1. Motor Equity Insurance GAP
What is Motor Equity Insurance?
If your vehicle is involved in an accident and damaged to the point that it is declared a total loss by your insurer, you will likely find the value of your vehicle is valued at a lower amount than you need to pay the balance of your auto loan. This shortfall is exactly what Motor Equity Insurance was designed to cover. The insurer will pay up to a certain designated amount and motor equity or GAP insurance covers the balance of what you owe on your vehicle.
You can choose one of the following GAP insurance options:
If the vehicle is declared a total loss and your insurer pays its predetermined value, GAP insurance will pay the difference between the total loss payment and the balance of your loan up to specified maximums, which are as follows:
Option A: $10,000
Option B: $12,000
Option C: $15,000
Option D: $20,000
Option E: $30,000
In addition to the loan settlement amount, we will also pay the following costs:
Any excess paid by you under your comprehensive motor vehicle insurance relating to the event causing the total loss payment to be made; and
Any of the following costs associated with replacing your vehicle that are not payable under your auto insurance:
- Delivery charges
- Registration charges
- Comprehensive motor vehicle insurance premium
- Compulsory third party insurance
- Stamp duty
- Hire care for up to 10 days at a maximum of $70 per day, providing car is prearranged and approved by us.
Maximum aggregate amounts we will pay under the Extra Cover policy are as follows:
Option A: $4,000
Option B: $4,000
Option C: $5,000
Option D: $5,000
Option E: $10,000
Replacement Vehicle Cover
In some instances, insurance carriers will simply replace a financed vehicle that is considered a total loss with a brand new vehicle. If this situation occurs and it is approved by the finance company, the original finance contract can be transferred directly to the new vehicle, with no contractual changes. At this time, we may cover the replacement vehicle with the existing Motor Equity policy, as long as certain conditions have been met.
2. Novated Lease Protection
Features and benefits
Novated Lease Protection Insurance is a cost effective insurance policy intended to guarantee vehicle lease repayments if you are no longer able meet your financial commitment, such as in the event that your financial situation changes due to disability, trauma, unemployment, or death. As protection for consumers with a novated lease Australia offers specific benefits.
Novated Lease Australia Options
Under Death cover, Novated Lease Car Protection Insurance pays any difference between the vehicle’s sale price and balance that remains on the lease up to $15,000
With Involuntary Unemployment cover, Novated Lease Car Protection Insurance meets the minimum monthly lease payment in the event that you are unemployed for at least 30 days.
3. Loan Protection insurance
While many people never think about loan insurance, what would you or your family do if the unexpected occurred and you were no longer able to pay your loan payments? Would you have to borrow from friend or relatives or risk damage to yours or your family’s credit future? It may not be the most pleasant issue to face, but to protect yourself and your family it is something you need to address.
Loan protection insurance pays part of your loan repayments in the event that you are unable to work due to illness or injury or if you become involuntarily unemployed for another reason. Loan protection insurance also offers cover in case of trauma or death.
In the event of trauma or death, loan protection will pay up to $100,000 toward the balance of your loan, thus easing the burden on your loved ones. Similarly, loan insurance for disability will pay a thirtieth of your minimum monthly repayment, up to $3,000 until you are able to return to work and loan protection for involuntary unemployment will pay one thirtieth of your minimum monthly payment up to $4,000 until you are employed again.