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.