Products | Guaranteed Asset Protection Insurance

Imagine having an accident in your new vehicle purchased on finance. The car is classified as ‘written off’ or a total loss under your comprehensive motor vehicle insurance policy. The insurance company calculates your payout at the pre-accident value of $10,000. BUT the amount still owed on finance is $15,000. Not only do you still owe $5,000 on a vehicle you no longer have but must also find a replacement vehicle.

Fortunately, you can protect yourself from this sort of situation with a Southbury Insurance Guaranteed Asset Protection policy. Provided you have been paid out through your comprehensive motor insurance policy, we will bridge the gap between the insured value and the outstanding balance of the finance agreement to the value of up to $5,000.

For a one off cost, we can provide cover for up to 60 months at a cost that can work out to as little as $1 per month!

PLUS

• We can provide an additional benefit to the value of $2,500 to cover
  • Delivery charges of a replacement vehicle
  • Registration cost of the replacement vehicle
  • Car hire (maximum five days at maximum $100 per day)
  • The comprehensive insurance premium for the replacement vehicle
• A one off payment will cover the period of the finance agreement (up to 60 months)
• You and your finance company are immediately able to arrange the purchase of a replacement motor vehicle
• No excess payment is required
  

Please see the Southbury Insurance Guaranteed Asset Protection policy for a full list of terms, conditions and exclusions.

Download Policy documentation