Car insurance is required

It’s compulsory for your vehicle to have comprehensive insurance for the duration of your contract. If at any point during your contract the vehicle is deemed to be a write-off, the account will need to be finalised.

You may have previously chosen to finance an insurance policy within your loan/lease. If you aren’t sure, this will be specified on the copy of your contract. If you have a query about the specifics of your policy, please contact your insurance company directly for more information.

If you have a vehicle accident

You'll need to notify your insurance provider of the accident and lodge a claim (claim is subject to approval by insurance provider). If at any point during your loan the vehicle is deemed to be a write-off and the vehicle is not replaced, the loan/lease will need to be finalised.

There may be a shortfall owing on your loan/lease after the insurance company has processed the claim. In this instance, please contact us at leasingcustomerservice@macquarie.com to make an arrangement for the shortfall to finalise the loan/lease.

You’ll need to continue to make your contractual repayment until the insurance claim is finalised and the amount owing has been repaid in full.

Cancellation and refund for financed insurance 

If you want to cancel a financed insurance policy, please contact your insurance provider directly.

In some instances where you have financed your insurance policy in your loan contract, you may be eligible for a refund for a portion of your policy’s premium. This refund will generally be applied to the remaining balance on your loan. However, if you’ve completed your loan you may be due a refund directly. Please see the below table for clarification:

Consumer Loan

Insurance Type

Active loan

Finalised loan (only applicable if the loan is finalised before the term date)

Consumer Credit Insurance / Loan Protection Insurance

Direct refund to the bank account on file otherwise a cheque payment will be issued

Your refund has already been deducted off the quoted payout figure

Guaranteed Asset Protection (GAP) or any other insurances

Direct refund to the bank account on file otherwise a cheque payment will be issued

Direct refund to the bank account on file otherwise a cheque payment will be issued

Commercial Loan/Lease

Insurance Type

Active loan

Finalised loan (only applicable if the loan is finalised before the term date)

Consumer Credit Insurance / Loan Protection Insurance

Direct refund to the bank account on file otherwise a cheque payment will be issued

Your refund has already been deducted off the quoted payout figure

Guaranteed Asset Protection (GAP) or any other insurances

Direct refund to the bank account on file otherwise a cheque payment will be issued

Direct refund to the bank account on file otherwise a cheque payment will be issued

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