Loan Protection Insurance or Consumer Credit Insurance (CCI)

Loan Protection Insurance is also known as Consumer Credit Insurance.  This type of insurance provides loan repayment cover for certain events outside of your control*.  These events include involuntary unemployment, accident, sickness and even death.  Loan Protection Insurance is a one-off insurance premium that is spread over the life of a loan contract.

Why do I need Loan Protection Insurance?

Under your vehicle finance agreement, regular loan repayments must be made to pay off the vehicle purchase.  If you fail to make these loan payments, the financier may take action against yourself or your family.  You may lose your car as well as having a default listed on your credit file. The finance company will repossess the vehicle and then sell it at auction. The sale proceeds are used to pay out the loan and any remaining funds are deposited back to you. Basically you have no car, no funds and a damaged credit file.

With this type of insurance if you cannot make your loan repayments, due to an insurable event outside of your control, then the insurer will make your loan repayments on your behalf. The vehicle remains in your possession with loan repayments occurring until such time as agreed upon as per your policy. As an added bonus, your credit file remains intact.

Benefits of Loan Protection Insurance

  • In the event of Involuntary unemployment, repayments are made on your loan up to a specified level*.
  • If you are unable to work due to accident or sickness, then loan repayments are made for a set period*.
  • Life cover will pay the entire balance in the event of death*.

Apply for Insurance

AAA Finance and Insurance can customise an insurance solution to suit your needs.  Call and speak to one of our experienced insurance experts on (07) 5493 1222 to discuss your insurance needs.  Alternatively, make an online enquiry and one of our team will be in contact promptly.

*conditions apply

 
Jemma Pudwell
Jemma Pudwell
15 February 2024
We have used Jase from AAA Finance twice in the last 12 months, and he has been great to deal with. Communication was great, he was very proactive especially if anything may come up and were very quick in getting it all sorted in the best possible way to suite our situation. Highly recommend and will use Jase again in the future.
Ryan Smith
Ryan Smith
14 February 2024
Just finished my process with Ray from AAA finance. The man is unbelievably genuine and taught me so much throughout the process. This wasn't just about securing my finance and Ray showed that through immaculate service. Ray has educated me and shed light onto future projects only confirming where I'll be taking my business in the future. Absolutely phenomenal and wouldn't even consider using anyone else. Thanks again Ray!
Wayne Roby
Wayne Roby
29 January 2024
AAA were awesome at helping me out of a tight situation (and with bad credit file) ! they were friendly and quick to respond. i would highly recommend them
Ree PAPMS
Ree PAPMS
23 January 2024
Jason was professional, organised and very helpful in regards to the loan for camper van. I am very grateful to have spoken to someone who managed the process so easily, flexibly and was able to provide solutions. Thank you
Emily Dimitriou
Emily Dimitriou
10 December 2023
Jason has been absolutely wonderful to deal with and we couldnt be happier with his service. Top notch 😊
Katherine Menadue
Katherine Menadue
15 November 2023
I have just secured a loan through AAA Finance and Insurance to invest in an emerging business O2 for life. The whole process was simple and quick. Ray Wilson was excellent, available at all times to help with any queries. I would strongly recommend Ray and his business for any finance requirements.
Breanna Carr
Breanna Carr
26 October 2023
They are so easy to talk to, answered every question I asked no matter what question it was and they were just great.
Christopher Dyke
Christopher Dyke
17 October 2023
Getting finance is a big step to take and can be a bit daunting. AAA Finance makes the process so easy, which is the reason why I am a repeat client having now purchased multiple vehicles through using their service. You get genuine service from an honest team and assured you are looked after. Give them a go once, it’s all you’ll need!! Thanks AAA Finance!!
Marissa Carr
Marissa Carr
12 October 2023
Ray has been absolutely amazing. Thank you
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