• HOME
• 
• FINANCE
• 
• INSURANCE
• 
• INFORMATION
• 
• CONTACT US

• Comprehensive Cover
• Compulsory Third Party (CTP) Cover
• Third Party Property Damage Cover
• Third Party Property Damage, Fire and Theft Cover
• Security Shortfall Insurance (Gap Insurance)
• Consumer Credit Insurance (“CCI”) Motor Vehicle Warranty Insurance
• Auto Insurance Products

For your convenience and information, we have provided an outline of the common auto and credit insurance products you are likely to encounter whilst financing the purchase of your motor vehicle.

We are authorized to arrange insurance on behalf of a number licensed insurers as outlined in the relevant Financial Services Guide for the State where you reside. It is important that you read the relevant Financial Services Guide and Product Disclosure Statement and understand the product features and benefits of each type of insurance cover.

It is important to note:

• you cannot be forced to take out any type of insurance (however, evidence of current motor vehicle insurance is required by most credit providers),
• you cannot be forced to take out insurance with a particular insurer,
• details of the commission and benefits that we may receive as result of providing you with insurance are detailed in the relevant Financial Services Guide and, where applicable, on the loan contract,
• if you have any queries or a complaint about an insurance product you should follow the Complaint Handling procedures detailed in each Product Disclosure Statement.

Go To Top >>

There are four (4) primary types of motor vehicle insurance cover:

• 1. Comprehensive Cover,
• 2. Compulsory Third Party (CTP) Cover,
• 3. Third Party Property Damage Cover, and
• 4. Third Party Property Damage, Fire and Theft Cover.

1. Comprehensive Insurance

When you finance the purchase of your motor vehicle, it is usually a requirement of the loan contract to have the security comprehensively insured at all times during the contract term. As a consequence, you must organise insurance before delivery of the car by transferring your current insurance or organising new cover. We are able to provide a competitive insurance quote which may streamline the process for you.

In general, Comprehensive insurance provides cover for:

• Accidental Loss or Damage to the insured vehicle up to an agreed value (ie. a set amount the insurer agrees to with the insured) or market value (ie. the cost to replace the vehicle with a vehicle of the same make, model, age and condition immediately prior to the loss or damage). Today, most comprehensive policies are market value policies.
• Your legal liability for damage to another person’s property as a result of an accident which is your fault up to a predefined limit for each event (including certain legal defense costs),
• A number of other additional benefits which are automatically incorporated into the policy such as towing costs, replacement vehicle cover, emergency travel & accommodation costs, personal property.
• Certain optional covers (where agreed) such as removal of basic excess for windscreen claims, protected no claim bonus and restricted driver cover.

Benefits of Comprehensive Insurance

• Protects your finances in the event your vehicle is damaged, involved in an accident, or stolen.
• Comprehensive Insurance can be easily financed into most loans.
• Comprehensive Insurance is fully transferable.
• Comprehensive Insurance needs to be renewed every twelve months so it provides you with the opportunity to shop around for the best quote.
• Some comprehensive insurance policies also provide additional benefits should you need to claim.
• Comprehensive Insurance can be cancelled and the premium rebated on a pro-rata basis.
• The cost of comprehensive insurance is largely rated based on your driving history.

2. Compulsory Third Party (CTP) Insurance

Compulsory Third Party Insurance, or a green slip, is an insurance policy that provides compensation for other people injured in an accident when you or the person driving the insured's vehicle is the driver at fault. CTP Insurance is compulsory.

3. & 4.

3 & 4 are self explanatory with no cover for your vehicle in the event of an accident. They cover vehicles you may damage though. These products are not allowable for financed vehicles

Go To Top >>

Security Shortfall Insurance protects you as a borrower by paying the shortfall amount to the credit provider or bank if, in the event that you have a total loss due to accident, theft or damage, and the amount received from the comprehensive insurer is inadequate to finalise the loan on the vehicle.

When you borrow money to purchase a vehicle you may be exposed to an insurance shortfall gap. This gap is the difference between the insured value of the vehicle and the pay out to the lender.

For most vehicles purchased, the maximum exposure to this gap will occur from the date of purchase to around the 2nd or 3rd year through a standard loan of 60 months.

Such a gap exists because, in most cases, you initially borrow more than the vehicle’s market value (Registration cost, stamp duty, dealer delivery charges, comprehensive insurance etc) and the value of the vehicle falls relatively faster than the principal balance of the loan in the initial period of the loans term.

Sometimes the quantum of this gap can run into many thousands so it’s important you consider this product to ensure you are adequately protected.

You can only purchase Gap Insurance when you enter into a new finance contract at the time of a vehicle purchase and the vehicle must be comprehensively insured.

