claimo operate on a completely no win no fee basis and we are experts on the dispute resolution process. Your dedicated Claims Specialist will provide you information and help you navigate the dispute resolution process throughout each step of the process.

Our fee is 20% (+ GST) for any amount settled in the claims process with your financial firm or Australian Financial Complaints Authority.

What happens if my refund is unsuccessful?

If your refund is unsuccessful, we will refer the claim to the Australian Financial Complaints Authority (AFCA). AFCA independently assesses the claim and offer a claim resolution process with fair outcomes.

More information about AFCA can be found at 
www.afca.org.au

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 Credit Rating be affected?

No, your credit rating will not be affected.

What is the Claimo name meaning?

Claimo is a claims management company that provides information to consumers who wish to have a claim managed on their behalf.  Claimo is an Aussie term to describe what we do, for example, “Start your Claimo”

How to get a refund on car insurance?

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.

You also may have bought a used car, and been sold MBI insurance, or mechanical breakdown insurance, read more here. 

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.

How do I claim back my credit card payment protection?

If you have been sold credit card payment protection, you might be entitled to a refund for these premiums, for example if the bank has sold it to you under false pretences, or the insurance is not the right product for you.

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, a software supplier says a software package you’re buying will work with a particular computer when it doesn’t.

How to claim money back on credit cards..

If you pay for something on your credit card and there’s a problem, your first step should be to contact the company you bought it from, to give them a chance to put things right.

The bank will likely ask you to prove why you are entitled to a refund and therefore you should be prepared to answer their questions which may prove to be a complicated process depending on a range of factors such as your time, understading of the insurance, or your confidence of dealing with banks.

However, if they don’t reply, or they won’t give you a refund, or it’s clear there is no point in contacting them, you can refer the refer you problem to an external dispute resolution scheme such as Australian Financial Complaints Authority (AFCA).

AFCA is a non-for-profit organisation that is an independent body which means they do not work for either party. Claimo is a claims management service that advocates of behalf of consumers for a refund of credit card protection on a No Win No Fee basis. Therefore, we work for you and not the bank.

The information provided in this article does not constitute legal or financial advice. Consider if the information is right for you.

How long do insurance refunds take?

Claimo settles most insurance refunds within 4-8 weeks.

However, financial firms including banks and insurers are legally permitted to 45 days to provide a final response as part of their Internal Dispute Resolution (IDR) requirements. These requirements are enforced by Australian Securities and Investments Commission (ASIC) under Regulatory Guide 165: Licensing: Internal and external dispute resolution.
If the issue relates to a claim for financial hardship, the financial firm must provide a response within 21 days.

If you are unhappy with the outcome or final response provided by the financial firm, then you have the rights to refer the request to the Australian Financial Complaints Authority (AFCA) which is a free external dispute resolution (EDR) scheme.
The AFCA timeframes varies widely from just 3 weeks to 4 months depending on the size and complexity of the refund request, or the financial firm. As a rule of thumb, the bigger the size of the refund request, the longer you can expect to wait on getting a refund because the financial firm may try and make it difficult to claim for the simple reason of not wanting to pay-out.
In addition, AFCA is a non-for-profit and their service is free to use, therefore they often receive high volumes of cases, especially in uncertain times such as COVID 19, meaning timeframes can go longer than 6 months.

In some cases, where a consumer’s situation primarily involves Financial Difficulty and they can prove it, for example, with a Statement of Financial Position (SOFP) or bank statements, then AFCA may be able to escalate the case timeframe to ensure there is a quicker turnaround. These exceptions are subject to AFCA approval and a tailored process that is designed to help complainant and the financial firm to reach an agreement.

What is motor equity insurance?

Motor Equity Insurance (MEI) – a Guaranteed Asset Protection (GAP) insurance that pays the difference between the amount (or shortfall) the customer owes on the car loan, and the amount the car is insured for under comprehensive car insurance, if the car is written off. Learn more here about motor equity insurance refunds. 


Example:
You get a loan to buy a second-hand car or motorbike for $15,000. Once you include the interest, fees and charges on the loan, the total you must repay on the loan is $25,000. You buy comprehensive car insurance on the car.
You are involved in an accident and your car is written off. Your comprehensive car insurance will pay you $12,000 for the vehicle, but you are still left with $13,000 to repay off your loan. This $13,000 is the ‘gap’ or ‘shortfall’

  • Ripped-off: Consumers sometimes do not receive rebates under their MEI policy when they paid out their loan early (which means that their cover under the MEI policy had stopped) and therefore they have been unfairly charged.
  • Rubbish insurance: Consumers are sometimes sold a policy they would be ineligible to make a claim on.
  • Expensive: interest charges can outweigh the cost of the insurance premiums making for higher refunds!
  • Dodgy sales: Often the policies are sold under false pretences or consumers are sold without any knowledge or understanding of what the policy does or how it works
    Think back when you last purchased a car under finance. Do you remember seeing or talking about extra insurance? The salesperson may have lied about the insurance or treated you unfairly.

If so, Claimo can help you request a refund on a No Win No Fee basis.

Where are you based?

Claimo is based in Sydney, Australia. Our friendly team are all real humans (except for our fantastic office dog Chester).