Credits or refunds on unused travel insurance

[Dr Ralph]

Got another email from NIB. Best they are prepared to offer me is a credit with them that needs to be used by June 2021.

I'm pushing again, a bit harder this time. Prepared to give AFCA a shot if I don't get a positive response:

"Dear Christine,



Thank you for your most recent response to the series of enquiries I have made over the past few weeks with regard to obtaining a refund for policy number xx_xx_xx_XX. This is now the fourth contact I have had with NIB about this matter.



At this time I am not satisfied with the progress that I have made. Without prejudice, below I outline for you the salient facts and once again request that you process a refund for this policy.



1) NIB has sold a junk policy. That is a policy which NIB knows that I will never be able to use or make a claim against.



2) It is incorrect for you to state: "we are unable to cancel your policy and offer a refund." Under the PDS, NIB IS able to offer a refund of my policy. Your PDS explicitly permits this to occur. As you appear to be unfamiliar with the PDS, I provide the relevant part of the PDS for you here:

"If you request to cancel your policy outside the cooling-off period, we may, at our discretion, refund that part of your premium paid for the unused period of insurance; we may charge an administration fee to do so."



3) NIB is aware that it is very unlikely that I or other Australian citizens will be able to travel internationally by the time that the proposed credit would expire. The offer of the credit is therefore inappropriate.



4) I am prepared to lodge a formal complaint with AFCA if this matter is not satisfactorily resolved and this email serves as the notice to you that AFCA requires.



If you are not in a position to consider this further, I urge you to refer this matter to a more experienced member of staff who is familiar with your PDS, so that the refund that I have now requested multiple times can be processed without further delay. "

Just had an email update on this from NIB. They have agreed to pay a full refund.

For those still trying for the refund, keep pressing hard and hopefully you can get the same outcome.

And FYI, they will process the refund directly to my bank account as I provided evidence that the credit card used to pay for the original policy had been cancelled.

 

[tgh]

I finally rolled over and cancelled my annual policy (Allianz).
They have intimated that a refund of some sort will be made, but I expect little….

 

[malmac]

I had a trip planned for June-July and was insured with SCTI. They would not cover the portion of the trip that had been paid and was not refunded to me but luckily only $450 lost in the end. However when I asked about my policy then being worthless they were quick to offer a refund of the insurance I paid in full and this was in my account 24 hours later. When I factor in my loss less an excess the refund was an okay solution. Most insurance companies are just bookies and change the odds to suit.

 

[nickykim]

Got an email from Allianz Wednesday...they will refund pro-rata on the annual policy I purchased

 

[nickykim]

Now that Allianz have made a decision about what they will doing they are processing refunds quickly. Received an email yesterday saying full refund will be back on my credit card within 3 days. Bought insurance on 20 Jan, annual policy including travel within Australia, was expecting 10/12 back (20 Jan to 18 March was covered by policy but no claims). Very happy with the outcome.

 

[JohnM]

I just cancelled a travel insurance policy taken with Australian Seniors Insurance for a cancelled adventure voyage in northern waters.

Instant 100% refund.

Impressed.

 

[JohnM]

And another one. This time Cover-More. Instant 100% refund.

 

[awaywithfairies]

I've just received a reply from TID. Apparently I am not eligible for a refund as my policy's cooling off period has expired. But they have offered me credit for a new policy to be used before 30 June 2021.

I probably would have preferred a refund but at least I have 13 months to use the credit.

I received another email from TID yesterday. To be honest, I found the email a little confusing and wordy but it mentioned the continuing COVID-19 situation, credits, refunds and cancellations.

I was led to believe that refunds were not possible for the two policies I held for cancelled trips earlier in the year and that I had credits for future use.

However, I clicked on a link provided in the email and gave details of the policy numbers and reasons for cancellation.

I received an email this morning saying I'll be receiving refunds within 5 business days, which I'm happy with. I have no immediate plans for any big trips and certainly have nothing booked so the credits previously offered were in danger of going unused.

