Credit life insurance
May respond to insured events affecting the borrower, such as death or disability, in line with the policy. Eligibility and benefits depend on the particular finance agreement and product.
Motor insurance
Generally concerns loss of or damage to the vehicle and liability risks specified in that policy. It serves a different purpose from credit life insurance.
Vehicle shortfall insurance
May address a qualifying gap between a motor claim settlement and the finance amount under its terms. Credit life, motor and shortfall cover are distinct; do not assume one replaces another.
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Vehicle finance pricing is not calculated using our unsecured or mortgage demonstration assumptions. We need to assess the appropriate product and rating basis.