Avoid having to pay off a car loan for a car that you no longer own.
The policy also covers on road costs and comprehensive insurance of your replacement vehicle together with up to $1,000 for private expenses (subject to policy limits)
Subject to your policy limits, we will pay the balance of your car loan directly to the financier saving you time and stress.
If your car is written off in an accident or stolen and not recovered, the insured value of your car may be considerably less than the amount still owing on your loan, leaving you with a short fall. In these circumstances your insurance payout won’t pay off your loan and you’re left with a debt and no car.
Guaranteed Asset Protection (GAP) Insurance covers this difference (subject to policy limits) allowing you to purchase another vehicle with no shortfall.
It is always a good idea to consider the Product Disclosure Statement from the product issuer to ensure that the policy is right for you. Contact one of our finance and insurance specialists if you have any questions.
