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Financial Protection Insurance (FPI)


A simple accident or illness, or perhaps unemployment as a result of redundancy, retrenchment or employer ceasing to operate (some exclusions apply –see PDS), can make it significantly harder to continue making payments if you either financed or leased your vehicle purchase.

Financial Protection Insurance may assist by allowing for handback of the vehicle to reduce the financial burden and/or provide up to 6 months of repayments to the finance company.

Key Benefits

Purple_Car

HAND BACK BENEFIT – Return your vehicle to the selling dealer

Sick, ill or injured

  • If you are unable to perform your employment for a period of greater than 21 days as certified by
    a medical practitioner, eric will pay to the financier the difference between the vehicle value and
    the finance payout as determined by your dealer or broker.

Unemployment as a result of redundancy, retrenchment or employer ceasing to operate.

  • Providing you are employed no less than 20 hours per week, and you become unemployed for a
    period of greater than 21 days, eric will pay the financier the difference between the vehicle value
    and the finance payout as determined by your dealer or broker.
Purple_Dollar_Sign

PAYMENT ASSIST BENEFIT – RETAIN your vehicle

Sick, ill or injured

  • If you are unable to perform your employment for a period of greater than 21 days as certified by a medical practitioner, eric will pay up to 6 monthly repayments directly to your financier.

Unemployment as a result of redundancy, retrenchment or employer ceasing to operate.

  • Providing you are employed no less than 20 hours per week, and you become unemployed for a period of greater than 21 days, eric will pay up to 6 monthly repayments directly to your financier.

Following use of this benefit, you may still choose to Handback your vehicle, should you still be unable to perform your employment.

Eligibility

  • Eligible applicants must be:
    • You must be at least 18 years of age at the commencement of the Period of Insurance;
    • You must be 67 years old or under at the time of purchase,
    • The finance amount must not exceed $150,000,
    • You must be employed for at least 20 hours per week and if casual, have been with the same employer for at
      least 12 months,
    • You must not be under notice of your employment ending,
    • Your vehicle must either be a car or motorcycle, and
    • Your vehicle must not be used outside of Australia.
    • Vehicle must not be used for excluded purposes (hire / taxis / rental vehicles / rideshare / courier / delivery,
      including fast food delivery)

Find Out More

The information on this page is a summary only. For full terms, conditions, exclusions and key factors that influence the cost, please refer to the Product Disclosure Statement (PDS).

Ask your dealer or broker today!

Financial Protection Insurance (FPI) is only distributed by our Authorised Representatives. Ask your dealer or broker today if they are an eric Authorised Representative.

 

Financial Protection Insurance (FPI) is issued by Eric Insurance Limited ABN 18 009 129 793 AFSL 238279 (eric). This website may contain general financial product advice that does not take into account your personal financial circumstance.