Here you’ll find the key things you need to know about our Finance Protection Insurance. Refer to the Product Disclosure Statement (PDS) and Supplementary Product Disclosure Statement for full details.
FPI will provide cover for:
For both Redundancy and Injury or Illness claims, we’ll pay:
up to the maximum cover amount chosen for a maximum of 180 days, excluding the first 14 days following your redundancy, injury or illness, subject to the terms and conditions of your policy.
Finance Protection Insurance does not cover you for:
Other exclusions apply – refer to the section ‘What is not covered section’ in the Product Disclosure Statement (PDS).
First, check if you:
For the full list of exclusions, check out the Product Disclosure Statement (PDS) in the ‘What is not covered’ section.
You can take out Finance Protection Insurance when you buy your new or used car. Just talk to your dealer before you finalise the paperwork. A simple one-off payment can be included in the total amount financed.
A daily benefit for the period you’re unemployed (excluding the first 14 days) equal to:
$1,500 ÷ 30 x (63 - 14 days) = $2,450 (total benefit)
At the time of handing back your vehicle the finance contract payout amount is $47,500. The net sale price obtained for your vehicle is $33,000 and your repayments are one month in arrears ($1,500). The maximum cover amount you selected is $12,500 as shown on your policy schedule. We have previously paid you a benefit of $2,450 for your 63 day redundancy claim.
$47,500 – $33,000 – $1,500 = $13,000
The maximum cover amount you selected is $12,500 and you have previously claimed $2,450, leaving $10,050 (total entitlement for this claim).
We will pay $10,050 which is the remaining benefit to your financier.
The above is an example of how we pay a claim under a Finance Protection Insurance policy and are not terms or conditions of the policy wording.
Get to know your Finance Protection Insurance better.
This SPDS, dated 25 January 2021, updates and should be read in conjunction with the Finance Protection Insurance PDS and any other applicable SPDS we may have given you, for new policies commencing on or after 25 March 2021.
This SPDS, dated 1 May 2019, updates and should be read in conjunction with the Finance Protection insurance PDS and any other applicable SPDS we may have given you.
PowerTorque Insurance is committed to providing our customers with products that are suitable for their needs and meet their expectations. This policy outlines how we respond to customer needs and expectations in our approach to the design, distribution and regular review of our products.
Effective from 1 July 2021, please refer to this guide for information about how PowerTorque Insurance will handle any complaint that you may have.
PowerTorque Insurance recognises that Family and Domestic Violence is a serious issue that may be affecting our customers and we are strongly committed to supporting them. This policy sets out how we will support those affected by Family and Domestic Violence.
*Excludes the first 14 days following redundancy, injury or illness and has a maximum limit of 180 days in total.
Terms and conditions apply. This advice is general in nature and does not take into account your objectives, financial situation or needs. Before making a decision to purchase any of the insurance products you should consider the appropriateness of the advice taking into account your own objectives, financial situation and needs and refer to the current PDS for the relevant product available from participating Dealers, via our website at Powertorquefinance.com.au or by calling 137 800. PowerTorque Insurance is issued by Toyota Finance Australia Limited ABN 48 002 435 181, AFSL and Australian Credit Licence 392536. The insurer is Aioi Nissay Dowa Insurance Company Australia Pty Ltd ABN 11 132 524 282, AFSL 443540 (Adica).
The information provided on this website by PowerTorque Finance, a division of Toyota Finance Australia Limited ABN 48 002 435 181, AFSL and Australian Credit Licence 392536 is of a general nature and for information only. Nothing on this website constitutes or should be considered to constitute legal, taxation or financial advice. Before making a decision about any of the products and services featured on this website, you should consult with your own independent legal, taxation and financial advisors, who can advise you about your personal circumstances.