RACQ is under the microscope about whether its offers to renew home insurance for customers have properly compared new prices to previous year's premiums.
But the actual price difference represented a 39.9 per cent rise, because a discount had been negotiated on the previous year's quote."It's deceptive and misleading in my opinion," he told the ABC.But the RACQ also told the ABC it had seen an "opportunity to further clarify our messaging which we will be implementing".
Mr Monks had his insurance premium on his Gold Coast canal-front home rise in November 2023 from $3,297.78 to $6,930.55.But this year, when RACQ sent a renewal notice for the policy, it offered a comparison: "Last period premium" of $6,930.55 and new offer for "this period premium" of $7,033.57 — a 1.5 per cent rise.RACQ has seen a spike in complaints as premiums rise and insurance claims are mishandled.
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