If your comprehensively insured vehicle is declared a total loss as a result of accident or theft, you may find that the payout from your comprehensive insurer (when your claim is accepted) is less than what you owe your credit provider for your Honda.
Equity Plus Insurance (EPI), commonly referred to as GAP Cover Insurance, is a policy that will help you avoid having to pay a shortfall between what you are paid by the comprehensive insurer and what you owe to your credit provider.
Depending on the level of cover, the policy may pay for a range of expenses associated with the replacement of your Honda.
A 'No Gap Benefit' is payable if there is no gap in the amount owed to the financier and the amount settled by the comprehensive insurer.
A 27 year old Company Manager (Claim No), had a loan payout amount of $17,100 and the Insurer settled only $10,800; a gap of $6,300.
If your comprehensively insured vehicle is declared a total loss as a result of accident or theft, you may find that the payout from your comprehensive insurer (when your claim is accepted) will not cover all costs incurred in replacing your Honda.
Similar in concept to Equity Plus Insurance, Cash Benefit Insurance may help you avoid having to pay any shortfall between what your comprehensive insurer pays out and what you may require to adequately replace your Honda.
Consumer Credit Insurance (CCI) is designed to assist you in meeting your finance contract repayments in the event of specific changes to your personal circumstances. It can assist you in meeting your repayments in the event of changes to your health or employment status or as a result of your death.
Cover provided: Involuntary Unemployment; Disablement; Trauma & Death Cover. These options are available as a complete package or in a number of specific options so you can choose which one best meets your individual requirements.
Comprehensive Motor Vehicle Insurance covers you for loss or damage to your Honda caused by an event in the period of insurance. It includes the total loss or damage to your vehicle caused by another party, whether they are insured or not.
As an agent for Honda Insurance, in some circumstances we can even apply an agents discount!
Also, often it is possible to include the first year of comprehensive Insurance in your finance repayments
Disclaimer:Torque Honda arranges insurance as agent of the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708. We do not provide advice on this insurance based on any consideration of your objectives, financial situation or needs. Policy terms, conditions, limits and exclusions apply. Before making a decision about insurance please consider the Product Disclosure Statement available from us. If you buy insurance from us we may receive a commission which is a percentage of the premium. Ask us for more details before we provide our services.
The material contained on this site is provided for general information only and does not constitute any form of advice. Torque Honda assumes no responsibility for the accuracy of any particular statement and accepts no liability for any loss or damage which may arise from reliance on the information contained on this site.
You should always seek advice of an independent financial advisor or your accountant for the most suitable finance product for your situation.