The vice principal of Perth gets a $6,500 return for junk insurance.

He was unaware that he was due It is estimated that millions of Australians qualify for compensation.

This is how it operates.

In January 2023, Andrew was watching Sunrise when he noticed a news story regarding junk insurance.

The 47-year-old rarely watches morning television, but this morning it was on, most likely because of one of his kids.

The Perth vice principal saw a section on the show and thought he might be qualified for a payout. A few months later, he received a $6500 return that he was unaware he was entitled to.
Coverage tied to credit cards and loans that is either superfluous or worthless is referred to as junk insurance.

This covers mortgage protection insurance, tire and rim insurance, and consumer credit insurance.
Financial institutions were mandated to set aside $10 billion to reimburse consumers who had acquired junk insurance, as a result of a 2019 banking royal commission finding.

Andrew watched a segment on Claimo on Sunrise, which is a company that helps Australians get their junk insurance reimbursed.

In order to handle the claims, the business looks into them on behalf of the client, charging them 20% + GST for their work.

He had taken out two car loans around ten years ago, so the idea of junk insurance fascinated him.
He remarked, “I basically gave Claimo all of my information, and they got back to me.”

“Two (junk insurance claims) for two distinct cars were made.

“The  insurance  was coverage for the auto loan  first time.”

Two loans were involved, one with Esanda (now ANZ) and the other with St George Bank.

Andrew admitted, “I definitely had no idea I was paying for something with the Esanda one.”

“I believe I did the St. George one, but I’m not exactly sure what it was. The bank employee basically told me it protected my loan, but it turns out the policy wouldn’t have done anything if I’d needed to use it.”
“Two (junk insurance claims) for two distinct cars were made.

Two loans were involved, one with Esanda (now ANZ) and the other with St George Bank.

Andrew admitted, “I definitely had no idea I was paying for something with the Esanda one.”

“I believe I did the St. George one, but I’m not exactly sure what it was. The bank employee basically told me it protected my loan, but it turns out the policy wouldn’t have done anything if I’d needed to use it.”

Only a few months later, Andrew received a $6500 return from Claimo after giving them a few more facts.

He remarked that the funds arrived at the ideal moment. Two loans were involved, one with Esanda (now ANZ) and the other with St George Bank.

Andrew admitted, “I definitely had no idea I was paying for something with the Esanda one.”

“I believe I did the St. George one, but I’m not exactly sure what it was. The bank employee basically told me it protected my loan, but it turns out the policy wouldn’t have done anything if I’d needed to use it.”

Only a few months later, Andrew received a $6500 return from Claimo after giving them a few more facts.

He remarked that the funds arrived at the ideal moment. Up to a million Australian teachers, first responders, and government employees can be qualified for a junk insurance refund, claims Claimo.

It stated that car leases that highlight the advantages of tax deductions are frequently offered to front-line employees, government employees, and educators.

“These staff members get pretty riled up when they find out they were tricked into extra add-ons they didn’t need or want,” stated Nathan Mortlock, Director of Claimo.

“There are even instances where police officers were informed that this insurance was required for their home loans.”

According to Andrew, he paid no money to find out if he was entitled any money, and the procedure of getting his refund was easy.

“I definitely wouldn’t have realized that they would pay me $6500 that I was unaware of,” he remarked.

“It’s worth doing even if there isn’t an answer because there might be something there that you’re not aware of.”

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