Novated Lease Repayment Insurance is designed to provide cover for a policyholder's motor vehicle Novated Lease in the event of the policyholder's death or involuntary unemployment.
Motor Equity cover is also available, providing benefit designed to meet the short fall of a comprehensive insurance total loss payout and the remaining balance due under the vehicle's novated lease up to a specified maximum amount.
In the unfortunate event of an insured's death, this cover provides a benefit that pays the remaining balance under a novated lease, at the time of death, up to a specified maximum amount.
This option provides cover designed to meet the minimum monthly payment required for the outstanding amount under the Novated Lease agreement should the insured become involuntarily unemployed for 30 days or more.
There are two options under this cover:
Provides a benefit if the insured decides to retain their vehicle, in which case, the benefit is a daily amount based on the minimum monthly required payment limited to a specified maximum number of days.
Provides a benefit if the insured decides to sell their vehicle, or surrender it to the financier, within a specified number of days of their involuntary unemployment. The benefit is designed to cover the short fall between the outstanding amount on the lease and the vehicle's fair sale price, up to a specified maximum amount.
Motor Equity Insurance
Under the equity option, the cover is designed to meet the short fall between the outstanding lease amount and the total loss payment from the insured's comprehensive motor vehicle insurance, limited to a specified maximum amount.
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