Novated Lease Insurances
- It is a requirement that your vehicle is comprehensively insured throughout the life of your novated lease.
- If comprehensive motor vehicle insurance is purchased for a new car that includes new-for-old cover with unlimited kilometres, and the insurance policy is held for the life of the lease, there may be no need for GAP insurance.
- GAP insurance pays a "gap" up to a pre-set amount in the event of a total vehicle write off payout amount and what an insurer has determined is the pre-set value of the car at that time.
- Loan Protection insurance is designed to cover lease payments for loss-of-income situations such as death, temporary illness and involuntary redundancy. Time and dollar limits apply.
- If an employee has an employment contract with sick leave entitlements and superannuation income protection as part of their employment superannuation, loan protection insurance may not be needed in whole or in part.
Statewide examines each employee's individual circumstances and only recommends insurance that is necessary, fit-for-purpose and that has value or potential value for the individual employee.
Statewide is licensed to provide and arrange general insurance products. Insurance products are outside the scope of the Queensland Government contract. Therefore, Employees may choose to procure or not procure these items through Statewide.