We are paying refunds to eligible members

RACQ has made errors when calculating discounts for some insurance policies and we’re making things right. We’re issuing refunds to some current and former eligible members to meet our pricing promises.

What to do if RACQ has contacted you about a refund

If we sent you a letter or email requesting your bank details, please submit them using the secure refund form below. Your refund will be paid to the bank account you nominate within 15 days. We will also use the bank details provided if you are eligible for any future refund. 

If you’ve received a refund directly into your bank account, you don't need to do anything. Genuine refunds will show the description ‘RACQ Ins Refund’. Once the refund is deposited to your account, we will confirm the successful payment with an email or letter to you.’

More than $148.5 million^ refunded to members so far. RACQ member icon We will contact you over the coming months if you’re eligible for a refund.
^Figures based on refunds paid as at 21/05/24.
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Have you received a pricing promises notification?

If yes, advise your payment details to RACQ here.

Staying secure when providing bank details via our Refund Form

Our two-step verification process ensures you can provide your bank account details securely through our online refund form. To keep your details secure, use the unique Refund ID (in your letter or email from RACQ), and we will send you a One-Time Passcode.

We are here to help

About the pricing promises review

In 2022, RACQ completed a pricing promises review.

This review identified members who did not receive the full benefit of discounts, and members who had insurance policies with Product Disclosure Statement wording that inadequately described how premiums were calculated for optional benefits.

We are sorry for these errors and are now making things right as quickly as we can.

    • Blue tick
      Between 8 March 2015 to 7 March 2022
      Our Motor Vehicle Insurance Product Disclosure Statements did not adequately describe how insurance premiums were calculated; specifically, we were not clear that discounts did not apply to optional benefits.
    • Blue tick
      Between 1 February 2013 and 5 July 2022
      Our customer material did not adequately explain that the discount for installing an aftermarket alarm or engine immobiliser would be applied on a pro-rata basis if the policy was altered during the policy term.
    • Blue tick
      Between 1 February 2013 and 5 July 2022
      When members were speaking to us for a car insurance quote, we did not always ask whether the vehicle was fitted with an aftermarket alarm or engine immobiliser.
  • Between 1 July 2015 and 18 November 2021, our online quoting tool for pet insurance did not adequately describe how the discount was calculated for members who bought their pet insurance online and elected to pay by the month. Specifically, we were not clear that the discount for buying your pet insurance online was a one-off introductory discount.
    • Blue tick
      Combined home 20% discount

      Between 14 July 2016 and 12 January 2018

      Our advertised maximum discount for zone and coverage combined discount was 20%. Very few members who were eligible for this discount received the advertised maximum of 20%.

    • Blue tick
      Senior’s discount

      Between 1 February 2013 and 5 July 2022

      Our processes may not have identified all members who met the criteria for Senior card holder discount.

    • Blue tick
      No Claims Discount 

      Between 1 February 2013 and 5 July 2022

      Our processes have not accurately identified where members met the criteria for the No Claims Discount.

    • Blue tick
      Household Excellence Bonus

      Between 1 July 2015 and 5 July 2022

      Our processes have not accurately identified where members met the criteria for the Home Excellence Bonus.

    • Blue tick
      Cyclone mitigation discount

      Between 15 February 2016 and 5 July 2022

      Our processes may not have identified all members who met the criteria for cyclone mitigation discount.

      Find out more

What’s next?

We are making a significant investment in our systems and processes to improve outcomes for our members, simplify products, strengthen risk management, and streamline processes for our people.

A fair and open approach

The pricing promises review is independently monitored by an external party and we’re also working closely with the Australian Securities and Investment Commission (ASIC) to ensure we’re meeting expectations.

Pricing promises FAQs

Things to note 

Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the PDS and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.