This insurance has been designed for Vehicles purchased with a Finance Contract that travel up to 50,000 kilometres on average per year over the Period of Cover. This Cover provides financial protection, up to the Policy’s maximum benefit of $20,000, whereby at the end of Your Finance Contract should the Fair Sale Price of Your Vehicle be less than the ATO Discounted Value, We will pay You the Shortfall being the difference between the ATO Discounted Value and the Fair Sale Price.
If the Fair Sale Price is greater than the ATO discounted Value, no benefit is payable by the Policy.
Calculations take account of the kilometres Your Vehicle has travelled and the fair wear and tear condition of the Vehicle as defined in the Fair Wear & Tear guide issued by the Australian Fleet Lessors Association Incorporated ABN 78 059 998 533, which may be viewed on the following website: www.afla.com.au
It is important to note that to qualify for consideration for a Shortfall amount the Finance Contract must run for no less than two years and the Vehicle must not have travelled more than 50,000 kilometres on average per year. Please read this PDS, including the Policy Wording, carefully to understand when the Policy will Cover Your Shortfall and when it will not.
See the RPC Product Disclosure Statement for more information