0800 288 654

GFP Terms and Conditions

  • Motorlife Guaranteed Finance Protection Policy.

  • Guaranteed Finance Protection (GFP) Insurance protects you against potential losses, that may occur if your vehicle is declared a total loss, your claim has been settled by your Comprehensive Vehicle Insurance provider and there is a balance owing. To provide this coverage Beneficial Insurance Limited t/a Motorlife requires a full premium payment for the term of the facility to be made by you before the start of the policy.
  • This document is the policy wording for your GFP Cover.


  • The Insurer

  • This insurance policy is provided by Beneficial Insurance Limited t/a Motorlife. For more information about our company, other products and our financial strength rating please go to www.motorlife.co.nz

  • Your policy is a contract between you and us and is comprised of -

  • 1. Your application
  • 2. Your policy wording
  • 3. Your current policy schedule
  • 4. Any other document issued by us, which may vary or modify the above documents.

  • Please keep these documents safe and read them together.

  • You must read your policy document in full and understand the benefits and the terms and conditions of your policy including what your
  • insurance covers and what it doesn’t. If there is anything you don’t understand, or if you have any questions, please contact us.

  • Your vehicle details are stated in your policy schedule. If they are incorrect in any way, including vehicle make, model, year or odometer reading, you may not qualify for the extent of cover you have selected. It is important that you check your policy schedule and advise us immediately if any details are incorrect or need updating.


  • Duty of Disclosure

  • You have a legal duty of disclosure when you apply for insurance, make changes to your policy or make a claim, to tell us everything that a prudent insurer would want to consider in deciding -

  • 1. Whether to issue your policy.
  • 2. The applicable terms and conditions of your policy.
  • 3. The amount of your premium.
  • 4. Whether any alterations to your policy will be made.

  • If you breach the duty of disclosure, we may void your policy from the start of the period of insurance and refund any unused premiums that you have paid.


  • Coverage

  • 1. We will pay your financier the shortfall between the total loss settlement and the outstanding amount you owe your financier for the vehicle loan if your motor vehicle is declared a total loss. The amount that we will pay your financier is subject to the amount specified in your insurance policy and subject to the terms and conditions of that policy.
  • 2. If the Amount Financed on the Loan Agreement includes any additional lending other than for the car, this amount will be deducted from any amount payable.
  • 3. If the claim is accepted, Beneficial Insurance Limited will make a payment directly to the finance company. No funds can be paid directly to the insured and all payments will be made in New Zealand Dollars.
  • 4. If the original credit contract is in the name of more than one person, the cover under this Policy shall only apply to the payments that the insured person named in this Policy is liable to pay to the Finance Company under the Credit Contract.
  • 5. The provisions of this Policy confer benefits on the Finance Company and are enforceable by the Finance Company, under the Contract and Commercial Law Act 2017.

  • What you are not insured for

  • There is no cover if -

  • 1. You don’t pay the full premium payment due to Beneficial Insurance Limited.
  • 2. If you don’t have or retain Comprehensive Vehicle Insurance for the car noted on this policy.
  • 3. If your vehicle insurer does not pay the full market value of your vehicle when your vehicle is declared a total loss.
  • 4. In respect of any Total Loss that happens after the maturity date of the Credit Contract as per the credit contract.
  • 5. If there is no Shortfall after the Vehicle Insurer has settled your claim.
  • 6. If the Vehicle insurer does not settle a claim under your Comprehensive Vehicle Insurance Policy.
  • 7. You have assigned any rights under the Policy to another party.

  • In calculating the amount we will pay to your financier, the following will not be included -

  • 1. Any excess, premium or additional payments due under your comprehensive vehicle insurance policy.
  • 2. Any arrears, penalty payments or interest, rebatable items, or any additional costs arising from a variation to your original loan contract.


  • False / Fraudulent Claims

  • You or anyone acting on your behalf must not make a claim that is false or fraudulent in any way or make any false or incorrect statement in connection with any claim. This policy would then be cancelled and you will forfeit all rights under the policy.


  • Making A Claim

  • If an event happens that may lead to a claim under your policy you must -

  • 1. Notify the police if it appears that the claim arises from an illegal act.
  • 2. Call us on 0800 288 654 to request a claim form or send an email to claims@motorlife.co.nz
  • 3. In order for us to assess your claim, you will be required to fully complete our claim form.
  • 4. Provide us with written statements, certificates and any other supporting information that we may require, at your expense; and
  • 5. Assist us with your claim in any way we request.

