Extended warranty insurance
What is it?
A car is a pretty incredible thing, full of hundreds of individual parts all working together to get you where you're going. When one of those parts has an issue, though, it can quite literally stop you in your tracks. Even worse is when that part isn't under warranty anymore.
Extended Warranty Insurance means you don't have to worry about what it costs to repair or replace any of those miraculous parts; they'll stay under warranty for the whole duration of your lease.
Why it's worth having...
Whether you're commuting to work, on your way to a friend's place for dinner or setting off on a road trip, even a small mechanical fault can be enough to ruin your plans. An extended warranty means, even when your car has a breakdown, your wallet doesn't need to. It includes:
- Replacement or repair of any covered components if they have a mechanical or electrical failure
- An unlimited number of claims
- Added benefits like accomodation, car hire, towing and locksmith services (noting that there may be an overall total claim limit for any 12 month period)
The maximum amount payable during the term of the cover is equal to the market value of the car at the time the cover began.
What's not included...
Check out the PDS for the full list of exclusions, but these generally include:.
- Parts that are replaced during normal maintenance (like brake pads, batteries and radiator fluid)
- Any damage caused by missing your car's recommend services, or if you use it in ways you're not supposed to
- Damage caused by failing to fix something when the problem starts
The fine print
These examples are only provided as a summary and are not exhaustive. Please read the Product Disclosure Statement for all of the important product terms and conditions and other info that will be relevant for you.
Product Disclosure Statements (PDSs)
Download and read the Product Disclosure Statements for all the details, terms and conditions of each of the insurance products.
Product Disclosure Statement - Allianz Motor Vehicle Lease Insurance (Comprehensive Policy) - Issued August 2021
Product Disclosure Statement - Pacific International Insurance Motor Vehicle Lease Insurance Options Policy (combined PDS and FSG) - Issued April 2024
These Financial Services Guides explain the services that Oly provides as an authorised representative of various providers.
Financial Services Guide - Allianz Motor Vehicle Lease Insurance - Issued May 2024
Financial Services Guide - Pacific International Insurance Motor Vehicle Lease Insurance Options Policy (combined PDS and FSG) - Issued April 2024
These documents describe the target markets, distribution conditions and other information about these insurance products.
Target Market Determination – Allianz Motor Vehicle Lease Insurance (Comprehensive Policy) - Issued June 2022
Target Market Determination – Pacific International Insurance Motor Vehicle Lease Insurance Options Policy - Issued March 2024
Insurance
If you chose any of the optional novated lease insurance products, it is included in the cost of your lease. You will receive your policy document when you enter into your lease. Oly Pty Ltd (69 674 252 629 ) (Oly) is authorised by:
• Allianz Australia Insurance Limited (ABN 15 000 122 850, AFSL 234708) to provide general advice on and arrange Motor Vehicle Lease Insurance(Comprehensive Policy) issued by Allianz.
• Pacific International Insurance (ABN 83 169 311 193, AFSL 523921) to provide general advice on and arrange Motor Vehicle Lease Insurance Options Policy issued by Pacific International Insurance.
Insurance disclosures
The Product Disclosure Statement (PDS) for each insurance product includes the full terms and conditions and the Financial Services Guide (FSG) includes information about the financial services Oly provides.The Target Market Determination (TMD) describes the target market for each insurance product, the distribution conditions and other information about these insurances. You can obtain these documents by visiting our website or contacting us at 1300 328 182 or [email protected]
Things you need to know: This webpage does not constitute financial product advice. This general information doesn't take your personal circumstances into account. Please read the PDS and consider whether this information is right for you before making a decision and seek professional independent tax and financial advice. Conditions and fees apply, along with credit assessment criteria for lease products. The availability of novated leasing is subject to your employer's approval. Oly may pay and/or receive commissions in connection with its services.