Short Fall Insurance - Short Fall Insurance Options
Short fall Insurance (Gap Insurance) protects you as a borrower by paying the shortfall amount owing to your credit provider or bank if in the event that you have a total loss due to accident, theft or damage, and the amount received from your comprehensive insurer is inadequate to finalise the loan on your vehicle.
Such a gap exists because, in most cases, you initially borrow more than the vehicle's market value (Registration cost, stamp duty, dealer delivery charges, comprehensive insurance etc) and the outstanding principal on your loan falls relatively slower than the value of your vehicle in the initial period of the loans term. Sometimes the quantum of this gap can run into many thousands so it's important you consider this product to ensure you are adequately protected.
You can only purchase Gap Insurance when you enter into a new finance contract at the time of a vehicle purchase and the vehicle must be comprehensively insured.
Benefits of Shortfall Insurance (Gap Insurance)
- Protects your finances and credit rating in the event your vehicle is declared a total loss due to theft or accident.
- Gap Insurance can be easily financed into most loans.
- You can purchase Gap Insurance independently of your current comprehensive insurer.
- Most GAP insurance policies also compensate you with an additional cash benefit.
Phone us on 1300 CREDIT (1300 273 348) to talk with one of our specialists about your finance or insurance needs.
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