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StepUP Insurance provides customers of NAB's StepUP Loan program with access to affordable insurance.
House and contents insurance as well as car insurance are now available to safeguard your possessions.
StepUP Insurance is a not-for-profit product jointly developed by Allianz and NAB in response to community need.
How do I access the insurance?
Insurance is currently available to customers of the StepUP Loan program. Once you have an approved StepUP Loan and you are interested in obtaining insurance for your goods, contact the NAB Personal Loans Operations Team in Melbourne on 1300 131 733. They will be able to help you with a quote so that you can understand the cost of insurance.
Why should I insure my property?
Peace of mind. Insurance offers protection for you and your loved ones should a loss arise such as fire, theft or storm damage to your property.
How much does the insurance cost?
The cost of insurance will depend on the type of cover you need, the value of goods you wish to protect and where you live.
Two costs are incurred when you buy insurance - a premium (including government charges such as stamp duty and GST) and any excess which is payable if you make a claim. The premium is payable on a fortnightly, monthly or annual basis. The excess will only apply if a claim is lodged, prior to settlement.
What type of insurance is available?
House and contents insurance
Insurance to protect your home or household goods purchased over the years and most recently with your StepUP Loan. Should your goods be stolen or damaged as a result of an insured event, they will be replaced or repaired (an excess will apply to most claims).
Comprehensive car insurance
Insurance to protect your car should you have an accident, fire or have it stolen. The insurance also covers any damage done to anyone else's vehicle or property, as a result of an accident that you are responsible for.
Third party property damage, fire and theft car insurance
Insurance to repair someone else's vehicle or property, should you have caused damaged to it as a result of an accident. Also, your own vehicle is covered if damaged due to fire or theft.
Third party property damage car insurance
Insurance to repair someone else's vehicle or property, as a result of an accident that you are responsible for.
What are the features of the insurance products?
Vital Home Insurance
For the house and contents insurance, once you pay your annual premium you are covered for:
- New for old replacement on most items regardless of age.
- Temporary accommodation if your home becomes uninhabitable due to an insured event such as fire.
- Up to $2,500 cover against the fraudulent use of your lost or stolen credit/ATM card.
For full details of conditions and exclusions of this cover, read the Vital Home Insurance Product Disclosure Statement. (PDF, 188kb)
Comprehensive Motor Insurance
For the comprehensive car insurance product you are covered for:
- Choice of repairer.
- If your vehicle is stolen, we've made sure you won't be left stranded, as we provide you with a rental car until your vehicle is found undamaged, repaired or your claim is settled, to a maximum of 14 days.
- Reimbursement for the cost of emergency repairs up to $350 (to get you home).
For full details of the conditions and exclusions of this cover, read the Classic Motor Product Disclosure Statement. (PDF, 152kb)
Third Party Property Insurance
For the third party property damage, fire and theft car insurance product you are covered for:
- Up to $20 million to cover loss or damage to other people's property if you're at fault in an accident.
- Loss or damage to your vehicle up to $3,000 arising from an accident caused solely by the driver of an uninsured vehicle (conditions apply).
- Up to $20 million legal liability for loss or damage to someone else's property while using a substitute vehicle (conditions apply).
For full details on the conditions and exclusions of the Third Party Property Damage Only cover, read the Classic Motor Product Disclosure Statement (see PDF document above).
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