We are paying refunds to eligible members
RACQ has made errors when calculating premiums for some insurance policies and we’re making things right. We’re issuing refunds to some current and former eligible members to meet our pricing promises.
If you have received a remediation letter and your letter has a code on it, to gain further information on what your remediation is for please refer to the codes below and find the ones which matches the code on your communication.
| Code | Matter |
|---|---|
| Car Alarm | Your policy had an aftermarket alarm or engine immobiliser, and you may not have received the correct refund when previously remediated. |
| Excess | You are eligible to have your Excess waived as we have the Third-Party details related to your claim. |
| Recovery Demands | Our recovery demand was inaccurate, and you are entitled to a refund on what you have paid. |
| ITC | You did not receive the full refund of your entitlement due to an ITC deduction. |
| WDSNXS | Your policy had the ‘Excess Free Windscreen’ optional benefit applied when you already held a $0 excess policy. |
| SCD2 | Your home insurance policy had a Seniors Card discount applied at some point, but this discount dropped off at renewal. |
| CMD2 | Your policy had a Cyclone Mitigation Discount applied at some point, but this discount may have dropped off at renewal. |
| CMD3 | Your policy had a Cyclone Mitigation Discount applied but the correct % may not have been applied properly. |
What to do if RACQ has contacted you about a refund
If we’ve sent you a letter or email requesting your bank details, please submit them using the secure refund form below. Your refund will be paid into the bank account you nominate within 15 days.
If you’ve received a refund directly into your bank account, you don’t need to do anything. Genuine refunds will show the description “RACQ Ins Refund”. Once the refund is deposited into your account, we will confirm the successful payment with an email or letter to you within approximately 4 days after your refund has been processed.
Staying secure when providing bank details via our Refund Form
Our two-step verification process ensures you can provide your bank account details securely through our online refund form. To keep your details secure, use the unique Refund ID (in your letter or email from RACQ), and we will send you a One-Time Passcode.
Member remediation
On an ongoing basis RACQ identify members who have not been charged the correct premium when they purchased their policies. Where this is identified we seek to rectify the error and remediate the member as seamlessly as possible. This page has been created to answer all of your questions on member remediation. Below you’ll find a list of matters that are currently being remediated. Using the Refund ID on your letter/email you can search for more detailed information on the matter you are being remediated for. Below are some Frequently Asked Questions (FAQs) which will guide you in what to do if you have been contacted by RACQ about potentially being eligible for a remediation.
At the bottom of this page is some information around the RACQ Pricing Promise review from 2022. Remediations from this review will be claimable from RACQ until they are transferred to the Queensland Public Trustee (Unclaimed funds). For further information on this please see below.
Member remediation FAQs
We are here to help
Please have your reference number from your letter and your bank account information (BSB and account number) available if you call or visit a store.
About the pricing promises review
In 2022, RACQ completed a pricing promises review.
This review identified members who did not receive the full benefit of discounts, and members who had insurance policies with Product Disclosure Statement wording that inadequately described how premiums were calculated for optional benefits.
We are sorry for these errors and are now making things right as quickly as we can.
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Between 8 March 2015 to 7 March 2022Our Motor Vehicle Insurance Product Disclosure Statements did not adequately describe how insurance premiums were calculated; specifically, we were not clear that discounts did not apply to optional benefits. -
Between 1 February 2013 and 5 July 2022Our customer material did not adequately explain that the discount for installing an aftermarket alarm or engine immobiliser would be applied on a pro-rata basis if the policy was altered during the policy term.
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Between 1 February 2013 and 5 July 2022When members were speaking to us for a car insurance quote, we did not always ask whether the vehicle was fitted with an aftermarket alarm or engine immobiliser.
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Between 1 July 2015 and 18 November 2021, our online quoting tool for pet insurance did not adequately describe how the discount was calculated for members who bought their pet insurance online and elected to pay by the month. Specifically, we were not clear that the discount for buying your pet insurance online was a one-off introductory discount.
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Combined home 20% discount
Between 14 July 2016 and 12 January 2018
Our advertised maximum discount for zone and coverage combined discount was 20%. Very few members who were eligible for this discount received the advertised maximum of 20%.
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Senior’s discount
Between 1 February 2013 and 5 July 2022
Our processes may not have identified all members who met the criteria for Senior card holder discount.
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No Claims Discount
Between 1 February 2013 and 5 July 2022
Our processes have not accurately identified where members met the criteria for the No Claims Discount.
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Household Excellence Bonus
Between 1 July 2015 and 5 July 2022
Our processes have not accurately identified where members met the criteria for the Home Excellence Bonus.
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Cyclone mitigation discount
Between 15 February 2016 and 5 July 2022
Our processes may not have identified all members who met the criteria for cyclone mitigation discount.
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Things to note
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.