If your car is written off in an accident and your insurance payout doesn't cover the outstanding loan, Total Loss Waiver covers the shortfall so you're not paying for a car you no longer have.
Our Total Loss Waiver is an optional product that waives the remaining balance of your loan if your car is written off and your comprehensive motor insurance payout doesn't fully cover what you still owe.
A one-off waiver fee is added to your loan and included in your regular payments, so there's no extra charge payable upfront. If your car is declared a total loss, get in touch and we'll walk you through what we need for an application. Subject to the waiver conditions and exclusions, the shortfall between your insurance payout and the outstanding balance on your loan is waived, so you're not left owing money on a car that's no longer on the road.
Full terms and conditions are provided before you sign.
A one-off waiver fee is added to your loan and included in your regular payments, so there's no extra charge payable upfront. Your exact figure is shown in your loan disclosure before you sign.
Cancellation, early prepayment rebates, and the rest of the finer points are set out in your waiver terms and conditions, provided before you sign.
Total Loss Waiver is designed for people who have comprehensive motor vehicle insurance and who want peace of mind that they won't be left paying off a car that's been written off, if their insurance payout doesn't stretch to cover the outstanding loan.
Eligibility and suitability criteria apply, and the waiver is subject to specific conditions and exclusions. The waiver only applies where you have a comprehensive insurance policy in place, the insurer approves the Total Loss claim, and the insurer's payout has been received by Movogo. Full conditions and exclusions are set out in your waiver terms and conditions.
A one-off waiver fee is added to your loan and spread across your regular payments, so there's no separate charge upfront. The fee depends on your loan details and is shown in your loan disclosure before you sign.
Broadly, when your car is damaged beyond economic repair or stolen and not recovered, and your comprehensive insurer classifies it as a total loss and pays out on that basis. The full definition is in your waiver terms.
Yes. You need comprehensive motor vehicle insurance anyway as a condition of your Movogo loan, so it's something you'll already have in place. Total Loss Waiver applies where the insurer approves and pays out on a Total Loss claim, and we receive the payout. Without comprehensive insurance there's no claim for the waiver to work from.
Get in touch as soon as your insurer confirms the Total Loss, and we'll walk you through the process. There's some documentation to gather, and we'll tell you exactly what's needed.
The waiver only applies where the insurance Total Loss claim is approved and paid out. If your insurer declines the claim, the waiver doesn't step in. Full exclusions are set out in your waiver terms.
Yes, within the cancellation window set out in your waiver terms. Cancellation details, refunds, and rebates are all covered in the terms and conditions provided before you sign.
Total Loss Waiver is normally selected at loan signup. If you'd like to add it to an existing loan, give us a call and we'll assess on a case-by-case basis.
You'll receive the full waiver terms and conditions as part of your loan documentation before you sign, so you can read everything in detail before committing.
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Contact
PO Box 90277
Victoria St West
Auckland, 1142
8am– 5:30pm weekdays
(09) 913 8560
Movogo Finance Limited. New Zealand Company Number 9357507. NZBN 9429052988677. FSP1011510. Member of Financial Services Complaints Limited (FSCL) for dispute resolution. All estimates shown on this site are indicative and are not an offer of credit or insurance. Any loan is subject to credit approval, responsible lending assessment, and standard terms and conditions. Waivers are loan features provided in-house by Movogo Finance Limited and are governed by your loan agreement. Insurance-related products are underwritten by Provident Insurance and are subject to the relevant policy document. Please read all documents carefully before signing.
