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Swann Insurance Class Action (Everything You Need to Know)

Swann Class Action Lawsuit Scam was a major event that affected the company IAG in a huge manner. Though, we are not the first ones to cover this event, we are pretty sure that the following article will be apt for you as it tells you everything you need to know about it.

Nowadays, all of our lives are chaotic and one of the ways most people deal with it is by buying insurance. While it does not solve all of our problems, it does go a long way in helping us financially when things go south.

However, before you start paying the premium you should always check the insurer background and make sure that you are not over paying for the cover it provides. After all, in a capitalist economy, everything is about numbers and if the calculation goes wrong then one or the other party will end up paying more than what they have to.

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    In this unbiased article, we are going to talk about Swann Class Action Scam, the proposed solution and the kind of refunds the victims are going to get. So, without any more jibber-jabber, let us get to know the specifics of the deal.

    Swann Insurance Class Action

    What is the Swann Insurance Class Action?

    Few months ago, Swann Insurance companies sold a lot of add-on insurance products using alleged high pressure sales tactics. In theory, there is nothing wrong with collecting premiums, but their main fault was that they didn’t get the numbers right.

    As a result, a lot of people ended up paying for insurance which had low to negative value and now that has turned into a Class Action lawsuit. The lawsuit is intended to act as a reminder to insurers to play by the law and also to recover the funds lost by unsuspecting customers.

    All the products sold by them are not eligible for full refund and there are a lot of conditions, variables present. To know the exact amount you are supposed to get, you either have to contact their support team or hire a lawyer to drill down on the details.

    Background of Swann Insurance

    Using history as a guide, Swann Insurer seems to be a decent competitor in Australia. Apart from the litigation and alleged claims discussed on this post, there is nothing too concerning about them. All of their offerings are pretty standard and they provide many additional benefits such as roadside assistance, towing services, reimbursement in case of breakdown of the vehicles, etc,.

    Nonetheless, keep in mind that the kind of additional benefits mentioned here depends upon your specific policy and the premium for it will vary a lot. We strongly believe that customers should never base their decisions upon the fancy benefits, instead should buy only the cover for things which mainly suit their needs.

    If you need to make any claims on policies purchased, then you just have to contact them via phone number mentioned on their website or use their live chat feature. 

    Legal Battle of Swann Class Action Scam

    Swann Insurance has offered to refund 67,960 customers and in terms of dollars the current estimates show a value of $39 millions. The refund initiative covers six add-on insurance products sold by Swann through various dealerships.

    Mainly, the company is being forced by ASIC to reimburse all the customers who paid premiums which were unjustified and had no considerable value. On top of the add on products, below is a list of guidelines ASIC is trying to enforce.

    • As the insured worth of the vehicle was higher than the sum lent (for example, since the consumers were charged a substantial deposit), it was doubtful that the customer would be in a position to demand insurance.
    • The protection was unnecessary under the Gapcover scheme because it duplicated the current cover kept by consumers, even under their sophisticated insurance policies.
    • A more costly amount of cover was offered to consumers than they needed;
    • Under their Gap Cover rules, consumers could not earn rebates when they closed out their loan early, even though cover had expired under those policies. 
    • MBI was marketed to buyers for a longer period of time than they wanted (for example, since the car was near to the kilometre maximum after which cover would end before the policy was sold); 
    • Customers were charged twice for roadside assistance, when this option was sold under two separate programs that were concurrently in force;
    • They also sold life insurance cover to people in their early 20’s who were unlikely to find value in it. 

    Solutions Presented

    In reply to the ASIC concerns and question, Swann Insurance is ready to take the following measures. 

    • Refund the amount incurred by consumers who requested and received a new automobile for their Swann comprehensive auto insurance.
    • Partially reimburse clients who have been sold more cover than required;
    • The fee charged by clients for plans of no or unfavourable value will be refunded;
    • For clients who have paid off their debt early, the policy fee(premium) is partly refunded on the day the loan was paid off.

    Contact Details

    If you have any specific query or concern, then you can contact the Swann Insurance via phone and email.

    Email – addon@swanninsurance.com.au

    Phone – 1300 149 292

    For more information on Swann insurance remediation, you can visit this site set up in association with ASIC.

    Final Thoughts – Swann Insurance Class Action

    The measures taken by ASIC is indeed creating a firm gesture which pushes all of the companies to follow the guidelines set up by the law. As regulators, they have reacted to the problem which had grown into an enormous size. However, we are pretty sure that everytime that won’t be the case.

    So, get educated about the things you want to get involved in and always hire professionals in case you get any kind of doubts. Thanks to the internet, the cost of hiring freelancers for any kind of sector is worth it especially if you are dealing with big numbers.

    Have you purchased any insurance with add ons from Swann Insurance? How do you feel about the whole legal proceedings? Share your answers with us by leaving a comment below.

    2 replies on “Swann Insurance Class Action (Everything You Need to Know)”

    Hi, I had swann insurance on 1 of my cars some years ago. I have been contacted to advise the matter was approved in court and around February customers will be contacted again regarding payout, is this correct?

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