WARRANTY / INSURANCE
Loan Repayment Insurance
There are all sorts of reasons you might want to borrow money. It could be for a new car, a boat, to consolidate debt, or for a much-needed holiday. And even though repaying the loan is a significant medium or long-term commitment, it's one you'll have considered carefully and are ready for.
What you may not be so prepared for are the unforeseen events life can deal us - accidents, illness, or involuntary unemployment - all of which bring pressure and uncertainty. Covering any loss of income and additional expenses they cause would be bad enough, without worrying about the burden of loan repayments as well.
Loan Repayment Insurance (sometimes referred to as Payment Protection Insurance or Commitment Cover) can be tailored to your insurance requirements to cover Death, Death & Disablement or Death, Disablement and Redundancy & Bankruptcy. Depending on the type of cover option you have selected, our Loan Protection Insurance pays your loan repayments if you are unable to work due to injury or sickness or in the event that you become involuntarily unemployed. In the event of your death, life cover will repay your outstanding loan balance.
Our application process doesn't require a medical examination, just a few simple questions, insuring your loan couldn't be easier, and with three cover options available you have the freedom to tailor Loan Protection Insurance cover to suit your individual needs.
Guaranteed Asset Protection
Guaranteed Asset Protection (or GAP Insurance as it is often referred to) is insurance against a shortfall that may occur in the event that your vehicle is stolen or written off, and your Comprehensive Motor Vehicle Insurance total loss claim pay-out does not cover the loan balance outstanding on your finance agreement.
This shortfall can occur for a number of reasons, but is often due to the fact that a car's market value declines faster than the finance on the car is paid back for the first few years of its life. This could potentially leave you with a shortfall of thousands of dollars.
With GAP you can choose your level of shortfall cover to suit your needs. Plus automatically included in the policy is an additional benefit cover to reimburse you for out of pocket expenses.
Mechanical Breakdown Insurance
Your car has literally thousands of moving parts combined with the latest in computer technology. With the complexity of today's motor vehicles, one medium-size repair could easily cost more than the Mechanical Breakdown Insurance premium!
We offer two types of Mechanical Breakdown Insurance (MBI), designed to give you the best deal for your personal situation:
- Equipe Cover Provides an expanded coverage for vehicles 16 years old and under and that have traveled less than 225,000 kilometers.
- Select Cover Provides a thrifty cover option for older vehicles, being 18 year old and under and that have traveled less than 295,000 kilometers.
You can choose your excess level and we offer a range of policy terms from 12 to 36 months.
Mainstream Insurance is a business brand of DPL Insurance Limited.
DPL Insurance Limited is a Licensed insurer under the Insurance (Prudential Supervision) Act 2010. For more information and details on the Financial Strength Rating and Solvency Calculation please go to www.mainstreaminsurance.co.nz
