December 3, 2021

YPRQ-Shopping

Shopping Works Wonders

Virgin Australia administration & Virgin Money insurance

Virgin Australia has long gone bust, but your Virgin Money Insurance coverage really should be safe.

Virgin Australia could have entered into voluntary administration but if you have an insurance plan coverage with Virgin Money, you really should even now be coated.

Is my present Virgin insurance plan coverage even now legitimate?

Certainly. When Virgin Insurance policy is part of the international Virgin brand name, Virgin Money (who you have your insurance plan with) is 100% owned by the Financial institution of Queensland (BOQ) Group and backed by Vehicle & Common and TAL.

Put simply just, if you keep an present coverage, you really should even now be coated, because it really is Virgin Australia that has fallen into administration Virgin Money’s companions are not afflicted.

Is there a pause on new procedures?

At the instant, you can even now acquire dwelling insurance plan, car insurance plan, life insurance plan and profits safety. You can’t acquire journey insurance plan, but that’s owing to the Australian Department of Overseas Affairs and Trade (DFAT) ban on all international journey.

Virgin Money insurance is underwritten by a variety of economic organisations who are not relevant to Virgin Australia. Underwriting providers are delivered by substantial economic establishments and generally offer insurance plan to models like Virgin Money to market to individuals. For illustration, Virgin car and dwelling insurance plan is underwritten by Vehicle & Common. Vehicle & Common also underwrite insurance plan for Price range Direct, Australia Post, ING. So primarily, when you acquire a Virgin Money insurance coverage, you are shopping for a coverage backed by Vehicle & Common.

What about Velocity Recurrent Flyer details?

As of 22 April, if you acquire an insurance plan coverage with Virgin Money, Velocity signal up details are no more time accessible.

For present associates, Velocity has paused all redemptions for a period of 4 weeks, meaning you can’t spend your details. They will offer associates with an update as quickly as they can about how to use your details in the future. For now nevertheless, they are even now legitimate and you can even now generate on them you just can’t redeem them.

Will there be adjustments to my Virgin insurance plan coverage?

At this early phase, your present Virgin Money coverage really should not be afflicted. Down the line, your coverage might modify to a distinctive brand name, but it will be backed by the very same organisation and you may be notified if this transpires. You really should also be knowledgeable by letter, electronic mail or mobile phone if there are any adjustments to the precise include itself.

Picture: GettyImages