Benefits of Security Shortfall Insurance (Gap Insurance)

• Protects your finances and credit rating in the event their vehicle is declared a total loss due to theft or accident.
• Gap Insurance can be easily financed into most loans.
• You can purchase Gap Insurance independently of your current comprehensive insurer
• Most GAP insurance policies also compensate you with an additional cash benefit

Go To Top >>

Consumer Credit Insurance protects you, as the borrower, in the advent of accident, sickness, involuntary unemployment, or death. If you are unable to work due to accident, sickness or involuntary unemployment, CCI insurance will cover your loan repayments for a stated period of time or until you are able to return to work. In the advent of death, the credit contract may be repaid in full.

The Consumer Credit Code regulates the conduct of authorised representatives selling Consumer Credit Insurance. Under the Credit Code;

• you cannot be forced to take out CCI insurance,
• you cannot be forced to take out CCI insurance with a particular insurer,
• the maximum commission allowed to be paid by the insurer is 20% of the gross written premium,
• details of the CCI insurance and commission are to be disclosed on the loan contract,
• a copy of the CCI policy must be provided by the insurer within 14 days after the acceptance of the proposal, and
• if you terminate your loan, any CCI insurance is also automatically terminated by the lender and a statutory amount refunded to you as a reduction in the amount you must pay to finalise the loan.

Benefits of Consumer Credit Insurance (CCI)

• Protects your finances in the event of accident, sickness, involuntary unemployment, or death.
• CCI can be easily financed into most loan contracts.
• A CCI policy can be tailor made to accommodate the areas that you feel most at risk.
• Offers financial security in the event of the unfortunate occurring.
• In the event of Death, the typical life component will pay the outstanding balance of the credit contract up to a specified maximum value.
• In the event of Disablement, the typical disability component will pay the lesser of the regular monthly loan repayment for the period of disability up to a specified limit.
• In the event of involuntary unemployment, the typical unemployment component will pay the lesser of the regular monthly loan repayments for 90 days or a designated maximum value per claim. There is also usually a cap on the maximum benefit payable for the entire period of the policy.
• You only pay for the portion of the cover you use as it is automatically rebated when the loan is repaid in full.

Go To Top >>

The warranty side of the business has 40,000 members. All of these members enjoy emergency roadside assistance as part of the warranty package. The step to a stand-alone roadside emergency assistance provider was but a small step.

24/7 Roadside Assistance has more than a thousand repairers from the warranty side of the business, as well as 300 towing networks. Both repairers and towing networks are Australia wide. They are all there to assist you. We operate a 24/7/365 (366 in leap years) call centre to take your calls - needless to say, at any time.

Both repairers and towing operators can provide jump starts, battery replacement, fuel, tyre changing, open locked cars and many other services. Towing operators can tow you to any repairer of your choice, or one of the repairers affiliated with us through which we can arrange repairs at very competitive industry rates.

Extended Warranties on New and Used Vehicles
The Covered Components and Financial Limits (inclusive of GST) for each Plan are:

Covered Component Plan A Plan B Plan C Plan D Engine Pistons, piston rings, internal sections and internal components of the crankshaft, conrods, oil pump, camshaft and camshaft gears, balance shafts all internally lubricated bearings and bushes of the engine block. $800 $1700 $2500 $4000 Transmission All internally lubricated components contained within the manual or automatic transmission case $800 $1700 $2500 $4000 Differential Crown wheel and pinion contained within the differential hemisphere $800 $1700 $2500 $4000 Cooling System Water pump, viscous fan hub, electric engine cooling system fan motors and related temperature control switches $350 $750 $1200 $1300 Braking System Power booster, brake master cylinder, brake callipers and wheel cylinders $350 $750 $1200 $1200 Electrical System Starter motor, alternator/generator, windscreen wiper motors and voltage regulator $350 $750 $1200 $1200 Steering System Steering rack and internal parts of power steering box $350 $750 $1200 $1200 Fuel System Electrical or mechanical fuel pumps or injector pumps $350 $750 $1200 $1200 Clutch System Clutch master cylinder, clutch slave cylinder $350 $750 $1200 $1200 Air conditioner Internal sections and components of compressor, condenser, evaporator, factory fitted only $350 $750 $1200 $1200 CV Joints and Universals All CV Joints front wheel drive Vehicles and Universals on rear drive Vehicles $350 $750 $1200 $1200 Turbocharger Impeller, turbine, seals and bearing $350 $750 $1200 $1500 Engine Computer (ECU) Internal components of engine ECU $350 $750 $1200 $1200 ABS System Wheel speed sensors, ABS Actuators and electronic module $350 $750 $1200 $1200 Electronic Ignition Components Electronic ignition module and coil, crank angle sensor, oxygen sensor and air flow meter $350 $500 $1200 $1200 Cylinder Heads Cylinder heads and valves (specifically excludes overheating, cracks caused by heat damage or corrosion) N/A $500 $650 $650 Radiator Engine cooling radiator (specifically excludes service/cleaning of blocked radiators and damage caused by impact) N/A $350 $500 $500 Power Window Motors Factory fitted power window motors N/A $350 $500 $500 12 Months, 24 hour/7 day Roadside Assist FREE FREE FREE FREE

 

Go To Top >>