If your car is stolen or damaged beyond repair, often your comprehensive insurance provider does not provide you with a payout that will cover your entire loan balance.
The market value of your car generally reduces at a faster rate than your loan balance which may leave you with a big gap to pay before you can buy your new vehicle. LFI Vehicle Equity Insurance is available to customers with comprehensive motor insurance at the time of arranging car finance. You can also elect to receive a lump sum benefit in the event your vehicle is written off, even if there is no shortfall. Click for the full Product Disclosure Statement or to view the Quick Facts Sheet or to view the Target Market Determination.
Replacement cover to reimburse you for out-of-pocket expenses
associated with your claim
Lump sum payment even if you have a total loss claim with
no outstanding loan balance
|Option 1||$20,000 shortfall cover, $5,000 Replacement cover|
|Option 2||$15,000 shortfall cover, $4,000 Replacement cover|
|Option 3||$7,500 shortfall cover, $3,000 Replacement cover|