At RemServ it’s important to us that you understand the full range of optional insurance products available to you as part of the novated lease estimate process. Read on for a full breakdown of your coverage options, all designed to provide financial protection throughout the life of your lease – from start to finish.
Insurance Products
Reliable and competitive comprehensive insurance is a must so you and your loved ones can travel with confidence. With a host of features to suit a wide range of budgets and needs, it’s worth your time to make sure you’re covered.
Cover in addition to your comprehensive motor vehicle insurance payout if your car is written off.
Cover for certain events where you become involuntarily unemployed or are unable to work. Examples include your role being made redundant, sudden terminal illness or permanent injury, and birth of a child.
Cover if the trade-in value of your car is less than the residual amount at the end of your full lease term.
Please be aware that the below are summaries of each insurance product and cover and have been prepared without taking into account your personal objectives, financial situations or needs. For all the product terms and conditions please read the relevant Product Disclosure Statements. The Financial Services Guides will also explain the services that RemServ provide as an Authorised Representative of the insurers.
Comprehensive Insurance
What is it?
No matter how careful you might be with your car, damage and theft can still occur. RemServ offers access to reliable, competitive car insurance through Allianz Insurance so you and your loved ones can travel with confidence.
With a host of features to suit a wide range of needs, it’s worth your time to make sure you’re covered.
Why it’s a good idea
With comprehensive insurance, if an insured event effects your vehicle or someone else’s, you can breathe easy knowing you’ve got the support you need.
The insurance cover includes:
- Accidental damage to your car, including damage caused by fire, hail, flood, storm, or earthquake.
- Loss of your vehicle when lost by theft and not found.
- If your vehicle suffers malicious damage.
- Cover for damage to other people’s property caused by your vehicle.
- Hire vehicle costs following an accident or theft up to the policy sub-limit.
What it doesn’t cover
- The damage, loss, or injury caused while your vehicle is being driven by a person under the influence of any drug or alcohol or unlicensed at the time of the accident OR
- If your vehicle is being used for carrying passengers for hire or reward.
Example scenario
Jaime’s car is stolen from outside his house, which cannot be found and his car is not recoverable because of the theft. Jamie then lodges a claim with his insurer and the claim is assessed.
Where the loss falls within the scope of the cover provided the comprehensive insurer reviews and approves a Total Loss pay-out to Jaime for the loss of his car by theft.
A Hire Car benefit can also be provided, which pays for the hire of an alternative vehicle, up to the policy sub-limit, whilst Allianz is working through Jaime’s claim.
Total Loss Assist Insurance
Total Loss Assist (TLA) provides coverage in the event that your vehicle is written off or declared a total loss by your comprehensive insurer.
While comprehensive insurance covers the total loss of the vehicle, Total Loss Assist covers the difference between the comprehensive insurance payout and either the original price you paid for the vehicle or the amount needed to discharge the lease, whichever is the greater amount.
Why it’s a good idea
TLA offers the added security of knowing that your coverage extends beyond the comprehensive insurance payout. It provides additional protection against financial loss and means you don’t have to worry about paying out the remainder of the lease or losing money on the depreciation of your car in the event it is declared a total loss.
TLA offers to pay the greater of either;
- The gap between the total loss pay-out and the amount needed to payout the lease.
- The difference between the total loss pay-out and the vehicle purchase price.
If either amount is below $5,000, a minimum benefit amount of $5,000 will be paid. The maximum coverage of $60,000 may be paid subject to the policy’s terms, conditions and assessment criteria.
What it doesn’t cover
Some exclusions are:
- The comprehensive insurer must pay the total loss in full. If there has only been a partial payment from the insurer then you are excluded from making a claim.
- TLA will not pay for any arrears in the finance contract (such as penalties for late payments or negative equity).
- TLA will not payout if the vehicle is used for hire or carriage (Uber, driver instruction).
Example scenario
After a collision three years into her lease, Diya’s vehicle is written off by her comprehensive motor vehicle insurer, with her payout totalling $19,000.
The original price of her car was $40,000 and the finance contract payout amount is $21,000. As the purchase price was between $35,001 and $50,000, Diya is insured for a maximum $25,000. To process her claim, the insurer works out which has the greater gap or shortfall. To process her claim, the insurer works out which has the greater gap or shortfall.
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Finance contract shortfall $21,000 - $19,000 = $2,000
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Purchase price shortfall $40,000 - $19,000 = $21,000
Because the gap between the comprehensive insurance payout and the original price is the greater amount, the benefit payable to Diya = $21,000.
Of this amount, $2,000 will be paid to the financier to settle the finance contract, and the remaining $19,000 will be paid to Diya.
