Protect yourself against financial stress
Please note: This product is not available for purchase online, it is only available from our dealer/broker network.
There’s nothing more important in your own life than you.
The eric Equity Protection Insurance product has been designed for customers who seek to protect themselves against financial burdens that may occur because of a total loss to their vehicle, where a customer wishes to protect the value of the vehicle or where there is finance owed on the vehicle.
What’s included?
If, during the Period of Insurance, the Vehicle is declared a Total Loss by a Comprehensive Vehicle Insurer then, subject to the terms and conditions of our agreement with you, we will pay to you (or the Financier if applicable) the following Shortfall:
Occurs during the first 36 months of the Period of Insurance.
The greater of:
- The difference between the Replacement Vehicle Value and the Total Loss Payout; or
- The difference between the balance owed on the Finance Contract as at the date of the Total Loss and the Total Loss Payout.
Occurs after the first 36 months of the Period of Insurance. (only applies where the Vehicle is subject to a Finance Contract)
- The difference between the balance owed on the Finance Contract as at the date of the Total Loss and the Total Loss Payout.
In the event of a Total Loss settlement by your Comprehensive Vehicle Insurer, you can lodge a claim for out of pocket expenses directly incurred as a result of the Total Loss. The maximum amount we will pay in relation to out of pocket expenses will be $2,000 whether or not a Shortfall exists.
Please refer to PDS for a list of the covered expenses.
Option to pay your policy in monthly instalments similar to a subscription. Pay by the month (PBTM) allows you the freedom to cancel your policy at any time.
Interest and Fees may apply. Please read our latest DDSRA for full terms and conditions
If you have paid out the Finance Contract prior to its scheduled completion date, your insurance cover will continue for the remaining Period of Insurance and you will still be eligible to claim for out of pocket expenses.
Please download and read the PDS for a full list of inclusions, exclusions, terms and conditions.
What you need to get started
Are you eligible for Equity Protection Insurance with eric? There’s certain information that we require and some rules that apply:
Applicant details
To be eligible to purchase this insurance the following criteria must be met:
- You must be at least 18 years of age at the commencement of the Period of Insurance;
- You must be the registered owner of the Vehicle;
- During the Period of Insurance your Vehicle must be covered by Comprehensive Vehicle Insurance;
- You must have a liability under the Finance Contact; and
This insurance specifically excludes any vehicle that is let on hire or is being used for carrying passengers for hire or reward. This includes, rental bikes or rideshare. It also specifically excludes courier or delivery vehicles, including fast food delivery.
Want specialist cover?
We don’t expect a standard policy to suit everyone, which is why we offer extra cover for your vehicle with our specialist products. Choose the options that match how you drive.
Car Warranty
Explore policies with 12, 24 or 36-month terms and coverage to suit you and your used vehicle.
Tyre and Wheel Cover
Get cover for motor vehicle tyre punctures and wheel damage not caused by an accident.
Comprehensive Insurance
eric can be there to protect you and your vehicle when the unexpected happens.
What our customers say
Frequently asked
Yes, please! You must contact us and let us know of any change of circumstances particularly if:
- there is a change in your personal details (e.g. contact details or residential address),
- there is a change to your employment status or circumstances,
- there are changes to the finance contract or loan (e.g. terminated, varied, paid out, or in breach)
Yes, there is a minimum loan term of 12 months. That means that you still need to have at least 12 months minimum left on your loan to be eligible for this product.
While there might be two names under your loan, we only cover one person under a Financial Repayment Insurance policy. However, if the second loan holder wishes to also be covered for that shared loan, they can apply for their own Financial Repayment Insurance policy.
When it comes to claim time, if both people under the loan have Financial Repayment Insurance, and both suffer from a covered event at the same time, you both may claim separately under your own insurance policies even though it’s a shared loan.
Please use a transactions account for any direct debit payments as we are unable to take payments from a savings account.
If you originally set up your policy with a savings account, you can change this by contacting our Customer Service team on 1800 999 977 or through our online form here.
Don’t forget to make sure you have enough money in your account so that your payment is successful!
Disclaimer
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).
Equity Protection Insurance (EPI) 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.