Lifetime new car replacement Insurance explained

You take serious pride in your wheels. You love the drive, you love the look – why settle for anything less? But what happens if it’s a write-off in an accident?

Well, if you’re a GIO Platinum Comprehensive Car Insurance policy holder, you may be able to get lifetime new car replacement for your car. If you’re an eligible policy holder, GIO can replace your car with a brand new one of the same model and make, if yours is a total loss and a replacement is available. This applies no matter how old your car gets^*.

How does it work?

If your car is damaged or is stolen and we settle your claim as a total loss, provided you bought the car new and your car is continuously insured under GIO Platinum Car Insurance from within 13 months of your car’s purchase until the time of the total loss, where possible we'll replace it with a brand new car of the same make and model (or similar make and model if the same isn't available). Where this is not possible, we will instead pay the amount covered.

If your car is financed, we need consent from your financier before replacement.

If we approve your claim and proceed with a replacement, your Compulsory Third Party (CTP) or Motor Accident Injuries (MAI) Insurance, initial registration, delivery charges and stamp duty will also be taken care of.

What’s a write-off?

Your car becomes a write-off or a total loss if:

• it is stolen and unrecovered after 14 days and we accept your claim for theft of your car; or.
• it is uneconomical or unsafe to repair, including where the combined repair costs and salvage value are likely to be more than the amount covered by your policy or your vehicle’s market value (if you have chosen the market value option for your Comprehensive cover) which is listed on your Certificate of Insurance.

We will also have regard to the law in relation to what is considered a write off that applies in your State or Territory when determining when a car is to be written off.

What’s the difference between lifetime new car replacement and new car replacement?

While standard new car replacement is common for Comprehensive Car Insurance policies (including ours), this normally only covers you if your car is less than two years old from its original registration date. As the name suggests, lifetime new car replacement can cover your car for life, provided it meets the eligibility critera. This lifetime benefit can be included with our GIO Platinum level of cover.

Hire car while you wait

When you hold GIO Platinum Car Insurance, you’re automatically covered for a hire car of a ‘similar make or model’ (up to $100/day) for unlimited days, no matter who is at fault. So while you’re waiting for your replacement, we’ll arrange a hire car so you’re not left without the convenience of a car. If there’s no hire car available in your area from one of our providers, we’ll compensate you for the amount it would have cost to hire one, plus costs associated with making other travel arrangements.

How do I know if I’m eligible?

Provided you bought the car new and your car continuously insured under GIO Platinum Car Insurance from within 13 months of your car’s purchase until the time of the total loss. A replacement car of similar make and model must be available.

For more info on your eligibility, be sure to read your Product Disclosure Statement (PDS) or Additional Information Guide.

How to update your cover to include lifetime new car replacement

If lifetime coverage of your wheels appeals to you and you’re not a GIO Comprehensive Platinum cover policy holder, you can contact us by emailing us or calling 13 10 10 to check if your are eligible. If your policy is up for renewal, you can also update your cover via GIO Online Services. Not a GIO customer? Get a quote today.

Get a GIO Platinum Comprehensive Car Insurance Quote

Read more:

• What to do if you’ve had a car accident
• What’s the difference between amount covered and market value?
• 10 must-have accessories for your car

*Provided you bought the vehicle as a new or an ex-demo model from a licensed motor dealer, and your car must have been continuously insured under GIO Platinum Car Insurance from within 13 months of your car’s purchase until the time of the total loss. We will replace your car with one of the same make and model (or similar make and model if the same isn't available), or pay you the reasonable replacement cost.

Insurance issued by AAI Limited ABN 48 005 297 807 trading as GIO. Consider the Product Disclosure Statement before buying this insurance. The Target Market Determination is also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.