  • We may require you to authorise the disclosure of information to us that may be relevant to your claim, including information held by your
  • financier or vehicle insurer.

  • We have the right to make any reasonable enquiries in relation to your claim.

  • It is your responsibility, at your own expense, to provide documentation to us demonstrating that the loss, damage or expense that you claim for, is the result of an insured event covered under your policy. It is also your responsibility to calculate the dollar amount of the loss, damage and expense you are claiming.


  • Claim Limits

  • The maximum amount payable to the financier in an approved claim under this policy covering the shortfall, owed to the financier, is equal to the amount of cover which you have chosen. The options you could have chosen when you took out the policy were $2,500, $5,000, $7,500, or $10,000.


  • Policy Conditions

  • To be eligible to make a claim you must comply with all the terms of your policy. If you or someone on your behalf breaches your policy, then we may -

  • 1. Decline your claim in part or whole; and/or
  • 2. Cancel your policy


  • Accuracy of Statement and Fraud

  • All statements and answers made by you or on your behalf in the application for this insurance, when making changes to it or in any claim you submit must be true, correct and complete in every respect. If you or someone on your behalf makes a statement that is not true, correct and/or complete, then we may;

  • 1. Decline your claim in part or whole; and/or
  • 2. Void your policy from the start of your period of insurance.


  • Amounts

  • All amounts stated in your policy are in New Zealand dollars and include Goods and Services Tax (GST).


  • Change in Circumstances

  • You must notify us immediately if there are any material changes to any circumstances that existed when you took out your policy. If you
  • fail to do so, then you are liable to repay us any payments.


  • Governing Law

  • The Laws of New Zealand apply to your policy. Any proceedings relating to your policy must be brought and heard in New Zealand.


  • Definitions

  • Arrears means your loan payment obligations to your financier that are overdue (should have been paid earlier). This includes any penalties, fees and/or interest charges in relation to your arrears. This is a standard contract clause.

  • Motorlife means the trading name for Beneficial Insurance Limited.

  • Beneficial Insurance Limited means the Insurance provider.

  • Comprehensive Motor Vehicle Insurance means an insurance policy covering your vehicle for its market value at the time of purchase and remaining in force during your period of insurance against accidental loss, damage, theft and legal liability for damage caused to property owned by other people.

  • Credit Contract means the original finance contract that you have entered into with the Finance Company to finance the Motor Vehicle as referred to in the policy schedule.

  • Cover Amount means the specified level of cover you have chosen for this policy.

  • Financier means the finance company for your loan contract stated in the policy schedule, to which your policy relates.

  • Market Value means the reasonable market value of the motor vehicle. As this is a shortfall policy, an agreed value policy completed between the insured and the insurer does not apply.

  • Motor Vehicle means the Motor Vehicle that is referred to in the Policy Schedule.

  • Vehicle Insurer means the company that is providing the Purchaser with Comprehensive Motor Vehicle Insurance.

  • Policy means this insurance policy.

  • Policy Schedule means the schedule that Beneficial Insurance Limited issues to the Purchaser / Insured outlining the full details of cover provided under the Policy.

  • Premium Payment means the insurance payment by you to us, in consideration for this insurance policy.

  • Purchaser means the person that is referred to in the Policy Schedule.

  • Shortfall means the difference between the amount paid out by the Vehicle Insurer for Total Loss and the balance owing on the original Credit Contract (less any arrears owing on the Credit Contract and any excess deduction or deduction for unpaid premiums prior to the Total Loss of the Motor Vehicle).

  • Total Loss means where the Vehicle insurer verifies that the Motor Vehicle is a total loss because -
  • a) the Motor Vehicle is deemed to be uneconomical to repair due to the condition of the vehicle; or
  • b) the Motor Vehicle having been stolen and is either not retrieved or if retrieved is not economical to repair.

  • Us/We means Beneficial Insurance Limited.


  • Regulatory Information and Financial Strength Rating

  • All licensed insurers are required to have a financial strength rating from a rating agency authorised for this purpose by the Reserve Bank of New Zealand. Beneficial Insurance Limited has been rated B++ Outlook Stable by AM Best Company. The AM Best company financial strength rating scale is as follows:

  • Secure: A++, A+ (Superior) A, A- (Excellent) B++, B+ (Good)

  • Vulnerable: B, B- (Fair) C++, C+ (Marginal) C, C- (Weak) D (Poor) E (Under Regulatory Supervision)
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