Credit Contract Indemnity (CCI) insurance will pay your vehicle loan repayments if you suffer an event (which is covered by the policy) and find yourself unable to make those repayments.
We offer three different types of CreditCare Insurance cover
Your registration certificate will show the type of cover you have selected and what is applicable to you.
Cover Option 1
This covers some or all of your repayment amounts under the Credit Contract in the event of your death, hospitalisation or bunkruptcy.
Cover Option 2
This covers some or all of your repayment amounts under the Credit Contract in the event of your death, accident, illness, hospitalisation or bunkruptcy.
Cover Option 3
This covers some or all of your repayment amounts under the Credit Contract in the event of your death, accident, illness, hospitalisation, bunkruptcy or income disruption.
CCI example: A broken shoulder doesn’t stop Sarah
Sarah is a full-time account manager for a manufacturing company. She sees a great Suzuki Swift on Fenda and strikes a deal for $10,000 that she finances for 36 months. She would like Credit Contract Indemnity Insurance for 36 months to match the term of the loan.
The cost of this policy would be 5.8% of $10,000, which comes to $580. This amount would be added to her loan repayments at the same rate as her loan. She has a big misstep when playing netball and breaks her right shoulder and sprains her left ankle so she can’t get out and about to see her clients. Her Credit Contract Indemnity Insurance will cover her loan repayments while she’s out of work for eight weeks.
Example only. See details of what Credit Contract Indemnity Insurance covers you for in the policy document.
The table shows the benefits and main exclusions of Provident’s CCI policy. If you decide to purchase the CCI policy, you do so with the understanding that you have read and understood the policy you are buying. Please review all the details and policy conditions in the CCI policy document.
POLICY COVER AND COSTS
Credit Contract Indemnity Insurance (CCI): Covers your loan repayments if you are unable to due to unforeseen circumstances.
Cost
Cost is calculated based on a percentage of the value of the loan, dependant on the length of the term.
SALARY / WAGE EARNER
36 MONTHS: 7.14%
48 MONTHS: 7.68%
60 MONTHSS: 8.48%
BUSINESS OWNER
36 MONTHS: 7.14%
48 MONTHS: 7.68%
60 MONTHSS: 8.48%
KEY BENEFITS
Credit Contract Indemnity Insurance (CCI) (please refer to the Policy Booklet for full details of coverage)
Death
Covers the remaining amount due under your Credit Contract, in the event of your death, or if you are diagnosed with a terminal illness which will result in your death within 6 months or less
Accident/Illness
Covers the installments due under your Credit Contract, in the event you are unable to work after suffering an accident or illness for more than 7 days and you experience financial loss as a result of not being able to work in your full-time employment, or if you are unable to work due to becoming a carer for an immediate family member suffering from an accident or illness for no less than 30 days
Redundancy
Covers up to 12 months of instalments in the event you are made involuntarily redundant.
Hospitalisation
Convers the installments due under your Credit Contract, for up to 6 months, in the event you are hospitalised for 5 or more days and you experience a financial loss as a result of not being able to work in your full-time employment
Industrial Action
Covers up to 6 months of instalments and a maximum of $12,000 in the event you are unable to work due to industrial action.
Bankruptcy
Covers the installments of your Credit Contract, for up to 6 months or a total of $12,000 in the event you are made involuntarily bankrupt
Cooling off period
You can cancel this Policy within 14 working days after the date on which you purchased the Policy. Please review full details of the cooling off period on the inside cover of the CCI policy document.
KEY EXCLUSIONS
Credit Contract Indemnity Insurance (CCI)(please refer to the "What is not Covered" section of the Policy Booklet for full details of coverage)
Any cause or condition that was known or should reasonably to have been known by you at the start of the Policy.
Any Medical condition, sign, symptom, event or cause known by you to be in existence at the start date of the Policy, or for which medical advice, diagnosis, care or treatment has been sough, or ought reasonably to have been sought, or provided, prior to the start date of the Policy.
Any arrears or amounts owing under the Credit Contract before the insured event takes place.
General Conditions
Credit Contract Indemnity Insurance (CCI) (please refer to the Policy Booklet for full details)
Maximum claim limits apply.
Standdown periods apply before cover commences.
Fenda insurance products
Mechanical Breakdown Insurance (MBI)
Covers you in the event of a mechanical or electrical vehicle failure.
Credit Contract Indemnity Insurance (CCI)
Covers your loan repayments if you are unable to due to unforeseen circumstances.
Guaranteed Asset Protection Insurance (GAP)
Covers the shortfall between what you owe a finance company and what is paid out by your insurer.
Comprehensive Motor Vehicle Insurance (MVI)
Covers your vehicle for accident, fire and theft.
