Guaranteed Asset Protection Frequently Asked Questions
Guaranteed Asset Protection is an insurance policy that 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. Speak to one of our Business Managers for more information about the types of cover available, special conditions and pricing which apply.
No.
If you are not completely happy with the cover provided by your policy, you can cancel it within 15 days of the start of the period of insurance, provided you have not made a claim under your policy. We will refund any premiums you have paid us. After 15 days from the start of your period of insurance, you are entitled to end your policy at any time, by giving us 10 days’ notice in writing to our address stated in your policy schedule. We will refund your premium relating to the balance of your period of insurance (calculated on a Rule of 78 basis). If your premium has been added to your loan amount, any refund of premium will be made to your financier.
No. The policy must be taken out at the time of the vehicle sale.
No. The vehicle must be comprehensively insured continuously throughout the term of the GAP policy.
Unfortunately that means there is no claim under the policy, however we can refund the remaining policy term, as calculated according to the rule of 78 basis (subject to the terms and conditions in the policy wording).
The contract is for the length of the original credit contact. The maximum period of cover, regardless of the term of your loan, is 84 months.
We have a number of policy options, so the premium will depend on the option selected. Speak to one of our Business Managers at any Turners branches to discuss the option that suits you best.
No. The policy is linked to your credit contract and expires when your loan is completed.
Our Guaranteed Asset Protection Insurance is underwritten by DPL Insurance Limited (Autosure NZ). Find out about their Financial Strength Rating.
You can call us on 0800 267 873 and we’ll be happy to change the contact address we have for you.
If an event happens that may lead to a claim under your policy you must:
1. Take all reasonable steps to minimise the claim and prevent any further claim;
2. Notify the police if it appears that the claim arises from an illegal act;
3. Freephone 0800 809 700 to notify us of your claim;
4. Complete any claim forms required by us;
5. Provide us with written statements, certificates and any other supporting information that we may require, at your expense; and
6. Assist us with your claim in any way we request.
Payment Protection Insurance Frequently Asked Questions
Payment Protection is an insurance policy that protects you for the repayment of your loan obligations to the financier if you suffer an insured event. 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. Speak to one of our Business Managers for more information about the types of cover available, special conditions and which option may suit you best.
No.
If you are not completely happy with the cover provided by your policy, you can cancel it within 15 days of the start of the period of insurance, provided you have not made a claim under your policy. We will refund any premiums you have paid us. After 15 days from the start of your period of insurance, you are entitled to end your policy at any time, by giving us 10 days’ notice in writing to our address stated in your policy schedule. We will refund your premium relating to the balance of your period of insurance (calculated on a Rule of 78 basis). If your premium has been added to your loan amount, any refund of premium will be made to your financier.
No. The policy must be taken out at the time of the credit contract.
No. However the cover does exclude conditions that you knew about, suffered from or that where pre-existing at the date the policy commenced (subject to the terms and conditions in the policy wording).
The contract is for the length of the original credit contact. The maximum period of cover, regardless of the term of your loan, is 84 months.
Yes, double cover is an option. Both insured persons are covered for 100% of benefits (50% for each person, if they both suffer an insured event simultaneously).
We have a number of policy options, so the premium will depend on the option selected, the amount financed and the loan term. Speak to one of our Business Managers at any Turners branches to discuss the option that suits you best.
No. The policy is linked to your credit contract and expires when your loan is completed.
Our Payment Protection Insurance is underwritten by DPL Insurance Limited (Autosure NZ). Find out about their Financial Strength Rating.
No. PPI is not suitable for structured or irregular payment contracts.
You can call us on 0800 267 873 and we’ll be happy to change the contact address we have for you.
If an event happens that may lead to a claim under your policy you must:
1. Take all reasonable steps to minimise the claim and prevent any further claim;
2. Freephone 0800 809 700 to notify us of the event;
3. Complete any claim forms required by us;
4. Provide us with written statements, certificates and any other supporting information that we may require, at your expense; and
5. Assist us with your claim in any way we request.
We may require you to authorise the disclosure of medical information and financial information that may be relevant to the claim, including information held by your medical practitioner, financier, accountant or employer