Swann Insurance Class Action

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.

Get My Refund will fight for every cent you're owed.

We specialise in reclaiming money for consumers by investigating your individual situation to get back what you are owed if you were mis-sold, even if you loan is still current or has been paid out already.

Who is Eligible for the Refund?

The opt out model applies to class actions in Australia. Under the precedence, all persons affected automatically become members of the relevant class action. Between the 11th and 14th of February 2022, a Court-approved notice was emailed, where possible, to potential group members. 

This notice was also published in newspaper ads to notify potential group members of the class action’s commencement and to notify group members to opt out of the proceeding before 4 pm on Friday, 15 April 2022. Members who do not receive the opt out notice have no idea the class action exists, they do not know how to register and they can often miss out entirely through no fault of their own.

The settlement or court’s decision will legally bind members unless they had previously opted out of the proceedings.

Group members will not have the final say on settlement offers, settlement sum amounts or how the payout is apportioned between them and by that stage, it is too late to opt out and have waived the right to take it individually to obtain more.

Important note:

If you do not opt out, you will probably still need to take certain further steps before distribution occurs to receive your share of any payout — this is not automatic. 

The terms for every class action are all available online. We do not offer legal advice and we suggest you read what the actual group member MAY or MAY NOT receive or obtain legal advice before making these decisions.

What happens if you don’t opt out of the Allianz Class Action and your claim is successful?

The legal proceeding aims to seek compensation for Group Members by refunding the amount paid for their products and any additional interest from the financing of their insurance premiums. The compensation should accurately reflect the difference between what Group Members paid for their policy and what it was worth. However, the amount of payable compensation will depend on the case’s outcome and the circumstances of each Group Member. Therefore, even if your claim is successful, there’s no telling what amount you can expect to receive. 

How long can you expect the Allianz Class Action to take?

While the length of legal proceedings for the Allianz Class Action is uncertain, it will likely go on for several years, with most class actions in Australia lasting for over two years. With such delays and an uncertain outcome, Get My Refund provides an alternate method to seek a refund with our help. 

How do you opt out?

If you opt-out by the deadline, or instruct us to opt-out on your behalf, you have removed yourself from this class action and will be free to pursue a refund to achieve a better outcome.

If you had opted out, you’ve removed yourself from this class action. As a result, the outcome of the case will not affect you. You will be free to file your own claim separately and therefore entitled to more compensation.

Get My Refund — the pioneer of refunds you can count on

As the first refund management service in Australia, we have 30 years of experience and always act in the best interests of our clients to help them get back what they’re owed. We simplify and speed up the entire process and handle any escalations to AFCA, so you don’t have to. With our online portal, you can easily track the progress of your refund claim. Our clients have been offered up to 85% less when submitting their own refunds than what we’ve achieved for them. If you have any queries, explore our FAQs and read our blog to learn more!

A class action is a lawsuit brought by a group of claimants who suffered wrongdoings in the hands of the defendant. This type of lawsuit is also known as multi-district litigation or mass tort litigation.

Since the compensation for individual injuries may pale in comparison to the cost of a lawsuit, banding a group of claimants together tips the scale in the other direction, making it a suit worth filing.

Besides the claimant attorneys, filing a lawsuit as a group allows consolidation of witnesses, evidence, and other aspects of litigation for enhanced efficiency.

If you do not opt out in time, you will be bound by the outcome even if you are not happy with the amount you actually receive after the lawyers take their share. Legal proceedings are very expensive and by lining the pockets of lawyers you may be disappointed what ends up in yours.

Our client data confirms that our clients are better off opting out and instructing us to pursue a refund on their behalf than what they would have received if they did no opt out, and this is even after our fee is paid.

We work on behalf of you as an individual on all insurances (not just the class action ones) and work towards obtaining the maximum refund you are entitled to! Class actions can take years to be approved and to go through court process, whilst our refund claims can be completed in a matter of weeks!

This in recent times has worked out to be more than 60% more refund potential in your pocket even after our fees!

Once opted out your refund claim can be completed in less than 60 days, dependent on the complexity of your individual case.

You deserve some Gold Star stickers! There was some Tim Tams, but we ate them all. Sorry. You snooze, You…

Why? Okay, since you’ve read the whole page (you did not skim did you?), you definitely deserve a reward…..Lets make it a refund! If your still concerned or not sure then pick up that phone to our friendly Team! We love helping you (02) 9156 1000.

Get My Refund will fight for every cent you're owed.

We specialise in reclaiming money for consumers by investigating your individual situation to get back what you are owed if you were mis-sold, even if you loan is still current or has been paid out already.