Finance and Insurance
Truscott's Finance Department tailors competitive finance & insurance packages to suit our client's needs.
Whether you are financing for a business vehicle or for your private use, we have products and services that will serve your every requirement.
Our Business Managers are highly qualified to advise you on the most appropriate package for your budget.
Contact us below or call in at our showrooms at Five Dock & Croydon 7 days a week.
Motor Vehicle Insurance
Once you buy your car and drive it you are taking the ever-present risk of having an accident, or maybe having your car stolen. The cost of repairs can be substantial, and worse still, the car may be unrepairable altogether. But you still have to pay all your monthly payments on the loan whilst it is being repaired.
Motor Insurance covers the risk of such things happening. Yes, you must pay for it, but it is much cheaper than even a small to medium smash repair job.
There are two types of Motor Insurance
You should know the differences and what they cover:
- Comprehensive Motor Insurance:
This covers repairs to the insured’s car in the accident and also repairs to the other car and property damaged in the accident. It will cover the insured against theft of his/her vehicle. - Third Party Property Insurance:
This covers the other driver’s car repairs and damage to property, but does not cover the vehicle the insured is driving. It is cheaper than Comprehensive Motor Insurance, but it has much less protection for the insured person.
Conditions:
The insured person will not be covered unless they are driving legally. They must have a current driver’s licence; they must not be driving under the influence of drugs or alcohol. The vehicle the insured is driving must be currently registered. Even if the insured person has insurance on his/her vehicle – it will not apply if he/she is not driving legally.
Most financiers who lend money to purchase a vehicle will insist that the borrower has adequate Comprehensive Motor Insurance and that Finance Company listed as an interested party on the policy. They will not accept Third Party Property Insurance.
GAP Insurance:
Even if your vehicle is covered by Comprehensive Motor Insurance, there may still be circumstances where you have unexpected high costs to pay. If your car is stolen, or written off as a total loss in an accident, you may find that the amount of insurance cover does not pay the full amount you still owe on your car loan. This shortfall can be several thousand dollars.
In these circumstances, you will normally need to find a replacement vehicle. However, unless you have sufficient savings to pay cash for the car, you will need to borrow to assist with the purchase. If you still owe money on the loan for the previous car, you will normally be required to payout the loan before another loan is available. Whenever you buy a car there are certain costs involved, such as Insurance Premium and on road costs.
GAP Insurance is designed to get people out of this hole. It covers the insured for the shortfall on the loan (after payment of insurance is made) and covers him/her for incidental costs of their next insurance policy and on road costs of the new vehicle. GAP Insurance has become increasingly popular over the last 10 years and has been utilised by many people to get back on their feet and back on the road after the unexpected has happened.
Consumer Credit Insurance:
This vital insurance cover is available when an insured person cannot make the monthly repayments on their loan. If an insured person becomes sick, or injured, or lose their job, or, die during the term of the loan, their payments are made for them.
There is a once only premium that can be included in the car loan, to provide cover in all these circumstances.
If an insured person is disabled and cannot resume work, or if he/she dies, the policy provides that the loan is paid out entirely.
If the insured person becomes unemployed, there is a limited cover that will pay the loan for a period so that he/she has time to get another job.
TRUSCOTTS have specialists in the field of Motor Finance and Insurance. They are qualified under the Financial Services Reform Act and accredited to provide general advice in relation to Financial Services.
Ask them to provide details and explain the products.
At TRUSCOTTS we not only want to sell you a car, but we want to provide you with the best available products, services and advice to ensure that you are looked after, not only at the time you buy the car, but also for the whole time you own and drive your car.
We believe that helping you set yourself up for a future of trouble free driving will bring you back to us to buy your next vehicle. We can only be sure of that if we know that we have provided the best available choices to you when you deal with us.