 

[Jurahn]

I received another email from TID yesterday. To be honest, I found the email a little confusing and wordy but it mentioned the continuing COVID-19 situation, credits, refunds and cancellations.

I was led to believe that refunds were not possible for the two policies I held for cancelled trips earlier in the year and that I had credits for future use.

However, I clicked on a link provided in the email and gave details of the policy numbers and reasons for cancellation.

I received an email this morning saying I'll be receiving refunds within 5 business days, which I'm happy with. I have no immediate plans for any big trips and certainly have nothing booked so the credits previously offered were in danger of going unused.

I received the same email yesterday and yes, it was a little confusing! Same as you, I had an unused policy for a trip I had to cancel in May due to COVID and was only offered a credit to be used to 30 June 2021, but no refund was possible. I'm very pleased to see this change of mind by TID and have applied for a refund for my policy as well.

 

[bPeteb]

Ditto to the two above. Confusing, but I’ve submitted the refund request as well.

 

[blackcat20]

I got the TID email a week or so ago, lodged it and yes, we have a nice refund coming. Wasn't expecting anything so it's a bonus.

 

[Mattg]

I just got an email from InsureandGo advising that I am now able to convert my $600+ travel insurance credit voucher into a refund. I applied for the refund online and they say they'll let me know within 2-3 weeks if it is approved.

Assuming this gets processed without issue, I'm pretty happy with that!

 

[get me outta here]

I just got an email from InsureandGo advising that I am now able to convert my $600+ travel insurance credit voucher into a refund. I applied for the refund online and they say they'll let me know within 2-3 weeks if it is approved.

Assuming this gets processed without issue, I'm pretty happy with that!

View attachment 235866

I also had Insure and go and they gave me a full refund a few days ago.

 

[roryg]

I've previously posted on this thread that we couldn't get a refund from the RACV for insurance for our cancelled May 2020 trip to the UK.

Thanks to Finder.com.au, I've just come across an announcement from the ACCC (ACCC announcement) of 2 April 2020 that says, in part:

"All policyholders, including consumers, eligible small businesses and larger businesses, who cancel travel plans will be able to get a credit or refund for any unused travel insurance premiums, again without administration or cancellation fees."

I've written to the RACV requesting, basically, that they change their minds. Here's hoping.

 

[get me outta here]

I've previously posted on this thread that we couldn't get a refund from the RACV for insurance for our cancelled May 2020 trip to the UK.

Thanks to Finder.com.au, I've just come across an announcement from the ACCC (ACCC announcement) of 2 April 2020 that says, in part:



I've written to the RACV requesting, basically, that they change their minds. Here's hoping.

I figured something like that must’ve come up because when I first asked for a refund back in April they told me I would not be getting it. So then to get an email and the actual money back, was not their first choice.

 

[tgh]

Have heard naught from Allianz and it will indeed be a cold day in hell when I buy another policy from them...

 

[pomona]

Have heard naught from Allianz and it will indeed be a cold day in hell when I buy another policy from them...

contact the AFC.com outfit, they will fix it

 

[awaywithfairies]

I received my refunds from TID a couple of days ago. Relatively small amounts of money involved but better in my pocket than theirs...

 

[roryg]

I've written to the RACV requesting, basically, that they change their minds. Here's hoping.

And they have now deigned to offer me a refund of 70%.

Grudgingly bearing in mind the above, practical, philosophy,

Relatively small amounts of money involved but better in my pocket than theirs...

I have deigned, grumpily (as befits a grumpy old fart), to accept their offer.

It does pay to keep on asking, sometimes.


Edit: refund offer was 70%, not 75% as I originally posted.

 

[equus]

Have been approved for a pro-rata refund for a TID annual policy. I think that is a very good outcome, considering the policy was commenced early October 2019, so we have actually "used" it (no claims though) for a number of trips. They have agreed to refund the portion from 20 March 2020, so a substantial amount (for 2 people).

Has given me confidence to take out another annual policy (starting 25/12 last year), as it covers domestic as well, and I figure I will support them and make sure I maintain coverage.