Should you suffer an injury, become ill, lose your job or even die while paying off your vehicle, Holden Loan Protection Insurance will continue to meet the financial obligations (refer to PDS) regarding your vehicle. In some circumstances, your loan may be finalised, sparing your family any additional worry or stress.
If your vehicle is declared a total loss by your comprehensive insurer, you may find that your vehicle value is less than the amount required to settle the loan balance. This is called the loan shortfall. Our Motor Equity policy is designed to pay the shortfall between what your motor vehicle insurer pays (in case of total loss) and the amount still owing on the vehicle.
Key benefits include:
1. Loan Settlement
If the insurer of your comprehensive motor vehicle insurance declares your vehicle a totally loss, we'll happily pay the difference between the loan settlement and your total loss payment, up to the maximum amount listed on your cover - a) $10,000 b) $12,000 c) $15,000 d) $20,000 or e) $30,000
2. Extra Cover
In addition to the basic coverage listed above if the insurer of your comprehensive motor vehicle insurance makes a total loss payment in respect of your vehicle and the event causing the loss occurred during the period of insurance of this policy, we'll also pay the following costs associated with your total loss: excess paid, delivery charges, registration charges, comprehensive insurance premium, compulsory third party, stamp duty, up to 10 days car hire. We'll cover up to the maximum amount listed on your cover - a) $4,000 b) $4,000 c) $5,000 d) $5,000 e) $10,000
The information on this website is of a general nature and for information only. Nothing on this website constitutes or should be considered to constitute legal, taxation or financial advice. Before making a decision about any of the products and services featured on this website, you should consult with your own independent legal, taxation and financial advisors, who can advise you about your personal circumstances.
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.