How To Protect Yourself From Any Unforeseen Events
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Have you ever considered how you would meet your loan repayments if you ever lost your job or were to suffer a serious injury, illness or even death? What would happen if your vehicle was written off in an accident or stolen? What would happen if your Comprehensive Insurance company did not cover the total loan balance so you could payout the loan?
Have you ever thought about how you would cover the cost of a mechanical breakdown if something did go wrong with your new car and you couldn’t afford to fix it? There is potential for many unfortunate events to occur, but you would be glad to know there are ways to protect yourself from financial hardship these can cause.
The following insurance policies and the related information will give you a better understanding on how you can best protect any financial commitments you have under your finance contract. The Insurance products that are shown below can be applied to your loan for your financial protection and long-term benefit.
Comprehensive Motor Vehicle Insurance
Comprehensive motor vehicle insurance gives you cover for any accidental loss or damage to your vehicle whether you are at fault or not. In most instances you can elect to cover for market value or for an agreed sum. In some instances, the insurer will only insure you for what you paid for your vehicle so you should always read your PDS & FSG prior to deciding which product is suitable for you. Please note that all lenders will require you to comprehensively insure your vehicle prior to settlement.
Loan Protection Insurance/Business Loan Protection Insurance
If you have committed to making repayments on a loan and don’t want to be left with a repayment you can’t afford due to sickness, injury or loss of employment then this cover can protect you. Loan protection insurance is available for both consumer and commercial loans and can provides different combinations of trauma and death, disability and involuntary unemployment cover.
Shortfall insurance also known as Gap Insurance is designed to protect you if your vehicle has been declared a total loss. Shortfall insurance is designed to cover the gap between what your comprehensive motor vehicle insurance pays out and what the actual payout figure of your loan value is, therefore minimising any risk for you to be left out of pocket. If in the event there is “no shortfall” a cash benefit will still be paid out and will vary from each cover type. Please consult the PDS & FSG prior to deciding which product is right for you.
Mechanical Breakdown Warranty
When purchasing a new asset such as a car, boat, caravan or even a new truck most of these items will also come with some sort of a manufacturer’s warranty. This is usually provided for a fixed term of 1 – 3 years from the first registered date. So, if you are looking to have the asset for a longer period of time than that there are ways to protect yourself from any expensive repairs or breakdowns that may occur.
Most vehicle warranties will cover the major items such as but not limited to the following:
Engine & Engine Block
Cylinder Head and Gasket
Gearbox and internal components
Steering including steering box
Brakes including ABS Brake System
Air Conditioning & Heating
Crank Angle Sensor
To find out more regarding these and any other product it is always best to speak to an expert as well as receive a copy of the PDS & FSG prior to making a decision.
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