Credit Contract Indemnity (CCI)

CCI can help protect you against unexpected events that may affect your ability to repay your loan including: Death, Terminal Illness, Accident, Disablement, Redundancy, Business Interruption, Bankruptcy, Suspension, and Hospitalisation.

CCI can help protect you against unexpected events that may affect your ability to repay your loan. These could include:

  • Death
  • Terminal Illness
  • Accident
  • Disablement
  • Redundancy
  • Business Interruption
  • Bankruptcy
  • Suspension
  • Hospitalisation

If such an event happens, having CCI may mean you will not have to pay monthly loan repayments for which you have cover, that fall due after you have notified us of the event.

How do I know if CCI is included in my loan?

The loan disclosure will confirm whether CCI applies to your loan and the fee for it.

What happens to the CCI fee if I pay off my loan early?

If you repay the loan in full early without having made a claim under the CCI policy, part of the CCI fee will be rebated. The calculation of your rebate is prescribed by the Credit Contracts and Consumer Finance Act (CCCFA), and outlined below:

CCI refund = ( p × s × ( s + 1)) ÷ ( t × ( t + 1))

Where:

  • “p” is the CCI fee amount
  • “s” is the number of whole months in the unexpired portion of the period for which the CCI policy applied
  • “t” is the number of whole months for which the CCI policy applied.

Does CCI cover events related to pre-existing health conditions?

CCI does not cover you if you have pre-existing conditions that relate directly or indirectly to the event that causes you to make a claim.

These can include illness, injury, congenital or degenerative condition(s), or other medical conditions for which you sought – or could have reasonably been expected to seek – advice or treatment before the policy start date.

Do I need Credit Contract Indemnity Insurance (CCI)?

This insurance is optional. You are not required to take out CCI as part of your loan. We recommend you seek independent financial advice on whether insurance products are relevant to your situation.

For a full list of specific terms, conditions and benefits please refer to your Insurance Certificate and the CCI Policy Booklet wording

 

 

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Guaranteed Asset Protection (GAP)

GAP is designed to provde cover for any shortfall between what an insurance company may pay out on your vehicle, and what you actually owe on your loan.

When purchasing a new vehicle and committing yourself to loan repayments over an extended term, it’s wise to protect yourself against the unfortunate event of your vehicle being written-off as a total loss and the shortfall that can occur between the amount outstanding on your finance contract and the insurance payout you receive.

Additional benefits may also be payable, which are designed to help reimburse you for associated incidental costs.

Do I need Guaranteed Asset Protection (GAP)?

This insurance is optional. You are not required to take out GAP as part of your loan. We recommend you seek independent financial advice on whether insurance products are relevant to your situation.

For a full list of specific terms, conditions and benefits please refer to your Insurance Certificate and the GAP Policy Booklet wording.

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Mechanical Break Down Insurance (MBI)

MBI (also known as a 'Mechanical Warranty') can help to cover the cost of any unforseen electrical or mechanical problems with your vehicle.

The fact is, motor vehicles do break down from time to time and, whilst you don’t expect it to happen to your vehicle, it’s reassuring to know that Quest Insurance has a policy to help protect you against the inconvenience and the costs of repair.

Your vehicle will be covered for the reasonable costs of repairing or replacing the actual breakdown of mechanical or electrical components due to a sudden and unforeseen happening during normal use.

For more information on the features and benefits of our Mechanical Breakdown Insurance policies please view our Summary of Cover.

Do I need Mechanical Break Down Insurance (MBI)?

This insurance is optional. You are not required to take out MBI as part of your loan. We recommend you seek independent financial advice on whether insurance products are relevant to your situation.

For a full list of specific terms, conditions and benefits please refer to your Insurance Certificate and the MBI Policy Booklet wording.

car insurance

Motor Vehicle Insurance (MVI)

MVI can help to provide cover for your vehicle if it is involved in an accident. This type of insurance is compulsory if a vehicle is being used as security on your loan.

Accidents, loss and damage to motor vehicles do happen, even to the most careful of owners. MVI covers you for unexpected events such as fire, theft and collisions, whether it’s your fault or not. You may also covered for transport, accommodation and towing costs.

Do I need Motor Vehicle Insurance (MVI)?

This insurance is compulsory if a vehicle is being used as security on your loan. We recommend you seek independent financial advice on whether insurance products are relevant to your situation.

For a full list of specific terms, conditions and benefits please refer to your Insurance Certificate and the MVI Policy Booklet wording.