Lease Protection Insurance
All new Novated Lease packages arranged by Southgate have the option to include
Lease Protection Insurance.
Lease Protection Insurance allows you to Handback (dispose of) your lease vehicle when
certain unforseen events occur in your life. This policy covers a range of specific
circumstances as outlined in the PDS, which include involuntary unemployment and disability.
A ‘Monthly Payment Option’ is included in this policy, to help you cover your lease payments
and allow you to keep the vehicle.
Key Lease Protection Benefits
|
Cover Level
|
Cover Benefit Limit
|
Shortfall Cover on Handback
|
Monthly Payment Option
|
Maximum Policy Term
|
|
Level 1
|
$15,000
limit across all claims made under the policy
|
The lesser of:
- the shortfall due; or
- $15,000 (minus any amount paid under Monthly Payments Option)
|
The lesser of:
- 6 x Monthly Lease Repayments; or
- $15,000 policy limit across all claims
|
The lesser of:
- your Lease Term; or
- 60 months.
|
Please refer to the Product Disclosure Statement (PDS) for full terms, conditions, exclusions and key factors that influence the cost of the product.
Lease Protection Insurance is issued by Eric Insurance Limited ABN 18 009 129 793 AFSL 238279 (Eric). The information above may contain general
financial product advice that does not take into account your personal financial circumstances. Please consider the relevant PDS before making a decision
about this product. You can obtain the relevant PDS by contacting Eric Insurance 1800 999 977, clicking on the link above or from an authorised
representative of Eric.