Over 20 years insurance experience.
There are many insurance products that are worth looking at when taking out a loan for a car, a boat, a bike or a personal loan.
Below is a list of the insurance products available from National Finance Choice, and how they can protect you, and the item you are financing.
Comprehensive Car Insurance Adelaide, South Australia, & Australia.
Comprehensive car insurance is required by law whenever the car is taken as security, i.e. a secured loan or car loan. If your car is involved in an accident, comprehensive car insurance will pay for the cost of repairs. If your car is written off in an accident or stolen, comprehensive car insurance will cover the amount you are insured for in your policy, regardless of whether the accident is your fault or not.
Read more about comprehensive car insurance Adelaide available.
Loan Protection Insurance Adelaide
Loan protection insurance is a policy that covers the loan repayments if you cannot work due to accident or sickness, or become unemployed through no fault of your own, and will pay the loan out if you pass away.
There are 4 main types of loan protection products available:
- Life Insurance – Life protection insurance will cover the loan in the event you pass away.
- Involuntary Unemployment – Protection if you were to lose your job through no fault of your own.
- Disability Cover – Disability insurance will cover you if you can’t work in the event of sickness or accident.
- Trauma Cover – Trauma cover provides you with a lump sum payment if in the unfortunate event you suffer from something that is more long term, for example cancer or a stroke.
Used Car Bike & Boat Warranty
If your vehicle suffers a mechanical failure, the insurer will help pay the costs of having the covered component repaired. Now if you were to take your car to a mechanic, they would charge you for the parts and the labor which can be around $70 an hour. A used car warranty, for example, will cost around 80 cents a day. How many mechanics do you know that will work for 80 cents a day?
Most customers love the warranty because they can avoid large out of pocket expenses.
Gap / Shortfall Insurance Adelaide
Gap cover insurance or ‘shortfall insurance’ is a great policy. Now unfortunately and generally speaking a car will depreciate faster than a loan is paid off. For example, let’s say the borrowed amount is close to the full amount for the car, and in 2 years time it is stolen. It is likely the loan amount will be more than the insurer’s payout, so money will need to be found to pay the ‘gap or “shortfall’. Gapcover insurance for cars will pay this amount.
Feel free to discuss any of these insurance products Adelaide has available from your NFC insurance broker.