What is Junk Insurance, and How Can You Get a Refund? - PDF document

What is Junk Insurance, and How Can You Get a Refund? Junk insurance provides coverage for incidents that are unlikely to happen or an insurance plan that includes more extra costs than benefits. Junk insurance policies may also be called "redundant" plans since they protect against risks already covered by o ther types of insurances like homeowners' and car insurance. It is unnecessary because the same risk would likely not occur again in the same way. If you are eligible, you can get a junk insurance refund for th e premiums that you have paid. In some cases, there is an option to cancel the policy in some cases, but in other cases, a full or partial refund may be available. How can you get a refund? Banks and insurance companies have sold over 5.6 million polici es to consumers since 2006. Therefore, it is likely that at least some of those policyholders have junk insurance. If you are one of them, there are a few ways to get a refund for the premiums you have paid: Contact eRefunds eRefunds is a company that h elps consumers get their money back from junk insurance. They have a team of legal professionals who go over the policies to determine if they are actually "junk". If so, eRefunds will help you cancel or receive refunds for those policies through negotiati on with banks and other lending institutions. Contacting eRefunds is your best option because the professionals do all the work for you and ensure you get the funds within the shortest period. File a Complaint with the Consumer Financial Protection Bureau (CFPB) The CFPB is a government agency that helps protect consumers from unfair, deceptive or abusive practices by banks, lenders, and other financial institutions. If you have junk insurance and feel like you were misled or taken advantage of, you can f ile a complaint with the CFPB. File a complaint with your state insurance commissioner You can file a complaint with your state insurance commissioner, and the matter may be taken to court by the department of insurance if necessary. However, the proces s takes a long time, and the outcome is uncertain. Contact an attorney who specializes in consumer issues. If you cannot get a refund from your bank or insurance company, you can contact an experienced lawyer specializing in class action lawsuits and con sume law. They may be able to help you get a refund. To get a refund, you need to prove that you have been paying for a policy that provides no benefits. It can be in the form of an insurance card, certificate of insurance, or even just a receipt from the company. The documents will enable the experts to determine if you have paid for "junk" insurance. Conclusion Junk insurance is not necessary and provides no benefits to the policyholder. If you have this type of insurance, your best option is to contact eRefunds. They will conduct an eligibility check to determine if you are entitled to a full or partial refund. Then, they will negotiate with your bank or insurance company on your behalf to get a refund.