Personal Finance
Guaranteed Asset Protection (GAP)
If you find yourself in the unfortunate situation where your vehicle is declared a total loss, you may be left with a short fall on the amount required to settle your loan balance, or the amount owing on your vehicle lease. Guaranteed Asset Protection (GAP) will cover the amount your insurer has not covered, so you’re not left paying for a vehicle you can no longer drive. GAP is well worth considering if you are paying less than a 30% deposit.
Payment Protection Insurance
When the unexpected happens, Payment Protection Insurance protects you and your family, giving you peace of mind that your vehicle loan or lease repayments will be covered. This includes protection for:
- Accident
- Illness
- Hospitalisation
- Redundancy
- Bankruptcy
- Suspension
- Death
Comprehensive Motor Vehicle Insurance
Comprehensive Motor Vehicle Insurance covers accidental loss or damage anywhere in New Zealand. This includes additional expenses you might face if your vehicle is stolen or damaged, along with loss or damage by fire, theft, vandalism or natural disaster and liability cover for damage to someone else’s property.
Mechanical Breakdown Insurance
These policies can be purchased for 12 – 36 months and protect you from the cost of sudden and unforeseen breakdown of your vehicle. Along with covering Mechanical and Electrical costs, these policies can also cover roadside assistance, accommodation, rental car or return home travel if your vehicle was to break down more than 100kms from home, towing, flat battery, keys (lost or damaged) and flat tyres.