Lease Protection Insurance
When life throws up challenges that impact your ability to work, Lease Protection Insurance is there to assist. Lease Protection Insurance can assist by continuing to make lease payments to your financier, and allowing you to hand back your vehicle and have the remainder of your finance amount owning paid out. If we pay your lease repayments while you’re out of work, the insurer will also contribute to the costs associated with running your car as well.
Why it’s a good idea
As your novated lease is paid directly from your salary each pay, a sudden change in your employment circumstances could mean a stop to your lease payments.
Lease Protection Insurance provides cover in the following scenarios where your employment is impacted:
- Involuntary dismissal or redundancy
- Mental or functional disorder
- Sudden terminal illness or permanent injury
- Workers’ compensation claim
- Carer requirements
- Expatriate move
- Divorce or separation
- Death of a spouse or child
- Birth of a child
Benefits
Lease Repayments
The Lease Repayments benefit enables the following:
- Having your lease payments covered for up to 10 months of the period of unemployment; or until you find new employment; or until the end date of your contract, whichever occurs first;
- A $400 monthly benefit for your vehicle’s running costs that is paid directly to you for the duration of the claim (maximum total amount payable $4,000)
Vehicle Hand Back
The Vehicle Hand Back benefit allows you to hand back the vehicle and have the outstanding finance amount paid out at any time during the claim, prior to the 10th and final lease repayment.
If you wanted to retain the vehicle instead of handing it back, you would need to pay the financier the trade-in value at the time of the claim. Your policy will then cover the gap between the trade-in value and the outstanding finance amount.
In the case of sudden and terminal illness or permanent injury and expatriate move, only the Vehicle Hand Back benefit option applies.
For involuntary dismissal or redundancy, you must receive at least three (3) lease repayments before exercising the Vehicle Hand Back benefit option.
The maximum amount payable during the term of the cover for all payments is $50,000.
What it doesn’t cover
- Voluntary redundancy, resignation, retirement or abandonment of employment.
- Dismissal due to misconduct, or as a result of alcoholism, drug addiction or their influence.
- Involuntary unemployment which was known to be imminent before the policy was purchased; or occurs during the first 30 days of the policy commencing.
Example scenario
Two years into her four (4)-year lease, Justine’s department is downsized, and she is made involuntarily redundant. Justine initiates a claim, after 30 days of searching she has not yet found new employment and so her Lease Protection Insurance kicks in.
From this point on, her monthly lease payments are taken care of and her $400 monthly running cost benefit is paid directly to her. Justine can now claim up to 10 months’ worth of payments, all helping to reduce financial stress and worry while Justine continues to look for work!
Handback option – after three (3) months of payments, Justine can also hand back the car to the insurer who will arrange a full payout of the outstanding lease amount.
The maximum amount that Justine can claim during her period of insurance is $50,000.
Guaranteed Buy Back Insurance
Guaranteed Buy Back Insurance (GBB) is designed to provide protection for customers whose lease goes full term and the likely trade-in value of the car is less than the end of lease residual payment.
At the end of a novated lease there is a final amount you have owing to the finance company – this is called the residual payment. A popular way of covering the residual payment is to sell your leased vehicle and use these funds to make the payment.
If, however, the likely trade-in value of your car is less than the residual value you could end up out of pocket – GBB provides protection in the event of this scenario and covers this difference for you.
You can hand back the vehicle to your insurer at the end of your full lease term, and the insurer will pay the financier the total residual payment.
Why it’s a good idea
When you get to the end of your novated lease, your car's value may not be enough to cover your residual payment and you’ll have to make up the difference.
GBB provides protection in the event of this scenario and covers this gap for you.
Features include;
- A one-time premium with no excess.
- Cover for the difference between what you can sell your car for and your end of lease residual payment, provided your lease goes full term.
- Ability to retain your vehicle if you submit a valid GBB claim, and pay the financier the trade-in value.
What if I am forced to payout my lease early?
GBB is not designed to cover the gap between your trade-in value and the outstanding finance amount if your lease ends before its natural end date.
If you are required to end your lease early, GBB may be able to contribute to the finance payout amount but only if your trade-in value is less than the vehicle value determined by ATO guidelines.
The minimum amount payable if you have valid claim and your lease ends early is $2,000.
The maximum amount payable during the term of the cover is $30,000.
What it doesn’t cover
- If the trade-in value of the vehicle is greater than the residual value at the end of the lease or the ATO calculated value if your lease ends early.
- If the vehicle is sold to someone other than the insurer.
