Platinum Vehicle Finance

Autosure Protection

INSURANCE - AUTOSURE PROTECTION

Autosure Protection is an affordable and practical insurance solution. It will protect you from the exposure that may occur when the comprehensive motor vehicle insurance payout does not cover the loan balance still owing to Alphera Financial Services.

It can also compensate you for the financial inconvenience suffered as a result of a total loss.

In the event of an accident and your car being declared a total loss, the comprehensive motor vehicle insurance payout may not cover the balance of the finance still owing. In this instance, you are liable for the shortfall, which could be thousands of dollars.

This shortfall can occur in two ways:

1. Borrowing to pay for various costs associated with buying a vehicle, which does not add to the vehicles value, such as stamp duty, registration, dealer delivery, comprehensive insurance cover, vehicle inspections and so on. These costs do not add to the vehicle's value so as a result, the loan amount exceeds the value of the vehicle.
2. The value of the vehicle falling faster than the loan balance, due to the combined effect of interest accruing on the loan and the vehicles value depreciating.

Qualifying for Autosure Protection is easy. If you intend to purchase your vehicle with motor finance and take out comprehensive motor vehicle insurance cover you are eligible for cover.

What does Autosure Protection cover?

Autosure Protection covers up to $15,000 of the shortfall between the comprehensive insurance payout and the balance of the finance still owing on your vehicle.

Plus, you can select a cover option which entitles you to receive Benefits Plus payment of either $3,000 or $1,500 to compensate you for the inconvenience suffered when your car is a total loss. The following vehicles are not covered by this Policy.

• Motorcycles
• Taxis and courier vehicles
• Commercial vehicles and vehicles with a load capacity over two tonnes
• Rental vehicles

How can Autosure Protection benefit me?

• It can reduce or eliminate your exposure to the shortfall between the comprehensive motor vehicle insurance payout and the balance of the finance outstanding.
• As a result of reducing your exposure to the shortfall, you may wish to borrow additional funds and purchase a better vehicle.
• It can give added protection for your credit rating.
• It reduces the stress and worry that normally applies when your vehicle is a total loss.
• Benefits Plus can provide you with compensation of $3,000 or $1,500 for the inconvenience suffered when your vehicle is a total loss.

An example of the cover provided

Your vehicle is a total loss due to an accident, fire, or theft. You still owe $30,000 on the finance borrowed, yet the comprehensive motor vehicle insurance payout for the vehicles market or agreed value is only $20,000. Autosure Protection will cover you for the $10,000 shortfall, plus depending on which cover option you selected, you will receive either $3,000 or $1,500 to compensate you for the financial inconvenience suffered. Peace of mind is provided with a one-off premium payable when the finance agreement commences. This covers you for the entire term of the agreement. The premium can be included in the loan if you desire. Your Autosure policy continues under any comprehensive motor vehicle insurer.

Important Information

INSURERS: St Andrew's Insurance (Australia) Pty Ltd (St Andrew's) ABN 89 075 044 656 AFSL No. 239649.

This insurance is not compulsory and can be obtained from an insurer of your choice. Before deciding to purchase any insurance, consider its Product Disclosure Statement (PDS) and its appropriateness to you or speak to a Financial Adviser.

The information supplied is indicative only and is not an offer to lend or a formal disclosure statement. Applications are subject to normal eligibility guidelines.

Melbourne Finance Broking Pty Ltd can arrange this insurance as an authorised representative of St Andrew's Insurance (Australia) Pty Ltd. Melbourne Leasing Pty Ltd receives a commission from St Andrew's for arranging insurance. St Andrew's reserve the right not to accept certain proposals and the right to issue the policy subject to certain exclusions, conditions and limitations. You should read the PDS for a full explanation of the policy terms and conditions. St Andrew's is responsible for meeting all claims.