#InsuranceIssues #CGUInsurance #CarInsuranceTroubles
Hey guys, so my husband and I just found out that our car insurance has quadrupled without us even realizing it! š± ANZ switched us over to CGU insurance without giving us a heads up, and now we’re stuck paying way more than we were before.
But here’s the kicker – they claim they sent us an email about it, but neither of us received anything from CGU. š¤ We’re feeling pretty frustrated and confused right now.
Has anyone else been blindsided by CGU insurance like this before? What did you do in this situation? Any tips on how we can potentially get some money back or switch back to our old insurance plan?
Maybe we should try:
– Asking for a refund for the extra charges
– Looking into other insurance options
– Contacting consumer protection agencies for guidance
Let’s help each other out and navigate through this together! šŖ #InsuranceHelp #ConsumerProtection #CarInsuranceWoes
Change insurers.
This happened to my life insurance in my AMP super. They were taking about 85% of my contribution for the premium. Made dying a better proposition than living to retirement.
you pay for car insurance for a quarter or year in advance so you can tell them that it’s your right to a refund and you do not accept the increase cost. if they refuse you can tell them that they are conducting fraud
I would change insurers first and work out how to deal with anz and cgu later. Maybe lodge a complaint to both for now.
QBE used to underwrite ANZās insurance and I believe they sold it to CGU.
Iād be annoyed if all they did was sent an email.
I believe you can still lodge a complaint with CGU and go through their internal dispute resolution process.
If youāre not happy with the outcome you can go to AFCA. The burden of proof of their actions would be on CGU that they adequately informed you and or your husband of the change plus the renewal.
Iād have a crack at it if I were you.
We switched three non-car related policies when this change impacted our renewals as the increases were astronomical – two policies weād had with ANZ for over 20yrs. We did receive emails about the changes though.
When in doubt threaten to complain to AFCA (the ombudsman) unless you get a full refund. Normally pretty effective as itās cheaper to refund you then pay stage 1 fee for AFCA
I need to find out who these lunatics are paying their insurance monthly. Thought everyone did half yearly or yearly.
you don’t read your renewal notices, dumb AF
insurance is always a fixed monthly amount, because its the yearly premium broken down into monthly payments.
those repayments cant change mid contract, they can only change when its renewed/purchased.
are you absolutely sure you didnt (maybe auto?) renew it without checking the amount?
You 100% didnāt check your renewal and thatās on you. They are obligated to notify you of these kinds of changes, so feel free to complain but I guarantee theyāll be able to take a look at their policy management systems and find that they did in fact notify you, and you therefore wonāt be eligible for any premium refunds.
3 cars? Ridiculous. Itās about time car drivers started paying for what they use.
What car is it?
400% increase is unjustifiable – insurance industry is becoming increasingly broken. Price increases always outstripping inflation. We are about a decade away from most people being forced into underinsurance or no insurance at all.
Where is govt on this?
Cancel and look for something else. Not that hard.
Previous insurer also got taken over by CGU and price increased by about 500 a year I think. However I did get a letter and an email. I just called and cancelled and they back paid the difference.
Insurance broker here. Iām assuming you have no open claims with this advice. Call CGU and cancel from inception of the policy with them. They will refund you. Make sure you have another policy in place before canceling. If you need help DM me.
Buy a 4th car