- If the lease is terminated within the first 24 months from the start date
GBB is guaranteed in accordance with the terms, conditions, limitations and exclusions of the policy
Example scenario
Michael leases a new vehicle prices at $35,000 over a five (5)-year term. At the end of the lease, the residual value is $10,830 and the trade-in value is $8,200, so the difference or shortfall between the two is $2,630.
Michael has GBB and because the lease has reached full term and the trade-in value is less than the residual value, he can claim for the difference.
As a result, he can simply hand the vehicle over to the insurer, who will pay the financier the trade-in value of $8,200 plus the shortfall amount of $2,630, totalling the residual payment of $10,830.
If Michael wanted to retain the vehicle, he could pay the financier the trade-in value of $8,200 and the insurer will pay the balance of $2,630.
Michael, therefore, has no shortfall amount to pay the financier.
If you are unable to access the documents please contact us and we will organise copies for you via an alternate method.
For your reference we suggest retaining copies of these Product Disclosure Statements and Financial Services Guides with your lease documentation.
Product Disclosure Statements (PDSs)
Please download and read the below Product Disclosure Statements for all details, terms and conditions for each insurance product.
Product Disclosure Statement - Allianz Motor Vehicle Lease Insurance (Comprehensive Policy) - Issued 1 November 2024
Product Disclosure Statement - Pacific International Insurance Motor Vehicle Lease Insurance Options Policy (combined PDS and FSG) - Issued July 2025
Product Disclosure Statement - EML Wallet - Issued April 2025 (please note this is not an insurance product)
Financial Services Guide (FSGs)
The Financial Services Guides explain the services that RemServ provides as an authorised representative of various providers.
Financial Services Guide - Allianz Motor Vehicle Lease Insurance - Issued January 2025
Financial Services Guide - Pacific International Insurance Motor Vehicle Lease Insurance Options Policy (combined PDS and FSG) - Issued July 2025
Financial Services Guide - Coverforce Total Loss Assist, Lease Protection Insurance, Residual Protection Cover and Safeguard Ultimate Warranty - Issued June 2021
Financial Services Guide - EML Wallet - Issued January 2020 (please note this is not an insurance product)
Target Market Determinations (TMDs)
The Target Market Determinations describes the target market for these insurance products, distribution conditions and other information about these insurance products.
Target Market Determination – Allianz Motor Vehicle Lease Insurance (Comprehensive Policy) - Issued 31 December 2024
Target Market Determination – Pacific International Insurance Motor Vehicle Lease Insurance Options Policy - Issued September 2024
Previous Policies
If you started your insurance policy prior to the dates listed in the FSG, PDS and TMD sections above, you can find the documents relevant to you using the search tool below.
Contact Details
General insurance enquiries: 1300 30 39 40 or [email protected]
Allianz comprehensive motor insurance claims: 1300 402 030 or www.allianzclaims.com.au
For all other novated leasing insurance claims: 1300 577 580 or [email protected]
Important Information
Insurance
If you chose any of the optional novated lease insurance products, it is included in the cost of your lease. You will receive your policy document when you enter into your lease. Remuneration Services (Qld) (ABN 46 093 173 089) (RemServ) is authorised by:
• Allianz Australia Insurance Limited (ABN 15 000 122 850, AFSL 234708) to provide general advice on and arrange Motor Vehicle Lease Insurance (Comprehensive Policy) issued by Allianz.
• Coverforce Insurance Broking Victoria Pty Limited (ABN 45 127 707 813, AFSL 345986) to provide general advice on and arrange Lease Protection Insurance and Total Loss Assist Insurance issued by Professional Risk Underwriting Pty Ltd (ABN 80 103 953 073, AFSL 308076) and Safeguard Ultimate Warranty and Residual Protection Cover issued by Virginia Surety Company, Inc (ABN 080 339 957, AFSL 245579).
• Pacific International Insurance (ABN 83 169 311 193, AFSL 523921) to provide general advice on and arrange Motor Vehicle Lease Insurance Options Policy issued by Pacific International Insurance.
Insurance Disclosures
The Product Disclosure Statement (PDS) for each insurance product includes the full terms and conditions and the Financial Services Guide (FSG) includes information about the financial services RemServ provides. The Target Market Determination (TMD) describes the target market for each insurance product, the distribution conditions and other information about these insurances. You can obtain these documents by visiting our website or contacting us at 1300 303 940 or [email protected].
Things you need to know: This guide does not constitute financial product advice. This general information doesn't take your personal circumstances into account. Please read the Product Disclosure Statement (PDS) and consider whether this information is right for you before making a decision and seek professional independent tax or financial advice. Conditions and fees apply, along with credit assessment criteria for lease and loan products. This availability of benefits is subject to your employer's approval. RemServ may receive commissions in connection with its services.