Feel safe in the knowledge you’re covered with Loan Protection Insurance.

With our loan protection insurance, you’ll have the option of handing your vehicle back to the insurer and/or up to 6 months’ payment relief. You’ll receive up to $25,000 in coverage if one of the following happens:

A choice of 6 cover combinations


Cover Level

Maximum Policy Term

Cover Benefit Limit

Premium (Cover Level 3) Up to 60 months $10,000
Premium (Cover Level 3) shorter term Up to 35 months $10,000 □
Ultimate (Cover Level 2) Up to 60 months $15,000
Ultimate (Cover Level 2) shorter term Up to 35 months $15,000 □
Elite (Cover Level 1) Up to 60 months $25,000
Elite (Cover Level 1) shorter term Up to 35 months $25,000 □

□ No trauma cover for terms less than 36 months

What's Covered


Need to Know

Hand Back option in the following circumstances:
• Involuntary unemployment
• Disability
• Driving restrictive medical condition
• International job transfer
• Trauma
• Bankruptcy
• Divorce

If you suffer from one of these events during the period of cover and wish to Hand Back your vehicle to the dealer, providing there is a shortfall, then Eric will pay the shortfall amount to the financier up to the benefit limit of the level of cover you selected.

A shortfall is the difference between the amount owed to the financier and the greater of;
• the value of the vehicle as reasonably determined by Eric in accordance with the mid-point between retail and trade value of the current edition of Glass’s Auto Edge (for a vehicle which is the equivalent age, make,
condition and model as your vehicle), and
• the price paid by the dealer following the Hand Back

Cover available for full term of loan, with one up front flat rate premium - no annual renewal.

Additional monthly repayment option in the following circumstances:
• Involuntary unemployment
• Disability

Retain your vehicle – have your monthly repayments made for you for up to 6 months (including your vehicle's running costs).

Even if you select additional monthly payment option, you still have the option to return your car.



Refer to the Product Disclosure Statement (PDS) for full terms, conditions, exclusions and key factors that influence the cost of the insurance product.

Loan Protection Insurance is issued by Eric Insurance Limited ABN 18 009 129 793 AFSL 238279 (Eric). This document may contain general financial product
advice that does not take into account your personal financial circumstances. You can obtain the relevant PDS by contacting Smartleasing on 1300 144 873 or
from Eric.
^References to loan are generic in nature and cover finance arrangements under a lease or a car loan. Only cover levels 1, 2 and 3 available from Smartleasing.

Loan Protection Insurance - Financial Services Guide & Product Disclosure Statement (PDS)