Novated lease package: Your car insurance

You can choose to include car insurance with your novated lease package. Our policy is tailored specifically for novated leases.

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.

What to do if you’ve had an accident

If you’ve had an accident and have our insurance included, simply contact our insurance underwriter (Mercurien) on 02 8123 6902. Advise them that you have a Novated Lease with leaselab and use your registration number as a reference. 

They will take you through the whole process so you can make an informed decision on what you would like to do.

If you need any further assistance, don’t fret. Give us a call on 1300 888 594 and we’ll talk you through options for your personal situation.

How insurance works with your novated lease

If you have included an insurance budget in your novated lease, you can either insure your vehicle through our insurance provider, or choose your own insurer. 

Our Insurance

If you choose our quality fleet policy, everything’s taken care of. The premium is paid monthly through your account and will automatically renew on an annual basis.

Our policy is specially tailored for novated leases and may have the following inclusions:

  • $600 at fault excess ($1,000 for prestige vehicles)

  • Anyone who is legally able to drive is automatically covered

  • 2-year new for old replacement (from 1st registration)

  • Gap Cover (coverage of any gap between amount owed on lease and insurance pay-out)

  • Choice of Repairer

  •  Repair Guarantee

  •  Hire Car Coverage

  •  One excess-free windscreen per year (or other glass)

  •  Learner Driver Coverage

  •  Off Road Coverage

 

Please note: You should always consult the product disclosure statement. We emailed this to you when you commenced your insurance policy with us.

This policy and coverage is provided by our insurance partner Mercurien.

If you want to bring your own insurance provider to your novated lease

If you choose to insure your vehicle through your own preferred provider, you will be required to make payments directly to your insurance provider.

There are two options to have this payment reimbursed:

  1. If paying monthly, we can set up automatic reimbursements into your nominated account that will cover monthly insurance premiums.

  2. Request a reimbursement from us for the amount paid as the expense is incurred.

A few points to note:

Early in your lease there may not be sufficient funds in your leasing account to cover the payment immediately and there may be a delay in having annual insurance premiums reimbursed.

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. Our insurance policy is specially designed for novated leases and covers this “gap”.

If you have any other questions, you can call us at any time on 1300 888 594, or request a callback or email us.