Lease Protection Insurance
All new Novated Lease packages arranged by Southgate have the option to include
Lease Protection Insurance insurance, underwritten by ERIC Insurance.
Lease Protection Insurance is designed to give you peace of mind, by allowing you to hand back
(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, disability and certain specified trauma events. An ‘Additional Monthly Payment
Option’ is included in this policy, to help you cover your lease payments and allow you to
keep the vehicle.
A level of ‘Payment Relief’ is also included under each cover option, to help you cover your lease payment obligations
to the financier and allow you to keep your lease vehicle.
Lease Protection Options
|
Cover Level
|
Cover Benefit Limit
|
Shortfall Cover on Hand Back
|
Additional 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 Additional 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 more information on eligibility, conditions and cover under this policy.
Please view our combined Product Disclosure Statement (PDS)/Financial Services Guide (FSG).
You should read the FSG because it contains important information about our authority to sell insurance products on behalf of the
insurer. You should carefully read the PDS because it will help you make an informed decision about whether the policy meets your
needs and provides the desired cover.