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Virgin Australia voluntary administration: What happens if you’ve got a Virgin Money insurance policy?


Virgin Australia is in voluntary administration, but your Virgin Money insurance policy is safe.

Virgin Australia may have entered into voluntary administration but the good news is if you have an insurance policy with Virgin Money you are still covered.

Is Virgin Money affected by the Virgin Australia collapse?

No. That's because Virgin Money is a completely separate company to Virgin Australia.

While Virgin Money may be part of that distinctive red and white Virgin brand, it's 100% owned by the Bank of Queensland (BOQ) Group, so there is no link to the airline whatsoever.

Is my existing Virgin insurance policy still valid?

The good news is yes. That's because your insurance is issued by Virgin Money, not Virgin Australia.

The insurance you get from Virgin Money is backed by other financial organisations that are unrelated to Virgin Australia. For example, Virgin Money's car and home insurance is underwritten by Auto & General, a regulated insurer who underwrites many Australian brands. This means that when you buy a Virgin Money insurance policy, you're buying a policy that is supported by Auto & General.

Put simply, if you have an existing policy through any Virgin Money products, it still stands and isn't affected by the troubles of the airline.

Is there a pause on new policies?

No. You can still buy home insurance, car insurance, life insurance, and income protection through Virgin Money as usual.

Currently, you can't buy travel insurance, but that's because the Australian Department of Foreign Affairs and Trade (DFAT) currently has a ban on all international travel due to COVID-19.

What about Velocity Frequent Flyer points?

As of 22 April, if you buy an insurance policy with Virgin Money, Velocity sign up points are no longer available.

For existing members, Velocity has paused all redemptions for a period of four weeks, which means you can't spend your points. Velocity has said it will provide members with an update as soon as possible about how to use your points in the future.

For now though, they're still valid and you can still earn on them - you just can't redeem them right now.
Picture: GettyImages

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