AAI Limited - Notification - N96825

Applicant(s)

  • AAI Limited

Notification number(s)

  • N96825

Summary

The applicant proposes to offer certain benefits (see below) to insureds on condition that they choose to have repairs to which the policies of insurance respond with recommended repairers nominated by the Insurer, or other repairers who are authorised on an ad hoc basis (collectively, Approved Repairers).

The benefits are:
o A lifetime repair guarantee. If the insured chooses to have their motor vehicle repaired by an Approved Repairer, the Insurer guarantees the quality of the materials and labour used in repairs that the Insurer authorises for the life of the vehicle, even if the insured no longer owns it. The Insurer will fix any problems arising from faulty materials used in the repair or workmanship during the repair.

o No cash settlement of repairs. If the insured chooses to have their motor vehicle repaired by an Approved Repairer, the Insurer will cover the cost of all authorised repairs performed by the repairer (subject to any excess or deductible). If the insured chooses not to have their motor vehicle repaired by an Approved Repairer, the Insurer may not pay the repairer's quoted costs of the repair and may instead settle with the insured for a cash sum that the Insurer considers reasonable in accordance with the insured's insurance policy.

Benefits offered to holders of Suncorp, GIO, Resilium and Vero motor vehicle insurance policies issued nationally by the Insurer via either its Personal Insurance or Commercial Insurance business.

Notification allowed to stand on 2.8.2013.

Notifications

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ACCC correspondence

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Submissions

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