Insurance Advice & Information - Queensland Finance & Loan Specialist | iLoans Australia

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Comprehensive Insurance Solutions

Your Insurance needs covered

We provide Comprehensive Car Insurance, Loan Protection Insurance and Security Shortfall Insurance

When borrowing money, it’s important to protect yourself and your assets. No matter how careful you are, accidents happen, work situations can change and negative equity situations can occur.

Ideal Loans has a network of insurers to give you the peace of mind we will find the best deal for you and understand your requirements when looking at a finance package for you.

We provide Comprehensive car insurance, Consumer credit insurance and security shortfall insurance. All the above products can be financed within your new car or personal loan so you know you are fully protected for the life of your loan.

Comprehensive Insurance

When obtaining a loan for a car it’s a legal requirement for this vehicle to be comprehensively insured whilst under finance. This protects you and the financier if an accident was to occur. There are many options for comprehensive cover, such as excess, market value or agreed value, hire car cover and windscreen cover.

When organizing your finance we will also obtain you quotes with the above insurers and see what’s important to you. Lots of insurers offer multi policy discounts too which can assist in getting a better deal. Also maybe you might like to restrict the drivers on your insurance, this will help to lower your premiums. There are many options so please be sure to talk to one our trained consultants about what’s important to you when is comes to comprehensive insurance.

GAP Insurance

Security Shortfall (GAP) Insurance protects you as a borrower by paying the shortfall amount owing to your credit provider or bank if, in the event that you have a total loss due to accident, theft or damage, and the amount received from your comprehensive insurer is inadequate to finalise the loan on your vehicle.

Such a gap exists because, in most cases, you initially borrow more than the vehicle’s market value (Registration cost, stamp duty, dealer delivery charges, comprehensive insurance etc) and the outstanding principal on your loan falls relatively slower than the value of your vehicle in the initial period of the loans term. Sometimes the quantum of this gap can run into many thousands so it’s important you consider this product to ensure you are adequately protected. For most vehicles purchased, the maximum exposure to this gap will occur from the date of purchase to around the 2nd or 3rd year through a standard loan of 60 months as illustrated in the graph shown.

When you borrow money to purchase a vehicle you may be exposed to an equity gap. This gap is the difference between the insured value of your vehicle and the outstanding principal on your loan.

You can only purchase Gap Insurance when you enter into a new finance contract at the time of a vehicle purchase and the vehicle must be comprehensively insured.

Benefits of Security Shortfall Insurance (Gap Insurance)

Protects your finances and credit rating in the event your vehicle is declared a total loss due to theft or accident
Gap Insurance can be easily financed into most loans
You can purchase Gap Insurance independently of your current comprehensive insurer
Most GAP insurance policies also compensate you with an additional cash benefit

Consumer Credit Insurance (CCI)

Consumer Credit Insurance or Loan Protection Insurance protects you, as the borrower, in the advent of accident, sickness, involuntary unemployment, death and sometimes trauma. If you are unable to work due to accident, sickness or involuntary unemployment, CCI insurance will cover your loan repayments for a stated period of time or until you are able to return to work. In the advent of death, the credit contract may be repaid in full.

Benefits of Consumer Credit Insurance (CCI)

Protects your finances in the event of accident, sickness, involuntary unemployment, or death. If available and selected by you, you may also be covered for trauma
CCI can be easily financed into most loan contracts.
A CCI policy can be tailor made to accommodate the areas that you feel most at risk
Offers financial security in the event of the unfortunate occurring
In the event of Death, the typical life component will pay the outstanding balance of the credit contract up to a specified maximum value
In the event of Disablement, the typical disability component will pay the lesser of the regular monthly loan repayment for the period of disability up to a specified limit
In the event of Involuntary Unemployment, the typical unemployment component will pay the lesser of the regular monthly loan repayments for 90 days or a designated maximum value per claim. There is also usually a cap on the maximum benefit payable for the entire period of the policy.
You only pay for the portion of the cover you use as it is automatically rebated when the loan is repaid in full (section 148 of the National Credit Code & regulation 94 of the Regulations)

The National Credit Code

The National Credit Code regulates the conduct of authorised representatives selling Consumer Credit Insurance. Under the National Credit Code;

you cannot be forced to take out CCI insurance,
you cannot be forced to take out CCI insurance with a particular insurer,
the maximum commission allowed to be paid by the insurer is 20% of the premium (excluding government charges),
details of the CCI insurance and commission are to be disclosed on the loan contract,
a copy of the CCI policy must be provided by the insurer within 14 days after the acceptance of the proposal, and
if you terminate your loan, any CCI insurance is also automatically terminated by the lender and a statutory amount refunded to you as a reduction in the amount you must pay to finalise the loan.

Used Car Warranty

iLoans Australia has partnered with Henderson cars to offer clients an Extended Used Car Warranty.

Henderson Cars understand that the purchase of your vehicle is a significant investment which any customer would want protected for a time. We’re glad to offer our customers the peace of mind they need through our extended used vehicle warranty offers.

Queensland requires a warranty be offered when used vehicles are purchased from a licensed auto dealer. This gives the customer the confidence that their new vehicle will be free from problems from the time of sale throughout the warranty period.

Henderson Cars is your number one option for purchasing an extended used car warranty in Mooloolaba. Our RACQ approved car yard offers used and reconditioned vehicles for purchase with warranty coverage to comply with Queensland requirements. Customers can be assured their vehicle purchase from Henderson Cars will come with guaranteed satisfaction thanks to our extended used vehicle warranty options.

Warranty Information

The RACQ approved car yard at Henderson Cars offers numerous vehicles for customers to choose from, each available with an inspection report should a customer request one. The offer of an extended used car warranty in Mooloolaba gives customers a reason to buy from us at the start, and come back again for their next purchase. Our statutory used car warranty in Mooloolaba offers can be divided into two classes based on the vehicle a customer is purchasing.

Class A vehicles – Class A vehicles are defined as those that have travelled less than 160 000 km, and are less than 10 years old. Purchasing a class A vehicle comes with a three month or 5000km warranty.
Class B Vehicles – Class B vehicles are defined as those that have travelled more than 160 000 km, and are older than 10 years. These cars come with a one month or 1000 km warranty.

The Queensland statutory warranty requirement does exclude some auto defects from warranty coverage. Such defects include:

Tyre maintenance and replacement
Battery failure
Light replacement
Damaged radiator hoses
Various car accessories such as CD players, radios, tape decks and air bags
Damage to any paint work or upholstery which was apparent at the time of sale
Buyer additions installed after purchase
Air conditioning is not covered by the warranty in class B vehicles

Henderson Cars offers an extended used car warranty in Mooloolaba to provide customers with the option of extra protection in addition to the class A or B warranty. Our warranty coverage varies from other options which may include tight restrictions, such as where to have the vehicle serviced. Henderson Cars service specialists do recommend customers still have their new or used cars serviced at suggested scheduled intervals.

Please click here to visit Henderson Cars Warranty Information.