Swann Insurance Refund
Between 1 January 2008 and 1 August 2017, Swann Insurance and Insurance Australia Limited repeatedly sold ‘add-on’ insurance products throughout motor vehicle dealerships across Australia. These products were sold to both individuals and businesses under unfair circumstances, providing no additional service or cover, but simply as a revenue raising endeavour from the insurer. They have since been deemed as ‘junk’ insurance products, with the insurer breaching a series of key laws.
On 17 December 2020, the Federal Court approved a settlement in a class action, announcing that group members will receive approximately $138 million in distributed payments. Unfortunately, this payout is less than 10% of what holders of these policies are actually entitled to, given it is down from the starting amount of $1 billion in premiums. Given the lengthy nature of class action lawsuits, the results and benefits of members can begin to dwindle. As of 15 February 2021, when the registration to participate in the settlement distribution first opened, many former Swann customers only received $100 from a $1000 gap insurance policy.
The opt out period for the Swann Insurance Class Action was extended to validate notices up to and including 2 September 2020. Fortunately, policy holders who opted out and chose to work with the team at Get My Refund over the lawyers within the class action saw far more promising end results, with many refunds in the realms of $999 premium plus interest, totalling to $1600 pay outs, all without the hassle and added expenditure of costly lawyers. If you have opted out of the Swann Insurance Class Action and believe you are entitled to a refund, contact the team at Get My Refund for your best chance at receiving the larger sum you are owed.
Who is Eligible for the Refund?
If you believe you might be eligible for a refund from Swann Insurance, you will need to meet certain criteria. First look to see if you or your business purchased a motor vehicle, such as a car or motorcycle, with an ‘add-on’ insurance product provided by Swann Insurance in the time between 1 January 2008 to 1 August 2017. These would likely have been involved as part of the sales process within the dealership, and included:
- Loan Protection Insurance
• Walkaway Insurance
• Tyre and Rim Insurance
- Protection Plus Insurance
- Gapcover Insurance (also known as Purchase Price Protection Insurance)
- Motor Vehicle Mechanical Breakdown Insurance (also known as “WarrantyASSIST” Insurance or Motor Vehicle Extended Warranty Insurance)
Review any documents, emails or letters you may have in your possession relating to a motor vehicle purchase, such as a contract, loan agreement or direct communications from Swann Insurance.
In order to pursue a full refund, policy holders must opt out of any class actions they have been entered into automatically. If you received an Opt Out and Common Fund Notice, and decided to opt out before 2 September 2020, then you will not be considered as a group member of the Class Action, and can partner with Get My Refund to pursue your full refund. Even if you have already received funds from Swann Insurance in relation to your insurance policy, it is possible this is only a partial refund, and you may still find yourself eligible for further payments, once your losses are run through the necessary calculations.
Uncertain whether you have opted-out of the Class Action? Not sure where to go from here? For more information about your eligibility or how you can ensure you receive what is owed to you, contact the professionals at Get My Refund today. Our services go beyond those of over-priced lawyers and drawn-out class actions by applying our industry expertise, fighting for our clients’ rights to receive their refund against insurance providers selling ‘junk’ policies.