Motor Equity Insurance
If your vehicle is declared a total loss by your comprehensive insurer, you may find that your vehicle value is less than the amount required to settle the loan balance. This is called the loan shortfall.
The Holden Motor Equity Policy is designed to pay the shortfall between what your motor vehicle insurer pays (if you suffer a total loss) and the amount still owing on the vehicle.
Cover Benefits
You can choose one of the following cover options:
1. Loan Settlement
If the insurer of your comprehensive motor vehicle insurance makes a total loss payment in respect of your vehicle and the event causing the loss occurred during the period of insurance of this policy, we will pay the difference between the loan settlement amount and the total loss payment, up to the maximum amount of the option listed as covered on your schedule which is for:
- Option A: $10,000
- Option B: $12,000
- Option C: $15,000
- Option D: $20,000
- Option E: $30,000
2. Extra Cover
If the insurer of your comprehensive motor vehicle insurance makes a total loss payment in respect of your vehicle and the event causing the loss occurred during the period of insurance of this policy, we will also pay the following costs that you reasonably and necessarily incur as a result of your total loss claim:
- any excess paid by you under your comprehensive motor vehicle insurance relating to the event causing the total loss payment to be made; and
- any of the following in connection with replacing your vehicle (provided they are not payable under your motor vehicle insurance):
- delivery charges
- registration charges
- comprehensive motor vehicle insurance premium
- compulsory third party insurance
- stamp duty
- up to 10 days car hire up to a maximum of $70 per day, but only if the car hire had been arranged by or approved by us.
The maximum aggregate amount we will pay under this Extra Cover will be the amount shown against "Extras" for the option listed on your schedule, which is for:
- Option A: $4,000
- Option B: $4,000
- Option C: $5,000
- Option D: $5,000
- Option E: $10,000
A Product Disclosure Statement (PDS) for Holden Insurance products can be requested by calling 1300 784 026 between 8.30am and 5.30pm (EST) Monday to Friday. Any advice here does not take into consideration your personal objectives, financial situation or needs, which you should consider before acting on our recommendations. You should read and consider the PDS before deciding whether to acquire the product mentioned.
Holden Insurance is issued by Allianz Australia Insurance Limited (Allianz) AFS Licence No. 234 708 ABN 15 000 122 850 of 2 Market Street, Sydney NSW. GM Holden, Holden Insurance Services or any of their related companies have no liability in respect of Holden Insurance policies.
