Comprehensive Insurance is the highest level of vehicle insurance cover, protecting against accidental damage, theft, fire, hail, vandalism, weather events, and collisions. Almost all lenders require Comprehensive Insurance for Vehicle Finance, Equipment Finance, and Low Doc Loans when the vehicle is used as security. Related glossary terms: On-Road Costs, PPSR Check, Dealer Invoice. Relevant blogs: Low Doc Vehicle Finance Guide, Fast-Track Asset Finance, Tradie Vehicle Finance.

Why Comprehensive Insurance Matters

Lenders require Comprehensive Insurance because it protects the financed asset. If the vehicle is written off or stolen, insurance ensures the loan can be paid out. This supports faster approvals in the Tradie Hub, Truckie Hub, and the Business Owners Finance Hub.

What Comprehensive Insurance Covers

• Accidental damage (regardless of fault).
• Theft or attempted theft.
• Fire and explosion.
• Storm, hail and flood damage.
• Vandalism or malicious damage.
• Damage to other vehicles or property (liability component).

Official reference: moneysmart.gov.au