The one thing we suggest you look at
Although each person's insurance needs are their own, we recommend you look at new-for-old policies as a minimum when working out your insurance situation.
Here is why it matters. A car loses value the day you drive it out. If it is written off or stolen in the early years, a standard market-value payout can leave you short of what is still owing on the lease. A new-for-old policy replaces the car with a brand-new equivalent instead, so you are not caught out.
Our take: new-for-old as your baseline, then adjust from there to suit you. It is the simplest way to avoid a nasty gap early in the lease.
How insurance fits your lease
- Comprehensive cover is bundled into your single pre-tax payment
- Paid GST-effective, like the rest of your running costs
- You can usually choose a policy that suits you
- One number covers the car, fuel or charging, servicing, registration and insurance
Have an insurance question? Just ask
Everyone's cover is different, so if you have any insurance questions at all, please feel free to drop us a message and we will be more than happy to help you work it out.
Common questions
Is insurance included in a novated lease?
Comprehensive insurance is packaged into your lease and paid from pre-tax salary along with the car, fuel, servicing and registration. It is one payment that covers the lot.
What is a new-for-old policy?
New for old (sometimes called new replacement) means that if your car is written off or stolen within the first years of cover, the insurer replaces it with a brand-new equivalent, rather than paying out a depreciated market value that might not clear what you owe.
Can I choose my own insurer?
Usually, yes. You can package a policy that suits you. If you are not sure what to look for, drop us a message and we will talk it through with you.
Do you give insurance advice?
We share general guidance, not personal advice. Everyone's situation is different, so the right cover is yours to decide. We are happy to help you understand the options so you can choose well.