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Dependable insurance in Bendigo
When you finance the purchase of your new or used motor vehicle, bike, boat, or caravan, the loan contract or lease usually requires comprehensive insurance for the term of the loan. This insurance must be secured before delivery by transferring your current insurance or arranging new cover. Don’t worry if this all sounds stressful – our friendly team at Bendigo Leasing and Finance Pty Ltd can help you every step of the way. Bendigo Leasing and Finance Pty Ltd can provide a competitive quote from any one of the numerous insurers listed in our database.
Comprehensive insurance generally covers you 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 (PDS) for the product you intend to purchase to ensure 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 Security Shortfall Insurance (SSI) 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. The amount received from the comprehensive insurer is then 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 or 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. This makes the purchase of gap insurance an important product to consider when purchasing your new car or other financed items.
Consumer Credit Insurance (CCI) or Loan Protection Insurance (LPI)
Warranty insurance
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. These repairs can usually be completed at your local licensed garage or dealer.