What happens if I am involved in an accident?
During your novated lease
If you have obtained damage to the vehicle that needs fixing, you can opt to have the repairs organised through your insurance provider or, if the cost is less, with a repair centre. The cost of the repairs or the excess incurred is fully reimbursable through your lease.
If your vehicle is deemed a write-off with the insurer, your insurer will either replace the vehicle (subject to T&C) or pay your financier the market value of the vehicle. It is important to understand that depending on the time that you write-off the vehicle, the outstanding finance may be higher than the current market-value of the car. As such, TLA is an insurance product that can cover that difference.
If you have been involved in an accident on a current novated lease vehicle, we would recommend that you call us on 1300 123 123 to discuss your options.