Project 1 Finance Pty Ltd knows what can happen when your car insurance payout is less than what you owe on your finance loan. Fortunately, there are plenty of options to ensure that you’re covered in the worst case scenario, meaning you can get back out on the road as soon as possible
What is gap cover insurance?
Not that you like to think about these things, but if your car was written off and you receive your insurance payout, which is less than what you owe on your car finance loan, what would you do?
Of course, you are liable to pay the finance provider until your loan is paid out – even if you don’t have the car at all. But that’s just a complete waste of money on your part, right? The Gap Cover insurance policy was created for this reason – to help minimise your risk and your financial lenders’ risk of suffering a loss. This can save you from a huge financial burden. Having this cover also means when taking out a finance loan, they will offer you a discounted interest rate.
If there has been a total loss claim (or the vehicle has been stolen) made on your comprehensive insurance policy – you are covered for the cost of what is outstanding on your current financial loan. This is particularly beneficial when there is no deposit available when the vehicle is purchased.
Other benefits include – which are extras, the excess owed under the comprehensive insurance claim, any early termination or break cost fees on the on the finance and the cost of a hire car. Should you have to replace your vehicle it includes delivery charges, registration costs, stamp duty, comprehensive vehicle insurance or compulsory third-party. There is the provision to use the additional funds to purchase a new vehicle and it can protect your credit history from any negatives.
Mind the gap! For more information and to access competitive gap cover insurance rates please call Project 1 Finance Pty Ltd today on 0478 698 322.
Why choose Project 1 Finance?
Fix loan terms
We only deal with trusted Australian lenders, who are viable and willing to assist in negotiating a flexible loan, tailored to your needs.
Interest component of repayments and depreciation is tax deductable
Project 1 Finance Pty Ltd is a brokerage that works with its clients to ensure they know the real deal and what is being offered is the right fit for them.
We work effortlessly to find you the best loan solutions at the most competitive rates.