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, disability, trauma or involuntary unemployment.
There are a range of levels of cover available, including:
- Involuntary Unemployment cover
- Death and Involuntary Unemployment cover
- Death, Involuntary Unemployment and GAP cover
Benefits of Lease Protection Insurance
Under Death 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 Protection Insurance premium covers you for the term of the lease, and can be included in the amount financed under your lease agreement.