Swann Insurance

REVIEW OF ADD ON INSURANCE

To ensure our product delivers value to our customers, Swann has undertaken a review of its Add On Insurance policies. This includes Insurance policies that may have expired. As a consequence of this review, Swann may offer you a full or partial refund of your policy premium. Swann has decided to offer this refund because you may have paid for more cover than you needed.

FREQUENTLY ASKED QUESTIONS

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What is Guaranteed Asset Protection (GAP)?

GAP Insurance provides cover if you have a vehicle loan and your vehicle is written off.  It covers any shortfall between the payout from your Comprehensive insurance and the amount outstanding on your loan.

You may not need GAP insurance if the amount your vehicle is insured for under your Comprehensive Insurance, is equal to or greater than your vehicle loan. That is, there is no gap to cover if your vehicle is written off.

Why has Swann written to me?

Following a review of the sale of add-on insurance products sold through car and motorcycle dealers, Swann has found that some GAP policy customers did not receive value from the products they bought. Swann has identified that you may have been one of those customers.

Will I be offered a refund?

If we are offering you a refund, we will send you a letter that advises what you need to do to receive your refund.

I have not received a letter. Can I request a refund?

We assess refund requests for Swann Add On Insurance policies on a case by case basis. If you have questions about any Swann Add On Insurance policy you may have purchased, phone us on 1300 149 292 or email us at addon@swanninsurance.com.au

Will I receive interest on my refund?

Yes, Swann will add interest to any refund amount to reflect the amount of time that has passed since the reason for the refund first arose and will confirm the amount when you contact us.

Where can I get more information?

You can call our customer service team on 1300 149 292.

ASIC’s MoneySmart website also provides information about add on vehicle insurance: www.moneysmart.gov.au/insurance/car-insurance/add-on-insurance

How to make a complaint

If you have a complaint about our Add On Insurance review prior to 2013 or any other dealings with Swann Insurance, you can access our complaints handling procedure by contacting us on 1300 149 292.  Accepting a refund will not affect your right to make a complaint.

For further information about our complaint and dispute handling process, go to www.swanninsurance.com.au/privacy/#complaints

If you are not satisfied with Swann’s handling of your complaint you may lodge a complaint with the Australian Financial Complaints Authority (AFCA). To contact AFCA, visit www.afca.org.au or call 1800 931 678.

What is Loan Protection Insurance?

LPI provides cover for loan repayments if one of the covered events occurs. The events for which cover is available are Involuntary Unemployment, Life, Hospitalisation, Disablement, and Trauma.

Customers can choose which events they want to be covered for as there are multiple combinations that are available.

Why has Swann written to me?

Following a review of the sale of add-on insurance products sold through car and motorcycle dealers, Swann has found that some LPI policy customers did not receive value from the products they bought. Swann has identified that you may have been one of those customers.

Will I be offered a refund?

If we are offering you a refund, we will send you a letter that advises what you need to do to receive your refund.

I have not received a letter. Can I request a refund?

We assess refund requests for Swann Add On Insurance policies on a case by case basis. If you have questions about any Swann Add On Insurance policy you may have purchased, phone us on 1300 149 292 or email us at addon@swanninsurance.com.au

Will I receive interest on my refund?

Yes, Swann will add interest to any refund amount to reflect the amount of time that has passed since the reason for the refund first arose and will confirm the amount when you contact us.

Where can I get more information?

You can call our customer service team on 1300 149 292.

ASIC’s MoneySmart website also provides information about add on vehicle insurance: www.moneysmart.gov.au/insurance/car-insurance/add-on-insurance

How to make a complaint

If you have a complaint about our Add On Insurance review prior to 2013 or any other dealings with Swann Insurance, you can access our complaints handling procedure by contacting us on 1300 149 292.  Accepting a refund will not affect your right to make a complaint.

