Normally when you finance the purchase of a motor vehicle, motorcycle, boat or caravan, it is a requirement of the loan that the unit be comprehensively insured at all times.
You are able to arrange comprehensive insurance, from the insurer of your choice, or ask Island Finance for a competitive quote from one of our panel of insurers.
Gap or Shortfall Insurance protects you by simply paying the shortfall amount which is owed to the financier in the event of a theft or total loss of the asset, if the monies received from the comprehensive insurer is not adequate to finalise the loan.
Gap/shortfall insurance is only available when you commence a finance contract, at the time of purchase and if the asset is comprehensively insured.
Loan Protection Insurance, also known as consumer credit insurance, is a product designed to give you peace of mind in the event of illness, accident, trauma, death and involuntary employment. This will normally cover your loan repayment, subject to policy benefit limits.
Warranty Insurance is an insurance product designed to minimise the cost of repairing or replacing vehicle parts, in the event that they are faulty or damaged, subject to the specific limits of each policy. When a vehicle meets the qualifying criteria, a vehicle warranty can be purchased for various periods from 6 months to 60 months.
