Here’s how we’re doing it
Claimo has now helped over 3,000 customer claims over $10 Million of so-called junk insurance premiums. In our most recent media appearance on channel 9, Nicole Gallpen told her story to millions of viewers that she was expecting to receive just $900 but ended up receiving $12,000 from the unnecessary costs of add-on insurance policies added to her car loan. Check out our appearance and Nicole’s story here.
Australians who have paid for so-called “junk insurance” are now clawing back hundreds of millions in cash from the finance sector through private services, and ASIC remediation programs and class actions. You can read about add-on insurance class actions here.
What is ‘junk’ insurance?
Consumer credit insurance (CCI) has historically been tacked onto millions of credit card, personal and home loan contracts around Australia. It’s usually sold as a way for consumers to protect their repayments in the event of accident, sickness, disability, unemployment, and death. Often consumers are ripped-off with unnecessary charges and have claims rejected due to the generic exclusions on the policy,
CCI is financed into most credit related products such as loans and credit cards and can be hidden in the loan paperwork or statements. Claimo specialise in financial investigations and are helping thousands of Aussies claim their refunds on a no win no fee basis.
You can read all about Junk Insurance in our helpful Junk Insurance guide here.
How it affects you
Customers are required to pay additional and ongoing costs for these ‘add on’ junk insurance policies, therefore if you have been paying for certain cover you may be entitled to a refund of the costs. Many consumers have been paying for CCI on their credit cards for years and often result in thousands of hard earned dollars being refunded.
Why should you enquire?
Junk insurance policies are often sold without consent of the consumer and agents often mislead consumers these insurance policies are required as part of a loan agreement when in fact they are discretionary add-on products.
Many consumers are often unaware they have purchased an additional ‘premium’ or ‘cost’ on which they are unlikely to ever make a claim. With most of these policies, the insurance companies pay the agent, often the car dealer, high commissions for each policy they sell. This means there is a huge incentive for the agent to sell the policy for their own benefit, regardless of whether the consumers wants these add-ons or not.
Many of Claimo customers get refunds of these unnecessary junk insurance policies for customers who sold add-on insurances unknowingly to customers with limited financial literacy and who are already struggling to make ends meet.