Masterclass, Money

Allianz to refund $45.6m to 68,000 customers sold useless insurance

Published on January 17, 2018 11:17 am, by

Allianz has agreed to refund $45.6 million in insurance premiums to 68,000 policyholders. The insurance policies were sold through car dealerships and provided little or no benefit to customers.

The affected products include:

  • Motor Equity Insurance
  • Loan Protection Insurance
  • Tyre and Rim Insurance
  • Warranty Insurance Products

The policies were sold between December 2010 and November 2017.

The issues with the insurance policies included:

  • it being was unlikely that some customers would be able to claim on the policies because the insured value of the car was more than the amount borrowed
  • the cover duplicated, or was ineffective because of existing cover held by some customers
  • some customers were sold more expensive insurance than they needed
  • some customers were sold policies they were ineligible to claim under
  • life insurance was sometimes sold to young people who were unlikely to need it
  • some customers didnt receive rebates when they paid out their loan early even though cover under their policies had ended
  • some customers were sold warranties they were unlikely to need because their car manufacturer provided warranties for up to 7 years


Affected customers are likely to receive a refund or partial refund of the premiums they paid.

Allianz is contacting affected customers and plans to have contacted affected customers by April 2018. Customers with questions about their cover should contact Allianz via phone: 1300 548 165 or  email:

Further information is also available from ASIC.

At MoneyBrilliant, we’ve got your back. We’ve automatically contacted MoneyBrilliant customers that might be entitled to a refund. It’s all part of the MoneyBrilliant service. To make sure you know about refunds you might be entitled to sign up now at

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Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.

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