Lease Protection Insurance
Lease Protection Insurance is a cost effective insurance
policy designed to secure vehicle lease repayments in the event you
are unable to continue to meet your financial commitment.
A lease enables you to finance a vehicle as part of your salary
package. Lease Protection Insurance is a simple insurance
solution that protects you from financial exposure on your lease
that could occur through death or involuntary unemployment.
You can also cover the shortfall that may occur if your vehicle
is stolen or written off, and the insurance payout does not cover
the balance still owing on your lease.
Cover options
There are two levels of cover available:
-
Life, Involuntary Unemployment and Gap cover
-
Life and Involuntary Unemployment cover
Benefits of Lease Protection Insurance
Under Life cover, Lease Protection Insurance can pay the
difference of any shortfall between the sale price of the vehicle,
and any remaining balance due on the lease (to a maximum of
$15,000).
If you become involuntarily unemployed for more than 30 days,
Lease Insurance can make the lease repayments after the first
30 days, or until you return to work, or until 3 months lease
payments have been made, to a maximum of $15,000.
You can elect to return the vehicle to the financier within 30
days of becoming unemployed, and Lease Insurance can pay any
shortfall between the sale price of the vehicle and the outstanding
balance on your lease (to a maximum of $15,000).
The Lease Insurance premium covers you for the term of
the lease, and can be included in the amount financed under your
lease agreement.
Want to know more?
To find out more about Lease Protection Insurance or get a
quote, please complete an online
enquiry or call us on 1300 STRATTON
(1300 787 288).