For further information about our complaint and dispute handling process, go to www.swanninsurance.com.au/privacy/#complaints

If you are not satisfied with Swann’s handling of your complaint you may lodge a complaint with the Australian Financial Complaints Authority (AFCA). To contact AFCA, visit www.afca.org.au or call 1800 931 678.

What is Walkaway Insurance?

Walkaway insurance provides cover for the difference between your loan balance and the assessed value of your vehicle.

You can return your financed motor vehicle to the selling dealer (if the policy was purchased through a dealer) or an auction house (if the policy was purchased through a salary packaging company) if a covered event occurs.

Some Walkaway insurance products also provide a Payment Relief benefit, which covers loan repayments for a period of either 3, 6 or 12 months, depending on the cover chosen.

Why has Swann written to me?

Following a review of the sale of add-on insurance products sold through car and motorcycle dealers, Swann has found that some Walkaway policy customers did not receive value from the products they bought. Swann has identified that you may have been one of those customers.

Will I be offered a refund?

If we are offering you a refund, we will send you a letter that advises what your need to do to receive your refund.

I have not received a letter. Can I request a refund?

We assess refund requests for Swann Add On Insurance policies on a case by case basis. If you have questions about any Swann Add On Insurance policy you may have purchased, phone us on 1300 149 292 or email us at addon@swanninsurance.com.au

Will I receive interest on my refund?

Yes, Swann will add interest to any refund amount to reflect the amount of time that has passed since the reason for the refund first arose and will confirm the amount when you contact us.

Where can I get more information?

You can call our customer service team on 1300 149 292.

ASIC’s MoneySmart website also provides information about add on vehicle insurance: www.moneysmart.gov.au/insurance/car-insurance/add-on-insurance

How to make a complaint

If you have a complaint about our Add On Insurance review prior to 2013 or any other dealings with Swann Insurance, you can access our complaints handling procedure by contacting us on 1300 149 292.  Accepting a refund will not affect your right to make a complaint.

For further information about our complaint and dispute handling process, go to www.swanninsurance.com.au/privacy/#complaints

If you are not satisfied with Swann’s handling of your complaint you may lodge a complaint with the Australian Financial Complaints Authority (AFCA). To contact AFCA, visit www.afca.org.au or call 1800 931 678.

What is Protection Plus Insurance?

PPI provides cover for the difference between the balance of the loan in respect of your vehicle and the assessed value of your vehicle (up to the policy limit).

You can return your financed motor vehicle to the selling dealer (if the policy was purchased through a dealer) or an auction house (if the policy was purchased through a salary packaging company) if a covered event occurs.

PPI also provides a Payment Relief benefit, which covers loan repayments for a period of either 3, 9 or 12 months, depending on the cover chosen.

Why has Swann written to me?

Following a review of the sale of add-on insurance products sold through car and motorcycle dealers, Swann has found that some PPI policy customers did not receive value from the products they bought. Swann has identified that you may have been one of those customers.

Will I be offered a refund?

If we are offering you a refund, we will send you a letter that advises what you need to do to receive your refund.

I have not received a letter. Can I request a refund?

We assess refund requests for Swann Add On Insurance policies on a case by case basis. If you have questions about any Swann Add On Insurance policy you may have purchased, phone us on 1300 149 292 or email us at addon@swanninsurance.com.au

Will I receive interest on my refund?

Yes, Swann will add interest to any refund amount to reflect the amount of time that has passed since the reason for the refund first arose and will confirm the amount when you contact us.

Where can I get more information?

You can call our customer service team on 1300 149 292.

ASIC’s MoneySmart website also provides information about add on vehicle insurance: www.moneysmart.gov.au/insurance/car-insurance/add-on-insurance

How to make a complaint

If you have a complaint about our Add On Insurance review prior to 2013 or any other dealings with Swann Insurance, you can access our complaints handling procedure by contacting us on 1300 149 292.  Accepting a refund will not affect your right to make a complaint.

