RACQ to give back ‘significant’ profits to policy holders
RACQ will return or donate any profit made on personal motor insurance, as Queenslanders get back in their cars and premiums return to pre-pandemic rates.
In April, RACQ reduced premiums on motor vehicle insurance policies for three months.
As premiums go back to normal, the insurance provider has promised to return "any significant profit" they make as a result of reduced activity on motor vehicle insurance claims.
RACQ will conduct a review every six month and return any significant profits via a rebate scheme.
Where the administration cost of returning the money to a member is more than the amount
to be returned, $10 or less, the funds will be donated to the RACQ Foundation.
Chief Executive David Carter said the announcement was a response to the changing ways people use their vehicles during pandemic.
"We're now seeing most people back in their cars, but the reality is, the current events in
Melbourne show us how quickly things can change," he said.
"While our activity is ramping back up in Queensland, and insurance claims are coming through, we are still yet to see how driver behaviour will change in the longer term."
RACQ has also freezed roadside membership fees for 12 months.
Originally published as RACQ to give back 'significant' profits to policy holders