What types of insurance are available for my car and novated lease, and what do they cover?
Before your novated lease starts
At Maxxia it’s important to us that you understand the full range of optional insurance products available to you as part of the novated lease estimate process. We offer the following insurance products:
Comprehensive Insurance
Comprehensive cover against loss or damage to your vehicle or someone else’s caused by accident, theft, malicious damage or fire.
Lease Protection Insurance
Cover for your lease payments and the running costs associated with paying out your lease, in the event you are made involuntarily redundant. You also have the option of handing the vehicle back and the policy will pay any gap between the payout under your finance contract and the sale price of the vehicle.
Total Loss Assist
In the event that your vehicle is declared a total loss by your comprehensive insurer, Total Loss Assist covers the difference between your comprehensive insurance payout and either the amount you originally paid for the vehicle or the amount needed to settled your finance contract – whatever is the greater.
Guaranteed Buy Back Insurance
Guaranteed Buy Back Insurance (GBB) is designed to provide protection if your lease goes full term (and you’ve travelled under 30,000kms per year), offering cover for the difference between the market value of your car and your end-of-lease residual payment.
For more detail on the insurance products available, refer to our Product Disclosure Statements (PDSs) and Financial Services Guides (FSGs) listed near the foot of the dedicated Insurance page on our website.
Disclaimer: This general information doesn’t take your personal circumstances into account. Please consider whether this information is right for you before making a decision and seek professional independent tax or financial advice. Employers should independently consider whether a benefits program is appropriate for their organisation and seek advice where appropriate. Conditions and fees apply, along with credit assessment criteria for lease and loan products. The availability of benefits is subject to your organisation’s approval. Maxxia may receive commissions in connection with its services. Maxxia does not act as your agent or representative (or provide you with any advice or recommendations) in respect of the purchase of any vehicle.