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

Discussion in 'Insurance Law Forum' started by Ash25, 13 March 2016.

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  1. Ash25

    Ash25 Member

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    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?
     
    #1 Ash25, 13 March 2016
  2. Victoria S

    Victoria S Well-Known Member

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    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.
     
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    #2 Victoria S, 9 October 2016
  3. Iamthelaw

    Iamthelaw Well-Known Member

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    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.
     
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    #3 Iamthelaw, 29 October 2016
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