ASIC's Legal Action Against RACQ Insurance: What You Need to Know
ASIC's Legal Action Against RACQ Insurance: What You Need to Know
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The Australian Securities and Investments Commission (ASIC) has commenced Federal Court proceedings against RACQ Insurance, alleging that the insurer misled more than 570,000 customers through deceptive premium comparison figures in renewal notices issued between September 2019 and December 2024.
ASIC claims that RACQ inflated the 'last period premium' figures in these notices, leading customers to believe that their premiums had increased less than they actually had. This practice potentially resulted in customers overpaying for their insurance policies, as they were misled about the extent of premium increases.
For tradespeople and small business owners, this case highlights the importance of scrutinising insurance renewal notices and being vigilant about premium changes. Misleading information can lead to financial strain, especially for those managing tight budgets and relying on accurate data to make informed decisions about their insurance coverage.
RACQ has acknowledged the proceedings and stated that it is cooperating with ASIC while conducting its own internal review. The outcome of this case could have broader implications for the insurance industry, emphasising the need for transparency and accuracy in communications with policyholders.
As this legal action progresses, it's advisable for policyholders to review their insurance documents carefully and seek clarification on any discrepancies. Ensuring that you are fully informed about your premiums and coverage will help you make decisions that best protect your business and financial interests.
Published:Monday, 13th Oct 2025 Source: Paige Estritori
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Knowledgebase
Deductible: The amount you must pay out-of-pocket for expenses before your insurance company covers the remaining costs.
