Be covered for a deposit on a new vehicle if your current vehicle that is under finance is stolen or written off.
If you suffer the total loss of your vehicle through theft or damage, you will need a new car. This will require a new deposit, and after paying your financial institution the remainder of what you owe on the car, there is often no money for a new car deposit. This problem can be alleviated by taking out deposit cover now so that a future total loss of a car won’t leave you without transport.
A deposit cover policy will pay a percentage of the sum insured on your previous vehicle towards a deposit for a new car. Payments are easy monthly instalments, so there are no big up-front payments required. You can also cancel your policy at any time.
- Pays a percentage sum of the amount insured on your existing car if your car suffers a total loss.
- Easy monthly payments.
- Cancel anytime.
*Terms and conditions apply.