BankVic chose to switch to a sole insurer as it proved to be beneficial to members for a number of reasons, including: improved member service and member experience, service efficiency and price competitiveness.
CGU was identified as the standout candidate against a range of criteria including:
Your existing insurance policy remains valid until its expiry date. At that time, you will receive a renewal invitation to renew with CGU Insurance and this will replace your existing policy.
This will depend on the type of payment arrangement you currently have in place.
For payments made via regular instalments with a BankVic account:
You do not need to do anything to ensure your insurance policy continues. For your convenience, your BankVic direct debits will automatically commence with CGU upon expiry of your Allianz policy unless you advise us otherwise.
For payments made via regular instalments with another bank account or non-BankVic credit card:
You will receive an invitation to insure showing the available payment options. You can nominate your preferred payment frequency and the instalment commencement date. Please call our friendly Insurance Consultants on 13 63 73 option 5 for further information.
Under our arrangement with CGU, you will benefit from:
In addition to the new policy features, you will also receive a CGU Privilege Card at no extra cost. The CGU Privilege Card is an exclusive program that provides membership to Presidential Card and Presidential Card Online Shop. These two great programs offer discounts and savings on thousands of lifestyle benefits as well as many other goods and services. You can find out how to make the most of the savings on offer at cgu.presidentialcard.com.au.
If you need to make any changes prior to your policy renewal, please call the BankVic Insurance team on 13 63 73 option 5 and we will be happy to help.
Yes, we would be pleased to assist you to transfer your policies earlier. Please call the BankVic Insurance team on 13 63 73 option 5.
On the front page of your enclosed invitation to insure, you will find your premium instalment amount. On the second page you will see further details regarding your instalment, including the date of your first instalment.
From the policy renewal date your coverage will continue with CGU. CGU provides 24 hours a day, 7 days a week, 365 days a year claim service. To notify CGU of a claim, simply call 13 24 80.
To give you peace of mind, CGU will provide a Best of Both Guarantee for the first two years of your policy. This means if you make a claim under your CGU policy, they will apply the conditions of your previous policy and the conditions of your CGU policy and determine a more favourable outcome for you. After two years, the conditions of the CGU policy conditions will apply. If you have any queries in regards to this, please call the BankVic Insurance team on 13 63 73 option 5.
Your previous policy may have included drivers with age restrictions and may not have required all drivers to be listed. To confirm the necessary details of all drivers of your motor vehicle, please call the BankVic Insurance team on 13 63 73 option 5.
The excess noted on your new CGU policy schedule may differ slightly to your previous policy. Your new excess has been as closely matched to CGU’s nearest equivalent excess. If you want to discuss alternative excess options or change your excess, please call the BankVic Insurance team on 13 63 73 option 5.
CGU insurance policies include flood cover in all home and landlord policies. Flood cover is automatically included to provide members with peace of mind knowing they are covered should they need to make a claim for flood.
Any advice is general advice only and has been prepared without taking account of your objectives, financial situation or needs. Before acting on the advice you should consider whether the advice is appropriate for you. Before you make any decision to acquire any product or service you should obtain and consider the relevant Product Disclosure Statement available at a branch or by calling 13 63 73. Terms, conditions, limits and exclusions apply. As an AFSL holder, we sell general insurance products under an agreement with CGU Insurance Limited ABN 27 004 478 371, AFSL 238291. Minimum premiums may apply. Premiums payable by installments may be subject to minor adjustments (upwards or downwards) due to rounding and financial institution transaction fees may apply. If you purchase insurance we will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with any of these services.