Insurance

UFS offers a wide range of insurance products to assist you to safeguard your assets and personal circumstances with the correct level of cover. You may also be able to finance the insurance premium on the credit contract. Ask a UFS authorised representative today.

Comprehensive Insurance

When you finance the purchase of a motor vehicle, bike, boat, or caravan it is usually a requirement of the loan contract or lease to have the security comprehensively insured at all times during the contract term. As a consequence, you must organise insurance before delivery by transferring your current insurance or arranging new cover. You can arrange comprehensive insurance from the insurer of your choice, or ask UFS to provide a competitive quote from any one of the insurers listed on their panel.

With comprehensive insurance you will generally be covered for accidents, fire and theft as well as any third party damage you may be legally liable to pay. You should read the Product Disclosure Statement for the product you intend to purchase so that you understand exactly what is covered, the benefits for each level of cover, and what the limits and exclusions are.

Warranty Insurance

Motor vehicle warranty insurance is an insurance policy purchased by you to minimise the cost of replacing or repairing motor vehicle parts in the event that they are faulty or damaged, subject to specific limits. If a vehicle meets certain qualifying criteria, a vehicle warranty can be purchased for various periods ranging from 6 months to 36 months. In some cases, a warranty may be purchased prior to the expiry of the manufacturers extended warranty so that you maintain continuity in your protection.

Vehicle breakdowns are annoying at best and financially disastrous at worst. Vehicle warranty insurance will enable you to drive with confidence knowing that if your vehicle suffers a major breakdown you'll be covered for the specified repairs which you can usually get done at your local licensed garage or dealer.

Loan Protection Insurance

Consumer Credit Insurance is designed to give you and your family peace of mind. In the event of an accident, sickness, involuntary unemployment, death and sometimes trauma, this insurance will cover your loan repayments, subject to the limits of the policy.

 

Gap Cover – Short Fall Insurance

Gap Insurance protects you by paying the shortfall amount owed to the credit provider in the event that you have a total loss due to accident, theft or damage, and the amount received from the comprehensive insurer is inadequate to finalise the loan on the vehicle.

When you borrow money to purchase a vehicle you may be exposed to this insurance shortfall or gap. This gap is the difference between the insured value of the vehicle and the remaining balance required to finalise the loan or lease.

Gap Insurance is only available when you enter into a new finance contract at the point of purchase and the vehicle or asset is comprehensively insured.

Today most comprehensive insurance policies are market value policies; making the purchase of gap insurance an important product to consider.

"The insurance products described on this website are issued by any one of the insurers on our panel and sold to you by us as authorised representative of the relevant insurer. Please ensure you have received, read and understood the Product Disclosure Statement and Policy Wording (PDS) issued by the insurer and what limits and exclusions apply are for each product before you purchase them."

It is important to note:

  • You cannot be forced to take out any type of insurance
  • You cannot be forced to take out insurance with a particular insurer
  • Details of the other types of insurance covers that we can issue, along with the way in which they are remunerated, are disclosed in our Financial Services Guide   Read more...
  • If you purchase an insurance policy and decide within 14 days that it doesn't meet your needs, for whatever reason, you can cancel for a full refund less any taxes or duties that the insurer cannot recover. This is called the Cooling Off Period, and
  • If you have any queries or a complaint about an insurance product offered to you should follow the complaint handling procedures detailed in the insurer's Product Disclosure Statement.

For these and more insurance options at great rates call us today.