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 Vero Insurance and allows you to salary package the insurance via fixed monthly premium payments that are subject to an annual review. Any adjustment to your insurance premium upon such review will result in an adjustment to your novated lease package.

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.
New Car Replacement In First 2 Years If your new vehicle is written off within 2 years from its first registered date you may choose to accept a new replacement vehicle of the same make, model and series (conditions apply).
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) if the vehicle is written off during the lease term. This feature prevents you from having to pay any out-of-pocket cost in respect of early payout penalties on the lease contract in the event that the vehicle is written off.
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 for convenience. The premium is subject to an annual review 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.

Standard Vehicle Basic Excess will generally be $650.
Basic Excess of $1,000 applies to Prestige or High Performance Vehicles.
Additional Excess of $750 applies to drivers aged 16-20 years old.
Additional Excess of $500 applies to drivers aged between 21 to 24 years old.
Additional Excess of $250 applies to inexperienced drivers.

Pease refer to Product Disclosure Statement (PDS) for more information. The Target Market Determination is available here.
Cover for Your Vehicle This policy covers the cost to repair, reinstate or replace your vehicle in the event of an accident or theft occurring within Australia during the period of insurance.
Car Hire after Accident This policy covers the cost of hiring a similar vehicle if your vehicle cannot be driven or is being repaired or replaced following an insured event (other than theft). This cover is subject to a maximum of $2,100 total per any one event.
Car Hire after Theft This policy covers the cost of hiring a similar vehicle for up to 30 days if your insured vehicle is stolen. This cover is subject to a maximum of $3,000 total per any one event.
Windscreen & Window Glass Covers repair or replacement of your windscreen and window glass in the event of breakage. There will be no excess payable for the first claim of this nature per period of insurance.
Key/Lock Replacement Covers the cost of replacing the keys or re-coding the vehicle’s locks up to $5,000 if the keys to your vehicle are stolen, lost or damaged during the period of insurance.
Trailer Cover Covers up to $1,000 or Market Value (whichever is less) for loss or damage sustained by a 2-wheel, 4-wheel or box trailer that is attached to or being towed by your vehicle where it is caused by an insured event.
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.

Alternatively, Vero Insurance can suggest and arrange a recommended repairer in your area.

Where your vehicle is repaired by an authorised recommended repairer arranged by Vero Insurance, the insurer will guarantee the quality and workmanship of those repairs for the life of the vehicle.

The primary eligibility criteria for this option requires you to meet all of the following conditions:

  1. During the past 3 years you have NOT had any of the following circumstances:

    • Had any convictions for driving under the influence, dangerous/culpable/negligent driving, or failing to stop after an accident;
    • Had an at-fault motor insurance claim exceeding $20,000, or 2 or more at-fault claims;
    • Had motor insurance declined, cancelled or refused.