Guaranteed Finance Protection
Cover the shortfall between your insurance and outstanding loan balance
What is Guaranteed Finance Protection?
Many of us take out a loan to pay for our vehicle, and it’s prudent to have at least Third Party Insurance to cover other vehicles or property in the even of an accident.
But what happens if your vehicle is damaged beyond repair or written off by your insurance company? You could be left without a car, and you’d still have the balance of your loan to pay. Guaranteed Finance Protection (GFP) could save you from a hefty financial burden by covering the outstanding balance of your car loan.
The benefits of Autolife GFP
Why would I need GFP?
Consider this scenario…
Your car has been written off, either by theft or being damaged beyond repair. Your insurer agrees to pay market value for your vehicle, which is $9,000 at the time, but you still owe $12,500 on your loan. That leaves you liable for the $3,500 balance on your car loan.
With Autolife GFP, this amount would be covered under the policy, and you would no longer owe the finance company any money!
Enquire about GFP Today
Cover is available up to a maximum of $10,000 and can be arranged direct through the team at Autolife or through an approved Autolife Motor Vehicle Dealer
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Helpful to know…
Check out common questions we’re asked about Guaranteed Finance Protection
What is Autolife's Guaranteed Finance Protection (GFP)?
Autolife's Guaranteed Finance Protection is a policy that covers any outstanding balance of your vehicle loan not covered by insurance if your car is written off or damaged beyond repair up to the maximum cover stated on your policy.
How does GFP protect my credit rating?
By helping cover any outstanding balance on your vehicle loan that is not covered by insurance, GFP ensures you don't default on your loan payments, thereby protecting your credit rating.
How can I apply for Autolife's GFP policy?
You can arrange for GFP coverage directly through the Autolife team or through an approved Autolife Motor Vehicle Dealer.
What happens if the insurance value of my car is less than what I owe on my loan?
If your car is written off and its current insurance value is less than the remaining loan amount, GFP will cover the shortfall. For example, if you owe $12,000 on your car and its insurance value is only $9,000, GFP will cover the remaining $3,000 (up to the maximum cover stated on your policy).
What is the maximum coverage available under Autolife's GFP?
Autolife's GFP offers coverage up to a maximum of $10,000. You can also choose a lower amount of cover if that works better for you.
Who underwrites Autolife's Guaranteed Asset Protection?
Autolife's Guaranteed Asset Protection is underwritten by Beneficial Insurance Limited.
Is Autolife a New Zealand company?
Yes, Autolife is a subsidiary of Beneficial Insurance Limited and is 100% New Zealand owned and managed.
Can GFP help me get back on the road quicker?
Yes, by taking care of your outstanding loan amount not covered by insurance, GFP enables you to focus on getting a replacement vehicle, thus helping you get back on the road quicker.