Equity Protection Insurance
If your comprehensively insured vehicle is written off (declared a total loss) as a result of accident or theft, you may find that the payout from your comprehensive insurer, when your claim is accepted is less than what you owe your credit provider for your vehicle. Equity Plus Insurance (EPI) is a policy that will help you avoid having to pay any shortfall between what your comprehensive insurer pays out and what you still owe your credit provider for your vehicle.
Equity Plus Insurance is purchased at the time you arrange your finance contract. The cost of the insurance is called the premium. The premium for Equity Plus Insurance is a once only payment that covers the entire term of the finance contract. It is paid at the start of the finance contract and is usually financed as part of the finance contract. The amount of premium payable is shown on your Application/Certificate of Insurance.
The amount of premium payable includes GST and Stamp Duty and will vary depending on the level of cover you select and the term of your finance contract.
Benefits of (Gap Cover) Equity Protection Insurance
- Reduces or eliminates your financial exposure. (up to $20,000)
- Improves credit position to be able to finance a vehicle of higher value as the finance company has protection.
- Includes an additional lump sums towards on road costs for replacement vehicles.
- A one off payment covering you for the life of your loan that can be incorporated into your finance package.
Who should consider (Gap Cover) Equity Protection Insurance
Equity Protection Insurance should be strongly considered by all customers who finance a motor vehicle and want peace of mind and protection from financial exposure should their vehicle be stolen or written off.
For more information please complete the enquiry form or call 1300 48 11 52.