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 Financial Protection Insurance product is designed to help you cover your vehicle loan payments if you were to become sick, injured or lose your job. Financial Protection Insurance can cover your vehicle loan payments for up to 6 months and even allow you to hand your vehicle back and cover the outstanding loan amount to payout the loan.
What’s included?
Take the worry out of your loan repayments and concentrate on your road to recovery.
For each day you are continuously unable to work due to disability, illness or injury, excluding the first 21 days (excess period), as certified by a medical practitioner, we will pay 1/30th of the monthly repayment for every day you are unable to work.
If you are still unable to work past the 6 monthly repayment period, provided you have certification by a medical practitioner, you may make a further claim on that same covered medical event for a further 6 monthly repayment or until you are able to return to work.
We do not cover any pre-existing medical conditions. Please read the PDS for a full list of terms and exclusions to get a better understanding of what you may be covered for.
Losing your job is hard for anyone, so let us take some of your financial burden out of the equation by helping repay your loan for up to 6 months.
If you become unemployed as a result of being made redundant, retrenched, or your employer ceasing to operate, we can help you with your loan repayments, excluding the first 21 days (excess period). We will pay 1/30th of the monthly repayment for up to 6 monthly repayments.
We do not cover any pre-existing medical conditions. Please read the PDS for a full list of terms and exclusions to get a better understanding of what you may be covered for.
Should a complication arise as a result of pregnancy prior to your scheduled maternity leave or which arises or extends past your maternity leave, where a Medical Practitioner provides medical evidence of you being unable to perform your Employment, you can claim under the monthly payment benefit or handback option subject to the provision of a letter from your employer confirming your scheduled maternity leave and your maximum maternity leave period.
The Payment Assist Benefit can be used to cover up to a maximum of 6 Monthly Repayments during the Period of Insurance, subject to your ongoing sickness, injury, illness or unemployment.
You may choose to use the Payment Assist Benefit as an alternative to Handback of the Vehicle to contribute towards your Monthly Repayments under your Finance Contract, allowing you to retain your Vehicle.
Where you choose to Handback your Vehicle to a Dealer and experience a Shortfall as a result of the Handback, then we will pay the Shortfall to the Financier.
The maximum period of insurance is up to 84 months.
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 Financial 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, at the commencement of the Period of Insurance you must:
- Be at least 18 years of age and under the age of 67;
- Be working on a continuous basis for reward for a minimum of 20 hours each week either in:
- Full time or permanent part time employment; or
- Casual employment provided you have been in continual employment for least 12 months with the same employer. For the avoidance of doubt, a break in casual employment of no greater duration than 4 weeks in the 12 months prior to any claim under this insurance is permissible;
- Not be employed in a seasonal or Intermittent position.
- You have not received a notice, or been advised of notice, of termination from an employer.
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.
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).
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.