Gap or Shortfall Insurance

When you purchase a vehicle on finance, comprehensive insurance is normally a mandatory requirement from your financier to ensure their security taken out on your vehicle is protected in case of an accident.

However, the current insured value of your vehicle may be quite different to the amount still owing on your loan. Should your vehicle be stolen or written off, the insurance payout you receive may not be enough to cover your loan.

With Gap Insurance, you can generally cover this loss, selecting from various levels of cover. You could also receive extra payments to assist in purchasing another vehicle

To be eligible to apply for Gap Insurance you require:

• Loan Contract

  You need a current loan contract on your vehicle

• Comprehensive Insurance

  You must have comprehensive motor vehicle insurance on your vehicle

 

This is general information only. Please view the product issuers Product Disclosure Statement to ensure the product is right for you.