Trying to cancel

AAMI

? Avoid the runaround.

AAMI insurance policies, including car and home cover, come with a generous 21-day cooling-off period from the start or renewal date. Cancel within this window, provided you haven't made any claims, and you'll receive a full refund. After this cooling-off, you can still cancel anytime with a pro-rata refund for unused coverage (minus government charges).

For monthly installments, cancelling stops future payments immediately. Compulsory insurances, such as CTP or MAI, require contacting AAMI directly and have different cancellation criteria. Life insurance products offer a 30-day cooling-off period under similar conditions (no claims made).

Simply put, early cancellations mean bigger refunds. Aim to cancel within 21 days if possible.

 AAMI makes cancelling your policy straightforward through their online virtual assistant or customer support:

Step-by-step Cancellation via Online:

1. Access the AAMI Virtual Assistant:
   Go to AAMI’s website and select “Cancel your policy” from the Help Centre. Login for verification.
   
   
2. Select Your Policy:
   Choose the insurance policy type (car, home, etc.). Note: CTP and MAI policies require direct contact via phone.
   
   
3. Follow Guided Prompts:
   Confirm your identity and reason for cancellation. The assistant will process your cancellation promptly.
   
   
4. Confirmation & Refund:
   You’ll receive immediate cancellation confirmation via email. Any refund due will process within a few days back to your original payment method or as a direct bank deposit.
   
   

Cancelling via Phone (for special cases):

• For policies not eligible online, such as Life Insurance, call AAMI customer care on 13 22 44. Staff will guide you through the process.
  

Tip: Letting a policy lapse by non-renewal is also an option if you simply don’t wish to renew.

Timing your cancellation right ensures maximum refunds and convenience:

• Within 21 Days (Cooling-Off Period): Full premium refund available, but no claims are permitted.
  
  
• After 21 Days: You’ll get a pro-rata refund for unused coverage.
  
  
• Monthly Payments: Cancel a few days before your next payment date to avoid unnecessary charges.
  
  
• Renewal Window: Cancel within 21 days of policy renewal for full annual premium refunds.
  

No strict deadlines beyond the policy expiry, just aim for early cancellations to minimise costs. Ensure you avoid coverage gaps if switching insurers or selling insured assets.

AAMI’s cancellation policy is refreshingly clear, there are no explicit cancellation fees. Your refund is simply the unused portion of your premium, minus non-refundable government charges such as stamp duty.

• No Admin Fees: Unlike some insurers, AAMI won’t charge administrative fees for cancellations.
  
  
• Refund Threshold: Refunds under $10 (GST inclusive) aren’t processed. This minimal amount is effectively waived.
  
  
• Outstanding Payments: Any owed premiums must be settled or deducted from your refund.
  

In summary, cancelling your AAMI policy won't attract unexpected fees - just the standard pro-rata adjustment and minor governmental deductions.