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Financial Protection Insurance (FPI)


A simple accident or illness, or perhaps even a sudden change to your situation resulting in loss of employment through no fault of your own, 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

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Disability or Involuntary Unemployment

If you encounter or suffer from one of these events during the period of cover and as a result you wish to Handback your vehicle to the dealer, providing there is a Shortfall, then Eric will pay the Shortfall amount to the financier up to the benefit limit of the level of cover you selected.

A Shortfall is the difference between the amount owed to the financier and the greater of;

  • the value of the vehicle as reasonably determined by Eric as the trade value of the current edition of the Glass’s AutoEdge (for a Vehicle which is the equivalent age, make, condition and model as your vehicle), and
  • the price paid by the dealer following the Handback.
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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:
    • In good health and aged 18 to 64 years.
    • Working for at least 20 hours per week in either continuous permanent, part-time or casual employment. If casual employment, you need to be with the same employer for at least 12 months.
    • Employed in non-seasonal, continual or steady positions.

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.

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