Why it's worth having...

When you get to the end of your novated lease, your car's value might not be enough to cover your residual payment. If that happens, you'll have to make up the difference. GBB takes the worry away, guaranteeing you won't be left out of pocket when you're done with your leased car. This insurance includes:

•    A one-time premium payment, with no excess
•    Cover for the difference between the trade-in value and your end of lease residual payment (as long as your lease has gone full term)
•    Ability to retain your vehicle if you submit a valid GBB claim, and pay the financier the trade-in value.
•    You could get paid out to a maximum amount of $30,000

What if I have to end my lease early?

GBB isn’t meant to cover the difference between your car’s trade-in value and the outstanding finance amount if your lease ends sooner than planned.
If you do need to finish your lease early, GBB might help pay off some of the outstanding finance amount, but only if your car’s trade-in value is less than the vehicle value determined by ATO guidelines.

The minimum amount payable if you have valid claim and your lease ends early is $2,000.

The maximum amount payable during the term of the cover is $30,000.

What's not included...

If the trade-in value of your car is more than the residual value at the end of the lease, or the value determined by ATO guidelines if your lease is ending early.

If you sell your car to someone other than the insurer.

GBB is guaranteed in accordance with the terms, conditions, limitations and exclusions of the policy.

The fine print

These examples are only provided as a summary and are not exhaustive. Please read the Product Disclosure Statement for all of the important product terms and conditions and other info that will be relevant for you.

For example

Jake leases a new car worth $35,000 with a five-year lease. After five years, at the end of the lease, he decides that he does not want to purchase the car and opts to trade in the car to cover the $10,830 residual payment to Oly. Unfortunately, the trade-in value of the car is now $8,200, leaving Jake with a difference of $2,630 to pay.

Luckily, Jake has GBB (clever Jake), and because he’s kept his lease for the full five years and the trade-in value is less than the residual value, he can claim for the difference.

That means all Jake has to do is hand the car over to the insurer, who’ll pay the financier the trade-in value of $8,200 plus the shortfall of $2,630 for the total residual payment of $10,830.

If Jake had decided he wanted to keep his car instead, he would pay the financier the trade-in value of $8,200, and the insurer would pay the shortfall of $2,630.

Important documents

If you’re having trouble accessing any of these documents, get in touch and Oly will organise copies for you by another method.

For your reference Oly suggests hanging onto copies of these Product Disclosure Statements and Financial Services Guides with your lease documentation.