Novated Lease Insurance Information
What car insurance do I need?
It is mandatory that your vehicle is Comprehensively Insured at all times throughout the Lease period with Interleasing noted as the financier.
You have 2 options available to you for the inclusion of Comprehensive Insurance with your Novated Lease and Salary Package. These are:
- Use the Interleasing Insurance program, which is underwritten by Lumley General Insurance
- Use your own insurer
Should you elect your own insurance cover, it will be your responsibility to ensure the vehicle is comprehensively insured at all times and it must be arranged prior to delivery of the vehicle. A copy of the insurer’s Certificated of Currency must be provided before delivery. You will be responsible for payment of the renewal notice and requesting a reimbursement from us of the cost incurred, subject to available funds.
Our leasing consultants will discuss in detail the options available to you prior to preparing your Novated Lease quotation.
Is there any lease protection insurance?
We have negotiated with Swann Insurance, part of the global IAG Insurance group, the insurance facility to protect your Lease.
This insurance provides protection for you from ongoing costs associated with a lease, due to the unforseen event of employment termination, through Involuntary Redundancy or Retrenchment.
In the event of employment termination through the above circumstances you may elect to do one of the following:
- Return the vehicle to us where it will be sold and any shortfall between the Lease payout figure and the vehicle sale price will be paid by the insurer, or;
- Retain the vehicle and the Insurer will pay us the equivalent of one lease rental every month for a maximum of 5 months and up to $15,000 whichever is the lesser.
When we provide you with a Interleasing Novated Lease quote, we will provide you with a Product Disclosure Statement (PDS) specific to Lease Protection Insurance.
This document provides you with full details of the Insurance coverage and conditions and is also available on request.
Our leasing consultants will discuss in detail the options available to you prior to preparing your Novated Lease quotation.
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