Total loss assist
What is it?
If your car is written off, and the insurance payout is less than the amount you need to pay out your lease, Total Loss Assist (TLA) will cover the difference. In other words, it means even if the value of your car has dropped since you got it, your payout will cover what you paid for the car.
![Screenshot 2024-07-12 at 1.19.24 pm.](./media_13ba32eeae95c2283077e28a7ee7043bb31fcf92a.png?width=750&format=png&optimize=medium)
Why it's worth having...
Basically, Total Loss Assist makes sure there's never any difference between the amount you need to replace your car, and the amount your insurance claim pays out.
That means the TLA will cover either:
- Any gap between your insurance payment and the amount you need to pay out your lease, or
- The difference between what your insurance claim pays, and the purchase price of the car
If either amount is less than $5,000, a minimum benefit amount of $5,000 will be paid. The maximum coverage amount is based on the purchase price of the car, with benefit payments available up to $50,000.
What's not included...
Total Loss Assist only applies once your comprehensive insurance has paid out the 'total loss' in full.
Total Loss Assist won't cover any late payment fees or other penalties.
Total Loss Assist doesn't apply if your car's been used to carry passengers in exchange for money or other remuneration.
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.
For example
Phoebe writes off her car three years into her lease. The payout from her comprehensive car insurance is $19,000.
The original price of the car paid by the financier was $40k, and it would cost her $21k to pay out her lease, but she’s only insured for a maximum of $25k.
Since Phoebe has Total Loss Assist, her insurance company figures out which is more: the difference between the insurance payout and the finance contract, or the difference between the insurance payout and the original purchase price of the car.
Finance contract gap: $21,000 - $19,000 = $2,000
Purchase price gap: $40,000 - $19,000 = $21,000
Because the gap between the comprehensive insurance payout and the original purchase price of the car is higher, the TLA payout is $21,000.
Of this, $2,000 will be paid to the financier to settle the lease and the other $19,000 will go straight to Phoebe.
Important documents
If you’re having trouble accessing any of these documents, get in touch and Oly will organise copies for you by another method.
For your reference Oly suggests hanging onto copies of these Product Disclosure Statements and Financial Services Guides with your lease documentation.
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.