Comprehensive Cover / Security Shortfall Insurance (Gap Insurance) / Consumer Credit Insurance / Loan Protection Insurance (“CCI or LPI”) / Warranty Insurance
When you finance the purchase of your new or used motor vehicle, bike, boat, or caravan it is usually requires of the loan contract or lease to have the security comprehensively insured at all times during the loan term. As a consequence, you must organise insurance before delivery by transferring your current insurance or arranging new cover .
You may arrange comprehensive insurance from the insurer of your choice, or ask BendBal Financial Services Bendigo to provide a competitive quote from any one of the insurers listed on their panel.
With comprehensive insurance you will generally be covered for accidents, fire and theft as well as any third party damage you may be legally liable to pay. You should read the Product Disclosure Statement for the product you intend to purchase so that you understand exactly what is covered, the benefits for each level of cover, and what the limits and exclusions will be.
Security Shortfall Insurance (Gap Insurance)
Gap or SSI Insurance protects you by paying the shortfall amount owed to the credit provider in the event that you have a total loss due to accident, theft or damage, and the amount received from the comprehensive insurer is inadequate to finalise the loan contract on the vehicle.
When you borrow money to purchase a vehicle you may be exposed to this insurance shortfall or gap. This gap is the difference between the insured value of the vehicle and the remaining balance required to finalise the loan or lease.
Gap / SSI Insurance is only available when you enter into a new finance contract at the point of purchase and the vehicle or asset is comprehensively insured.
Today most comprehensive insurance policies are market value policies; making the purchase of gap insurance an important product to consider when purchasing your new Car etc.
Consumer Credit Insurance / Loan Protection Insurance (“CCI or LPI”)
Consumer Credit Insurance / Loan Protection Insurance is designed to give you and your family peace of mind. In the event of an accident, sickness, involuntary unemployment, death and sometimes trauma, this insurance will cover your loan repayments, subject to the limitations of the policy. Policy amounts and cover can be tailored to suit your own needs.
Motor vehicle warranty insurance is an insurance policy purchased by you to minimise the cost of replacing or repairing motor vehicle parts in the event that they are faulty or damaged, subject to specific limits. If a vehicle meets certain qualifying criteria, a vehicle warranty can be purchased for various periods ranging from 12 months to 60 months. In some cases, a warranty may be purchased prior to the expiry of the manufacturers extended warranty so that you maintain continuity in your protection.
Vehicle warranty insurance will enable you to drive with confidence knowing that if your vehicle suffers a major breakdown you’ll be covered for the specified repairs which you can usually get done at your local licensed garage or dealer.
Some of the financiers BendBal Financial Services use:
BendBal Financial Services arranges insurance as agent of the insurer Australian Dealer Insurance, underwritten by Eric insurance Limited, ABN: 18 009 129 793 AFS Licence 238279. We do not provide advice on this insurance based on any consideration of your objectives, financial situation or needs. Policy terms, conditions, limits and exclusions apply.
Before making a decision about insurance please consider the Product Disclosure Statement available from us. If you buy insurance from us we receive a commission which is a percentage of the premium. Ask us for more details before we provide our services.