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This will provide you with coverage for a range of insured events such as accidents and theft, as well as weather events like hail, fire, and storms. If you’re involved in an accident, your car and property and the other person’s car and property are covered, even if you’re at fault.
This protects you against losses that may occur when your vehicle is declared a total loss and the total loss settlement amount paid by your vehicle insurer is less than the outstanding amount you owe to your financier for your vehicle loan. GAP can only be taken out at the time of the vehicle sale and can only be purchased in conjunction with a credit contract.
This covers the reasonable cost to repair the actual failure of mechanical or electrical parts as a result of a sudden and unforeseen breakdown that occurs during normal use in New Zealand unless otherwise excluded in the policy book.
Payment Protection Insurance (PPI) protects you for the repayment of your loan obligations to the financier if you suffer an insured event such as death, terminal illness, hospitalization, permanent disability, and career and/or business interruption. The benefits are payable directly to the financier and the policy cover options are specific to your source of income at the time of entering into a credit contract.