If you suffer the total loss of your vehicle through theft or damage, you will need a new car. This will require a new deposit, and after paying your financial institution the remainder of what you owe on the car, there is often no money for a new car deposit. This problem can be alleviated by taking out deposit cover now so that a future total loss of a car won’t leave you without transport.
A deposit cover policy will pay a percentage of the sum insured on your previous vehicle towards a deposit for a new car. Payments are easy monthly instalments, so there are no big up-front payments required. You can also cancel your policy at any time.
*Terms and conditions apply.