If your comprehensively insured vehicle is written off or declared a total loss as a result of accident or theft, you may find that your comprehensive insurance payout isn’t enough to replace your old vehicle for like or up to the same amount you paid for it when originally purchased.
Whether you fully owned your car or paid a large deposit and financed the balance, Cash Benefit Insurance ensures your equity by paying you a predetermined amount selected by you in your policy. Cash Benefit Insurance means you don’t have to incur out-of-pocket expenses or worry about a less-than-market value payout from your comprehensive insurer when you need to replace your vehicle.
Please read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) when choosing any insurance product and consider carefully which product and level of cover is appropriate for you.
The information on this website is intended to be general in nature and is not personal advice. It does not take into account your financial objectives, current or future financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial or insurance product having regard to your objectives, financial situation and needs. In particular, you should seek independent advice and read the relevant Product Disclosure Statement (PDS) prior to making a decision.