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Virginia Surety Company Inc. (VSC) has been working with ASIC to address concerns about the past sale of add-on insurance products through motor dealerships.

When ASIC raised concerns about these products, VSC responded with the design of a remediation program for past sales of products that may have offered lesser value to customers.

We have identified customers we believe may not have received the full value when purchasing VSC add-on products through a motor dealer.

VSC’s remediation program involves motor add-on insurance products sold between 1 January 2011 and 30 September 2017 and includes holders of the following policies:

  • Guaranteed Asset Protection Insurance (GAP);
  • Consumer Credit Insurance (CCI);
  • Vehicle Return Protection; and/or
  • Tyre and Rim Protection Insurance.

As we take our responsibility to provide quality, value for money products and we are committed to doing the right thing by our customers and the broader community, VSC will be contacting customers entitled to a partial or full refund (subject to circumstances), progressively over the coming months.

Remediation Program

Customers who purchased one (or more) of the above policies may be entitled to a full or partial refund of their premium (subject to circumstances) plus additional compensatory interest.

If you believe you are one of these customers and you have not received a communication from us, please email us at remediation.au@virginiasurety.com

We continue to work closely with ASIC to ensure we are meeting both community and regulator expectations. You can find further information on this remediation program from ASIC’s media release issued on 19 June 2019 which is published on their website.