{"id":100438,"date":"2025-01-19T14:38:26","date_gmt":"2025-01-19T03:38:26","guid":{"rendered":"https:\/\/en.econostrum.info\/au\/?p=100438"},"modified":"2025-01-19T14:38:29","modified_gmt":"2025-01-19T03:38:29","slug":"200000-aussies-set-for-compensation-after-landmark-allianz-insurance-settlementt-are-you-eligible-for-a-refund","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/au\/200000-aussies-set-for-compensation-after-landmark-allianz-insurance-settlementt-are-you-eligible-for-a-refund\/","title":{"rendered":"200,000 Aussies Set for Compensation After Landmark Allianz Insurance Settlementt: Are You Eligible for a Refund?"},"content":{"rendered":"\n

Hundreds of thousands of Australians are poised to receive compensation after Allianz Insurance<\/strong><\/em> agreed to a $170 million settlement following allegations about the sale of add-on insurance products<\/strong> through car dealerships. The settlement is among the largest consumer class action outcomes in Australian history.<\/p>\n\n\n\n

Legal Action over Low-Value Insurance Products<\/h2>\n\n\n\n

The class action<\/strong>, jointly filed by Maurice Blackburn<\/strong> and Johnson Winter Slattery<\/strong>, focused on add-on insurance sold between June 1, 2006, and September 27, 2021. Plaintiffs claimed that the policies offered little or no value and were sold unlawfully to consumers.<\/p>\n\n\n\n

The Australian Securities and Investments Commission (ASIC<\/strong>) previously criticized such policies, stating that between 2013 and 2015, customers paid $1.6 billion in premiums while receiving only $144 million in claims. Meanwhile, car dealerships received $602 million in commissions\u2014more than four times the payouts to customers.<\/p>\n\n\n\n

Eligibility for Compensation<\/h2>\n\n\n\n

Consumers who purchased vehicles during the specified period and bought add-on insurance products such as Loan Protection Insurance<\/strong>, Motor Equity Insurance<\/strong>, Extended Motor Warranty<\/strong>, or Tyre and Rim Insurance<\/strong> from Allianz are potentially eligible. However, they must have registered for the class action by July 15, 2024, at 4:00 pm.<\/p>\n\n\n\n

Those who failed to register by the deadline cannot claim compensation unless the court makes a further order.<\/p>\n\n\n\n

Settlement Details and Next Steps<\/h2>\n\n\n\n

The settlement, made without Allianz admitting liability, is pending court approval. A hearing scheduled for March 11<\/strong> will determine whether it proceeds. If approved, the payout will be distributed to approximately 200,000 eligible participants.<\/p>\n\n\n\n

Compensation amounts will vary based on how much each consumer paid for their policy and any prior refunds or claims received. The $170 million settlement will be reduced by legal costs (25% of the sum), reimbursement for plaintiffs, and an estimated $5 million for administrative expenses.<\/p>\n\n\n\n

What Should Eligible Participants Do Now?<\/h2>\n\n\n\n

Maurice Blackburn has begun notifying impacted individuals via text<\/strong>, email<\/strong>, and postal notices<\/strong>. At this stage, eligible participants do not need to take further action unless they wish to object to the settlement. <\/p>\n\n\n\n

More information on the class action can be found\u00a0here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Thousands of Australians could soon receive a payout after a major settlement involving car dealership insurance. The case revolves around allegations of “worthless” policies and millions paid in dealer commissions. Could you be one of those impacted? Here\u2019s what you need to know.<\/p>\n","protected":false},"author":5,"featured_media":100444,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[],"class_list":["post-100438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/posts\/100438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/comments?post=100438"}],"version-history":[{"count":5,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/posts\/100438\/revisions"}],"predecessor-version":[{"id":100443,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/posts\/100438\/revisions\/100443"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/media\/100444"}],"wp:attachment":[{"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/media?parent=100438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/categories?post=100438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/tags?post=100438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}