NSW CommInsure Discontinued Insurance with Commonwealth Bank - Affect My Credit History?

[Ash25]

I had CommInsure portable device insurance and claimed 4 times in a 2-year span (2 for repairs and 2 for loss of phone). The repairs were nominal (100-200 AUD). After this, they sent a letter that they have discontinued my insurance with Commonwealth Bank.

I have two questions:

1. Does this impact my credit history?
2. As all claims were genuine, is there any way I tell them to continue my policy again?

 

[Victoria S]

Read the policy. The terms and conditions of insurance may enable them to discontinue insurance after a certain no. of claims. A company has the right not to sell you a certain financial product if they choose.

 

[Iamthelaw]

1 - No it will not impact your credit history. It will impact your ability to apply for, and be granted insurance in the future though given your duty of disclosure.

2 - Generally, an insurer is allowed to refuse to renew a term of insurance or even not offer you insurance in the first place. I would check your PDS to be sure though. Moreover, you could contact the Financial Ombudsman Service for more information or for conciliation in an attempt to solve the matter.