Australians are being squeezed by what advocates describe as a cost\u2011of\u2011living \u201ctriple whammy\u201d \u2014 higher interest rates, soaring fuel prices and everyday essentials climbing sharply \u2014 yet many are unaware they may be entitled to refunds for junk insurance sold alongside loans and credit cards.<\/p>\n
New data from the Australian Financial Complaints Authority (AFCA) has revealed complaints about junk insurance have exploded more than 1400 per cent since 2021 with 7880 complaints received in the last financial year alone.<\/p>\n
![\"Australians](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/04\/afe4c8a7eb2df9aa200f2c08dfa69c094bc65d67-16x9-x0y75w800h450.jpg\")
Australians are owed millions in junk insurance refunds Credit: AAP<\/p>\n
According to Claimo, a company that assists Australians with junk insurance refunds, an estimated 4.7 million Australians were sold junk insurance<\/a> since 2010, but only a fraction have come forward.<\/p>\n The company continues to process refunds weekly, with some payouts reaching tens of thousands \u2014 and in rare cases, hundreds of thousands.<\/p>\n Consumers can also pursue refunds themselves for free by reviewing old loan contracts and statements for terms such as \u201ccredit card insurance\u201d, \u201cconsumer credit insurance\u201d or \u201cloan protection\u201d.<\/p>\n Victorian customer Agis Vlahos recovered $3,932 after Claimo uncovered CCI attached to a personal loan he took out years earlier.<\/p>\n \u201cWith the cost of living so high, it was reassuring to recover money that shouldn\u2019t have been taken in the first place,\u201d Vlahos said.<\/p>\n He believes many Australians still have no idea they may be entitled to money back.<\/p>\n Claimo director Nathan Mortlock said many people are shocked to learn they were paying for insurance they never needed \u2014 or were ineligible to claim \u2014 and that refunds can provide meaningful relief as living costs rise.<\/p>\n The company says checking eligibility is quick and carries no upfront cost.<\/p>\n Australians who have held any loan or credit product in the past 16 years \u2014 including car loans, mortgages, credit cards and personal loans \u2014 are being urged to review whether junk insurance was added without their knowledge.<\/p>\n With billions still unclaimed, advocates warn that failing to check could mean missing out on money that was never meant to be charged in the first place.<\/p>\n <\/p>\n Teen charged with killing stepsister on cruise ship enters plea<\/p>\n 2 min read<\/p>\n![\"Millions](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/04\/c333404d80ac651e8055b17f362b0b86ef693103-16x9-x0y75w800h450.jpg\")
Millions worth of refunds are available to Australians Credit: AAPRefunds helping Australians<\/p>\n