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After you have chosen the type of finance package that best matches your requirements, you can compliment it with one of the following Protection Policies:-
GAP Cover
A large percentage of vehicles on the road, currently under finance, are behind equity – meaning the car’s value has depreciated faster than the balance of the loan to a point that if it were written off or stolen, the Insurance Company may not clear the outstanding debt.
Unfortunately, whether customer’s have a market value or agreed value policy, there is no comprehensive insurance policy that guarantees to payout outstanding finance balances, if the car is a total loss.
GAP pays the shortfall between the Comprehensive Insurance Company’s payout and the amount owing on the finance contract if the car is written off/stolen up to the value of $10,000.00. It also provides $1000.00 towards expenses such as on-road costs, comprehensive insurance and other out-of-pocket expenses. GAP Cover costs approximately $3.00 per week (based on a 4-5 year loan).
Most customers choose GAP Cover. It provides real value for money and protection against paying off something they don’t have, or being forced to come up with a large lump-sum payment to clear their loan.
If considering this product, please view the Product Disclosure Statement (PDF Attachment GAP ProductDisclosureStatement.pdf)
Loan Protection Insurance (LPI)
(also known as Consumer Credit Insurance (CCI)
Loan Protection Insurance is designed specifically to protect the customer and make the loan repayments:-
• Should they be injured or ill and unable to work and meet their loan commitment;
• Should they become involuntarily unemployed and are unable to meet their loan commitment;
• And pay the outstanding loan balance, up to the policy limit, if death should occur.
All Finance Protection Insurance products are excess-free at claims time.
Comprehensive Insurance (Comp)
Comprehensive Insurance provides cover for accidental loss or damage to a vehicle.
11 require a paid insurance policy for 12 months upon settlement of a secured loan, (unless transferring an existing policy whereby three months is sufficient). Using this option can be more convenient. We are able to finance the insurance premium into a loan.
GAW – GENERAL ADVICE WARNING
This is General Advice only and does not take into account your individual objectives, financial situation or needs.
Before using this advice to decide whether to purchase this insurance policy, you should consider the appropriateness of it having regard to your personal circumstances, plus obtain and consider the current Product Disclosure Statement for the insurance policy.
Please view our Financial Services Guide ( Word Attachment FSG Dealer.doc)
( PDF Attachment FSG Dealer.pdf)
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