"The reality is, the value of your car depreciates as soon as you buy it."
So if you still owe money on your vehicle and it’s written off, the insurance payout can be a lot less than what is left owing on the finance – leaving you with a bill to pay for a car you can’t even drive!
‘Gap’ insurance will pay the difference between the insurance payout and what is left owing on the finance, to a maximum of $10,000.
If you've got finance owing on your car, it really makes sense to add gap insurance to your policy! Ask your credit union about adding gap insurance to your vehicle policy now.
Please refer to the policy document for full terms, conditions and exclusions.
