What is Deposit Cover?

If your motor vehicle is financed and it is stolen, hijacked or damaged beyond economical repair in an accident, you will need to raise a deposit to secure finance for the new vehicle.

Our Deposit Cover policy will ease this burden by paying you a percentage of the sum insured on the policy to put towards the deposit on a new vehicle.

What are the benefits of Deposit Cover?

The following benefits apply to Deposit Cover:

  • A percentage of the sum insured of the policy will be paid out if your motor vehicle is damaged beyond economical repair, stolen or hijacked
  • The policy premiums are debited from your nominated bank account on a monthly basis, so no big upfront payments are required.
  • The policy can be cancelled immediately if you sell the motor vehicle or if it is traded in.

What are the conditions of Deposit Cover?

The following conditions apply to the purchase of Deposit Cover:

  • If the motor vehicle is being used for racing and driving instruction for reward, it will not be covered.
  • If the motor vehicle is carrying more weight than for which it was designed it will not be covered.
  • The policy does not cover any damage to the motor vehicle from whatever cause.
  • You should have comprehensive insurance on your vehicle.