Protect yourself against financial stress
Many customers find car loan repayments difficult when they have had to take time off work due to illness or injury. With eric’s loan protection insurance (LPI), we can take care of your vehicle repayments for each month that you are unable to work, due to an accident or illness. And we’ll keep paying them until you are fit to return to work or the loan is paid out. Our LPI can also provide cover for Involuntary Unemployment.
For each day you are totally and continuously unable to work due to disability, illness or injury, excluding the first 21 days, as certified by a Medical Practitioner, we will pay 1/30th of the monthly repayment selected up to $2,500 per month. In addition, there is no maximum benefit on disability claims during the period of insurance.
Cover is limited to the benefit limits shown above or your loan balance, whichever is the lesser.
Joint cover is available, regardless of who is affected, reducing the financial burden for whoever is still working.
Assists in meeting your loan repayments should you become involuntarily unemployed, excluding the first 21 days, for up to a maximum of 150 days in respect of any claim during any one continuous period of involuntary unemployment. We will pay 1/30th of the monthly repayment selected up to $2,500 and up to $10,000 for the term of the policy. May only be taken with Disability cover.
Standalone Disability cover, or combined Disability and Involuntary Unemployment covers available.
Claims paid regardless of any other payments you may receive, such as income protection, Work Cover, TAC, etc.
What you need to get started
Are you eligible for an loan protection insurance quote with eric? There’s certain information that we require and some rules that apply:
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.
Used 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.
Total Loss Protection
Was your vehicle stolen or damaged beyond reasonable repair? We can cover you for that.
What our customers say
Ask your dealer or broker today
LPI Insurance is only distributed by our Authorised Representatives. Ask your dealer or broker today if they are an eric Authorised Representative.
Please refer to your PDS provided at the time of purchase of your insurance for the full terms and conditions applicable to your policy.
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).
Loan Protection Insurance (LPI) 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.