Car Insurance

You can include your car insurance with your novated lease and make it much more cost effective, as it comes out of your pre-tax salary. If you've included an insurance budget in your novated lease, you can either insure your vehicle through Leaselab's insurance provider, or choose your own insurer. Your choice.

If you choose our quality fleet insurance policy, everything is taken care of. Your premium is paid monthly through your account and the policy renews on an annual basis. Our policy is specifically designed for novated leases and includes a comprehensive range of benefits. Key Policy Benefits: • Choice of repairer • Rental vehicle after an accident • New vehicle replacement after total loss (within 3 years of first registration) • Windscreen excess waiver – the basic excess does not apply to the first windscreen or window glass claim for that vehicle in the policy period • Personal effects – $1,000 • Personal accident cover – $5,000 • Emergency repairs – $500 • Emergency travel – up to $2,250 • Emergency accommodation (when over 100km from your home) – up to $2,250 • Removal of debris – $25,000 • Vehicle modifications – $3,000 • Towing and storage – reasonable costs covered • Hire vehicle following theft – up to $3,000 for a maximum of 30 days • Tyre replacement • Locks and keys – up to $5,000 • Hired vehicle cover – up to $40,000 • Recovery costs (no damage) – up to $5,000 • Vehicles being test driven by you – up to $40,000 • Battery electric vehicle towing Basic Excess (per claim): • Standard vehicles – $800 • Prestige / European / High Performance vehicles – $1,250 • Electric vehicles (excluding Tesla) – $1,250 • All Tesla models – $2,000 Additional Excesses (apply where relevant): • Drivers aged 16–20 years – $750 • Drivers aged 21–24 years – $300 • Drivers aged 25 years and over who are considered inexperienced – $250 Important: Excesses are cumulative and apply to all claims unless stated otherwise. Please refer to the Product Disclosure Statement (PDS) for full details of cover, conditions, inclusions and exclusions.

If you choose to insure your vehicle through your own preferred provider, you will be required to make payments directly to your insurance provider. Opting for pay-by-the-month insurance offers you several advantages that ensure your financial stability and seamless operations. Should you choose an annual payment policy, we will reimburse your costs in 12 equal instalments over 12 months to ensure your running costs budget is not adversely affected. If you choose your own insurer, it's important to note that most vehicle insurance policies do not cover you for any "gap" between the insured vehicle value and the amount owing on the lease. If your vehicle is written off, this can leave you in a position where your insurance payout will not cover the amount owing on your lease. You would then need to pay the additional "gap" amount out of your pocket. Leaselab provided insurance is specifically designed for novated leases and covers this "gap". We strongly suggest that if you opt for your own private policy, that you investigate an agreed value for the vehicle.

Your insurance should be flexible and convenient, so you have the option to bundle your own insurance with our pay-by-the-month insurance program. Efficient Budgeting for Pre-Tax Benefits: We understand the importance of managing your operating expenses effectively. By selecting pay-by-the-month insurance, you can still allocate funds for insurance as part of your operating expenses. The unique advantage is that these funds are accessed as pre-tax benefits, helping you optimise your financial planning. Convenient Monthly Direct Debit: Setting up pay-by-the-month insurance is hassle-free. All you need to do is select an insurance policy that suits your needs and set up a monthly direct debit with the insurance provider of your choice. This ensures that your insurance payments are consistent and predictable. No Out-of-Pocket Expenses: We ensure that you're never out of pocket due for insurance payments. On the first day of each month, we will transfer the required amount to your account. This arrangement ensures that your budget remains intact and your financial obligations are met without causing any undue strain. Smoother Financial Flow: Managing your finances is all about balance. Pay-by-the-month insurance prevents your account from experiencing a sudden significant deduction, which could impact other budgeted expenses and delay reimbursements. This seamless flow ensures better financial stability and operational continuity.