Popular Insurance Products Adelaide Residents Choose.
Insurance, Adelaide residents takeout at the same time as purchasing cars, boats, motorcycles and caravans; especially under finance with a personal loan, can cover not only themselves but the goods purchased, from unforeseen events.
Insurance protects you financially in the event of an incident or accident resulting in damage or total loss.
Insurance Included With Personal Loans
The most popular insurance products Adelaide people cover themselves with and include in personal loans are discussed below.
Comprehensive insurance is available to cover cars, motorcycles, boats and caravans specifically. If finance is involved to fund the purchase of any of these goods, comprehensive insurance is required by law. Comprehensive insurance can be paid for annually or monthly.
Consumer Credit Insurance
Consumer credit (CCI) or loan protection is an insurance policy that covers the loan repayments if you cannot work due to accident or sickness, or become unemployed through no fault of your own, and will pay the loan out if you pass away. The premium can be included in the personal loan amount.
Gapcover insurance is an insurance product that covers the insured against the ‘gap’ or ‘shortfall’ created due to goods financed depreciating faster than the balance of the personal loan and pays out the loan if the goods are declared a ‘total loss’ by the comprehensive insurer.
Warranties including extended warranties are there to protect you if your car, boat, motorbike or caravan suffers a mechanical failure during the covered time period. Warranties need to be taken out at the time of purchasing the goods. The warranty premium can be included in the personal loan amount.