Understanding AAMI Car Insurance Cooling Off Period

What is a Cooling Off Period?

A cooling off period is a time period that allows people to rethink their decisions and cancel any contracts that they have made. This cooling off period typically lasts for a few days and is available for a variety of different contracts, including car insurance contracts. AAMI is an Australian insurance company that offers car insurance policies, and it also allows people to take advantage of the cooling off period.

What Does the AAMI Cooling Off Period Entail?

When it comes to AAMI car insurance, the cooling off period is 14 days long. This means that if you purchase a policy through AAMI, you have 14 days to cancel the policy and receive a full refund on the premiums that you paid. You should note, however, that any additional benefits that you may have received as part of the policy, such as roadside assistance, will not be refunded.

How Do You Cancel Your Policy During the Cooling Off Period?

If you decide to cancel your policy within the 14-day cooling off period, you should contact AAMI directly. You can contact the Australian-based insurance company through the telephone, online chat, or through email. AAMI will then provide you with a cancellation form, which you must complete and return for your policy to be cancelled and your premiums refunded.

What Happens If You Don’t Cancel within the 14 Days?

If you fail to cancel within the 14-day cooling off period, your car insurance policy will remain in effect. You will be required to pay your premiums as scheduled, and you will not be eligible for a refund. If you wish to cancel your policy after the cooling off period has ended, you will still be able to do so, but you may be subject to a cancellation fee.

Are There Any Exceptions to the Cooling Off Period?

Yes, there are some exceptions to AAMI’s cooling off period. If you have already made a claim through your policy, you will not be eligible for a refund, even if you cancel within the 14-day period. You will also not be eligible for a refund if you have made a payment to AAMI for an additional product that is connected to your car insurance policy, such as roadside assistance.

Conclusion

The 14-day cooling off period that AAMI offers its car insurance customers is a great way to make sure that you are comfortable with your policy and that you are getting the best value for your money. If you decide to cancel your policy within the 14-day window, you will be able to receive a full refund on your premiums. However, you should note that any additional benefits that you received with the policy will not be refunded.