Extended Warranty Class Action

[letherm]

Hi all.

I received a text about a class action against Allianz Australia. They provided the extended warranty if you opted for it which I did.

Being a suspicious sort I was thinking this is a scam. However, I looked into it and it is genuine. If you're interested in being part of this google KPMG and follow the links to the class action. Costs nothing to participate as the lawyers doing it take a 25% cut of any outcome.

The following is taken from the KPMG site and explains what is covered and the period covered. the extended warranty sold by LR dealers is Extend Motor Warranty. Allianz had to provide the details of anyone covered by these issues so you should have received email, text or snail mail about it.

Registration closes 4pm July 15.

Allianz Australia Insurance Limited (Allianz) and Allianz Australia Life Insurance Limited (Allianz Life) issued “add-on” insurance products to persons which were sold to them at or around the time they purchased a motor vehicle (or motor cycle) from a vehicle dealership at any time between 1 June 2006 and 27 September 2021. These “add-on” insurance products included:

• Loan Protection Insurance (also referred to as “repayment insurance” or “consumer credit insurance”);
• Motor Equity Insurance (also referred to as “guaranteed asset protection insurance”, “GAP insurance”, “shortfall insurance”, “purchase price insurance” or “value protect insurance”);
• Extended Motor Warranty; and
• Tyre and Rim Insurance.

Martin

[SBD4]

I got the same text and thought the same.

I think we both bought our D4s from the same dealer if I remember correctly.

[cjc_td5]

I have received the same invitation.
What was the issue with the Allianz insurance? I always seemed to get good service from it when I had coverage for my old D2a and also my D4?

Chris

[letherm]

I bought mine from Purnell Bros Blakehurst, Sydney NSW.

Not sure what the issue is with Allianz.

I do know that they initially refused to pay out for LCA's that the dealer said needed replacing. The dealer, to their credit, said leave it with me for a day and I'll re-word the submission. That go through and it was paid. i was quite surprised about the LCA's as the mileage was very low. I've had the D4 since Nov 2013 and still only done 66000kms (don't ask !!!). Other than that I don't know why.

Regrettably, I'll be selling it around August/September as I'm now on the Aged Pension and have to cut my costs down and as we all know repairs are expensive on these wonderful cars. Hate to see it go but it's an economic decision.

Going to the dark side and buying a Mitsubishi plugin hybrid Outlander due to be ready sometime in August. 10 year service for about $4500 and I've got solar panels so "petrol" costs negligible with a 80 to 90 km range on the battery. As you can see with my mileage to date, I don't do much travelling but if I want to go outside Sydney I've got the petrol engine to rely on. It will pay me back in about 4 or 5 years at most.

Someone's going to get a good car. It's been serviced every 6 months initially by the dealer for 5 years then by a Landy specialist.

Martin

[DiscoDB]

I have received the same invitation.
What was the issue with the Allianz insurance? I always seemed to get good service from it when I had coverage for my old D2a and also my D4?

Chris

My understanding is the claim is not about the policies themselves, but rather how they had been sold to some customers and in a manner that is alleged was misleading or deceptive or had failed to provide certain information about the policies. In some cases it is even alleged that some dealers even claimed you had to buy the extended warranty to secure finance on a vehicle purchase.

The Allianz Class Action alleges that Allianz engaged in misleading or deceptive conduct and unconscionable conduct in relation to the issue of the “add-on” insurance products. It is also alleged that some group members purchased “add-on” insurance products in circumstances where they were mistaken as to key matters relating to the products as a result of the conduct of Allianz and/or the dealers acting on its behalf. Further, the class action alleges that Allianz by itself, or by the dealers acting on its behalf, gave personal advice to some groupmembers and breached various obligations under the Corporations Act 2001 (Cth) in relation to the giving of that advice. The Allianz Class Action seeks compensation for group members who bought these products and/or recovery of the amount of the premiums mistakenly paid for the products.

Ultimately car dealers that sell insurance policies are subject to the same rules as an Australian Financial Services License holder and as such Allianz is being held responsible for the conduct of the dealers selling the policies on their behalf.