Salary Packaging Australia
Comprehensive Car Insurance

Southgate’s Novated Lease vehicles can be covered by an optional comprehensive insurance policy that is designed specifically for the purpose of insuring vehicles under a lease arrangement. The policy is provided by CGU Insurance Limited, and allows you to salary package the insurance via monthly premium payments that are 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 if during the past 5 years you have NOT had any of the following circumstances:

  • 2 or more at fault incidents
  • Been charged with Driving Under Influence/Prescribed Concentration of Alcohol or negligent driving offence
  • 4 or more speeding offences
Key Features Benefits
Insured Value Market Value plus any shortfall between the market value and your lease payout amount in the event of the vehicle being written off.
“Gap Cover” Included This policy includes a “gap” component which covers any shortfall (or gap) between the vehicle’s market value and the outstanding balance owing on your Novated Lease finance contract (excluding any lease arrears). This feature prevents you from having to pay any out-of-pocket cost in respect of early payout penalties on the lease contract.
Monthly Premium The premium is paid monthly to assist in the smooth running of your salary package. It is paid directly from your salary package account balance and is a fixed amount for the initial 12 month period (subject to annual review once every 12 months or upon change of garaging address).

Because it is paid directly, there is no need to claim a reimbursement. All complying Tax Invoices are issued and retained by Southgate.
Excess 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 aged between 21 to 25 years old.
Additional Excesses apply to claims for High Performance Vehicles – please refer to Product Disclosure Statement (PDS).
Cover for Your Vehicle This policy covers the cost to repair, reinstate or replace your vehicle in the event of an accident occurring within Australia.
Car Hire This policy covers the cost of hiring a similar vehicle up to $100 per day if your vehicle is unavailable due to damage or theft, subject to a maximum of $2,100 total per any one event.
Windscreen & Window Glass Covers repair or replacement of your windscreen and window glass in the event of breakage, with no excess payable.
Key/Lock Replacement Covers replacement of stolen or damaged keys (and locks) up to $4,000 during the insurance period.
Trailer Cover Covers up to $1,000 or Market Value (whichever is less) for loss or damage sustained by a 2-wheel or 4-wheel trailer whilst it is attached to your vehicle.
Personal Effects Covers up to $2,000 for loss or damage to your personal effects in the event of an accident.
Choice of Repairer You can choose your own repairer subject to the vehicle being assessed and prior agreement by the insurer.

Where your vehicle is repaired by an authorised repairer suggested and arranged by CGU Insurance Limited, the insurer will guarantee the quality of those repairs for as long as you own the vehicle.

IMPORTANT NOTE: This policy information applies to all CGU Insurance Limited (formerly Lumley Insurance) comprehensive vehicle insurance policies arranged by Southgate, that have been established or renewed since February 2015.

For any policies established or last renewed prior to February 2015, you will need to contact Southgate on 1300 132 500 for information specific to your current policy.