Loan protection insurance
Loan protection insurance lets you hand your vehicle back to insurer and/or 6 months payment relief. A total benefit of up to $15,000 in case of below events.
- Cover for up to 8 separate unexpected life events:
- Involuntary unemployment
- Driving restrictive medical condition
- International job transfer
- Accidental death
- 3 levels of cover with a total of 5 options available:
- Standard (Cover Level 3)
- Standard (Cover Level 3) shorter loan term option
- Premium (Cover Level 2)
- Ultimate (Cover Level 1)
- Ultimate (Cover Level 1)shorter loan term option
- Shortfall gap cover:
- Additional monthly payment option* up to 6 months in the event of involuntary unemployment or disability.
- Cancel any time
- Additional benefits
What’s in it for you?
- Complete peace of mind for most life or unemployment events - should the unexpected occur.
- Flexibility to choose what’s best for your personal and financial circumstances.
- Freedom to return your vehicle and cover any loss totally or partially.
- Don’t be afraid of losing your vehicle - have loan payments made for you for up to 6 months depending on level of cover.
- Changed your mind? You are not locked in – cancel the policy at any time and you will be refunded the unused portion.
- Identity theft cover applies for 12 months from the commencement of your policy.
What you need to know
- Cover available for full term of loan, with one up front flat rate premium – no annual renewal.
- For loan terms less than 36 months 2 options of covers available (trauma not included).
For loan terms of 36 months and over 3 options of cover available.
- Maximum cover $15,000*
- Time to choose - even if you select additional monthly payment option, you still have the option to return your car.
- Refund worked out on remaining period of cover, less any charges in accordance with relevant legislation.
Refer to the Avea PDS below for full terms and conditions.
^Loan Protection Insurance refers to Loan Termination Insurance (LTI).
References to loan are generic in nature and cover finance arrangements under a Lease or a Car Loan