Southgate’s Novated Lease vehicles are covered by an optional insurance policy that is designed specifically for the purpose of insuring vehicles under a lease arrangement. The policy is provided by Lumley Insurance, and allows you to package the insurance as a monthly payment that is fixed for a 12 month period. Any adjustment to your insurance premium at the end of each 12 month period will result in an adjustment to your novated lease package.
You are eligible for this insurance option based upon the fact that during the past 5 years you have not had any of the following circumstances:
- 2 or more at fault incidents
- Charged with Driving Under Influence/Prescribed Concentration of Alcohol or negligent driving offence
- 4 or more speeding offences
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Valuation Method
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Market value plus any difference between market value and your lease payout amount in the event of the vehicle being “written off”. The policy in affect includes a Gap component that covers the difference between market value and the outstanding balance of your Novated Lease finance.
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Premium
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Premium is payable monthly to assist in the smooth running of your salary package. It is paid directly from your packaging balance and is a fixed amount for the initial 12 month period (subject to annual review). No need to claim reimbursement and complying Tax Invoices are issued and retained by Southgate.
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Excess
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Excesses are calculated with each quote (generally $500).
Additional Excess of $1,000 applies to drivers under 21 years old.
Additional Excess of $500 applies to drivers between 21 and 25 years old.
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Car Hire
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Up to 14 days car hire if your vehicle is stolen.
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Vehicle Replacement
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New vehicle replacement for vehicles deemed a total loss within 12 months of first registered date.
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Windscreen Replacement
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Nil excess on windscreen replacement.
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Key Replacement
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Cost of replacement or repair of lost and damaged keys up to $2,000 during period of insurance.
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Choice of Repairer
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You can choose your own repairer subject to the vehicle being assessed and agreed upon by the insurer first.
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Please view our
Financial Services Guide (FSG) and consider the
Product Disclosure Statement (PDS). You should read the FSG because it contains important information about our authority to sell insurance products on behalf of the insurer. You should carefully read the PDS because it will help you make an informed decision about whether the policy meets your needs and provides the desired cover.