What happens after a total loss if my vehicle is under finance?
Last updated 18 January 2016
If we accept a claim and your vehicle is a total loss, payment will first be made directly to the finance company (credit provider) noted on your Certificate of Insurance. The payment will be based on the amount they advise is outstanding. We’ll pay up to your sum insured less any applicable excess. Any remaining balance left is then payable to you. Where the outstanding debt exceeds the sum insured (less excess) you’ll remain responsible to the finance company for the shortfall.
Important information: Car Insurance is provided by Commonwealth Insurance Limited ABN 96 067 524 216 AFSL 235030 (CIL). CommInsure is a registered business name of CIL. CIL is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 (The Bank). The Bank does not guarantee the obligations or performance of CIL or the products it offers. This information is provided by CIL and where we refer to ‘we’, 'us' and ‘our’, we mean CIL. You can download the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) by clicking on the links, or by calling us on 13 2423 for a paper copy.