A motor vehicle purchase is one of the most important purchases people make and many borrow to help buy the vehicle of their dreams.
Most people take out ‘market or agreed value’ insurance to protect their investment, however due to many factors including vehicle depreciation, if the vehicle is declared a total loss by the insurer they could receive a figure that is less than the payout owing on the vehicle. This shortfall can be in the thousands owing to the lender.
Loan Shortfall Protection or GAP Cover can help protect you from financial and personal inconvenience by covering the ‘Gap’ owing.
Gap Cover can:
- Pay out the shortfallowing to the lender.
- Assist by providing additional funds to help torward the purchase of the next vehicle
Benefits of GAP Cover:
- Assists by providing a shortfall payment to the lender in the event your vehicle is a total loss.
- Assists by proving additional funds to help cover costs associated with your replacement vehicle (ie: on-roads costs, government charges, costs of a hire vehicle, and perhaps even medical expenses.)
- The premium can be included in your loan repayments.
- Protects your credit rating with the lenders.
- One off premium and you are covered for a duration up to 5 years.
Want to know more? Contact Us and we will be happy to provide you with an obligation free Insurance quote or call iCREDiT on 1300 350 118.
For full descriptions of the benfits of Loan Shortfall Protection (GAP Cover Insurance) and before making any decision in relation to any of the insurance products mentioned, please refer to the relevant Product Disclosure Statement (PDS). For a copy of the Product Disclosure Statement (PDS), please contact our office on PH: 1300 350 118.