For further information about our complaint and dispute handling process, go to www.swanninsurance.com.au/privacy/#complaints

If you are not satisfied with Swann’s handling of your complaint you may lodge a complaint with the Australian Financial Complaints Authority (AFCA). To contact AFCA, visit www.afca.org.au or call 1800 931 678.

What is Tyre & Rim Insurance?

Tyre & Rim Insurance covers the cost of repairing or replacing tyres and/or rims on your motor vehicle or motorcycle if they are damaged.

Customers can choose to take the optional Roadside Assistance benefit.

Why has Swann written to me?

Following a review of the sale of add-on insurance products sold through car and motorcycle dealers, Swann has found that some Tyre & Rim policy customers did not receive value from the products they bought. Swann has identified that you may have been one of those customers.

Will I be offered a refund?

If we are offering you a refund, we will send you a letter that advises what your need to do to receive your refund.

I have not received a letter. Can I request a refund?

We assess refund requests for Swann Add On Insurance policies on a case by case basis. If you have questions about any Swann Add On Insurance policy you may have purchased, phone us on 1300 149 292 or email us at addon@swanninsurance.com.au

Will I receive interest on my refund?

Yes, Swann will add interest to any refund amount to reflect the amount of time that has passed since the reason for the refund first arose and will confirm the amount when you contact us.

Where can I get more information?

You can call our customer service team on 1300 149 292.

ASIC’s MoneySmart website also provides information about add on vehicle insurance: www.moneysmart.gov.au/insurance/car-insurance/add-on-insurance

How to make a complaint

If you have a complaint about our Add On Insurance review prior to 2013 or any other dealings with Swann Insurance, you can access our complaints handling procedure by contacting us on 1300 149 292.  Accepting a refund will not affect your right to make a complaint.

For further information about our complaint and dispute handling process, go to www.swanninsurance.com.au/privacy/#complaints

If you are not satisfied with Swann’s handling of your complaint you may lodge a complaint with the Australian Financial Complaints Authority (AFCA). To contact AFCA, visit www.afca.org.au or call 1800 931 678.

What is PPP insurance?

PPP Insurance is designed to provide cover for the difference between the amount paid under your comprehensive vehicle policy (whether that be a payout of the ‘market’ or ‘agreed’ value of the vehicle) and the purchase price of the vehicle, if your vehicle is deemed to be a total loss under your comprehensive vehicle policy.

You must have a current comprehensive vehicle policy to be eligible to claim under your PPP Insurance policy.

Swann PPP Insurance also provided additional benefits including an ‘additional’ benefit and an ‘extras’ benefit.

Why has Swann written to me?

Following a review of the sale of add-on insurance products sold through car and motorcycle dealers, Swann has found that some PPP policy customers did not receive value from the products they bought. Swann has identified that you may have been one of those customers.

Will I be offered a refund?

If we are offering you a refund, we will send you a letter that advises what your need to do to receive your refund.

I have not received a letter. Can I request a refund?

We assess refund requests for Swann Add On Insurance policies on a case by case basis. If you have questions about any Swann Add On Insurance policy you may have purchased, phone us on 1300 149 292 or email us at addon@swanninsurance.com.au

Will I receive interest on my refund?

Yes, Swann will add interest to any refund amount to reflect the amount of time that has passed since the reason for the refund first arose and will confirm the amount when you contact us.

Where can I get more information?

You can call our customer service team on 1300 149 292.

ASIC’s MoneySmart website also provides information about add on vehicle insurance: www.moneysmart.gov.au/insurance/car-insurance/add-on-insurance

How to make a complaint

If you have a complaint about our Add On Insurance review prior to 2013 or any other dealings with Swann Insurance, you can access our complaints handling procedure by contacting us on 1300 149 292.  Accepting a refund will not affect your right to make a complaint.

For further information about our complaint and dispute handling process, go to www.swanninsurance.com.au/privacy/#complaints

If you are not satisfied with Swann’s handling of your complaint you may lodge a complaint with the Australian Financial Complaints Authority (AFCA). To contact AFCA, visit www.afca.org.au or call 1800 931 678.