The error happened because the way we applied your no claim bonus was different from the information we provided you.
No claim bonus refunds
The error was identified through an internal review of our pricing calculations.
Yes. The error has been fixed, and we will provide a refund for the period you were impacted.
Your premium has been re-calculated to determine the difference between what you paid and what you should have paid. This includes adjustment of relevant government charges plus interest.
Government charges are additional amounts paid by you and include GST, Fire Services Levy (if applicable) and Stamp Duty. A refund of these charges has been included in your payment.
The interest portion of the refund is determined by the length of time the no claim bonus was not correctly applied to your policy and has been calculated using a compounding formula. The interest rate we applied is in line with the Australian Financial Complaints Authority’s (AFCA) approach to calculating interest on refunds paid to customers. It has been calculated from the date you were overcharged until at least the date of the refund payment.
We identified the error in 2021 and conducted the review going back a minimum of seven years. We will provide a refund for each year we found that your policy was impacted by this error.
You may be contacted separately for each policy that is impacted by this error.
As we continue our comprehensive review of our pricing systems and products, you may receive further communications from us about refund payments for other issues and review periods, if we find your policy is affected.
We are not able to provide refunds to credit cards.
No, your policy has not been cancelled, and your cover has not changed. We are just providing you with a refund for the period your policy was impacted by this error.
If you have not received your refund after 10 business days from the date we notified you, please contact us on 1300 339 489.
If your account details have changed, please contact us on 1300 339 489.
RACV is committed to a high level of service delivery to our Members. If you are dissatisfied with our service in any way, contact us on 1300 339 489.
If your complaint is not resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides a fair and independent complaint resolution that is free. Complaints to AFCA can be made by calling 1800 931 678 or via email to info@afca.org.au.
Multi-Policy Discount refunds
When you purchased an additional product with us around the time your existing policy was due for renewal, we didn't apply the updated Multi-Policy Discount to your existing policy until the following renewal. We should have included information about this in our policy documents but did not do so.
Through an internal review of our pricing processes, we identified that we didn't apply the updated Multi-Policy Discount to your existing policy when you purchased an additional eligible product.
Yes. We have updated our customer documentation to accurately reflect when we apply your Multi-Policy Discount.
Your premium has been re-calculated to determine the difference between what you paid and what you should have paid. This includes adjustment of relevant government charges plus interest.
Government charges are additional amounts paid by you and include GST, Fire Services Levy (if applicable) and Stamp Duty. A refund of these charges has been included in your payment.
The interest portion of the refund is determined by the length of time the discount was not applied to your policy when it should have been and has been calculated using a compounding formula. The interest rate we applied is in line with the Australian Financial Complaints Authority’s (AFCA) approach to calculating interest on refunds paid to customers. It has been calculated from the date you were overcharged until at least the date of the refund payment.
We identified the error in early 2021 and conducted the review going back a minimum of seven years. We will provide a refund for each year we found that your policy was impacted by this error.
You may be contacted separately for each policy that is impacted by this error.
As we continue our comprehensive review of our pricing systems and products, you may receive further communications from us about refund payments for other issues and review periods, if we find your policy is affected.
We are not able to provide refunds to credit cards.
No, your current policy has not been cancelled, and your cover has not changed. We are just providing you with a refund for the period your policy was impacted by this error.
If you have not received your refund after 10 business days from the date of your refund notification, please contact us on 1300 339 489.
If your account details have changed, please contact us on 1300 339 489.
RACV is committed to a high level of service delivery to our Members. If you are dissatisfied with our service in any way, contact us on 1300 339 489.
If your complaint is not resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides a fair and independent complaint resolution that is free. Complaints to AFCA can be made by calling 1800 931 678 or via email to info@afca.org.au.
Amending policies
When you made changes during the term of your policy, these were not fully considered when calculating your next renewal premium. This resulted in you paying a higher premium than you should have when you renewed.
Through an internal review of our pricing processes, we identified that we didn’t apply a reduction to your premium that you should have received.
Yes. The error has been fixed, and we will provide a refund for the period you were impacted.
Your premium has been re-calculated to determine the difference between what you paid and what you should have paid. This includes adjustment of relevant government charges plus interest.
Government charges are additional amounts paid by you and include GST, Fire Services Levy (if applicable) and Stamp Duty. A refund of these charges has been included in your payment.
The interest portion of the refund is determined by the length of time the premium reduction was not applied to your policy when it should have been and has been calculated using a compounding formula. The interest rate we applied is in line with the Australian Financial Complaints Authority’s (AFCA) approach to calculating interest on refunds paid to customers. It has been calculated from the date you were overcharged until at least the date of the refund payment.
We identified the error in March 2021, and we are providing a refund for each year we found that your policy was impacted by this error.
You may be contacted separately for each policy that is impacted by this error.
As we continue our comprehensive review of our pricing systems and products, you may receive further communications from us about refund payments for other issues and review periods, if we find your policies are affected.
We are not able to provide refunds to credit cards.
No, your current policy has not been cancelled, and your cover has not changed. We are just providing you with a refund for the period your policy was impacted by this error.
If you have not received your refund after 10 business days from the date we notified you, please contact us on 1300 339 489.
RACV is committed to a high level of service delivery to our Members. If you are dissatisfied with our service in any way, contact us on 1300 339 489.
If your complaint is not resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides a fair and independent complaint resolution that is free. Complaints to AFCA can be made by calling 1800 931 678 or via email to info@afca.org.au.