Bringing your own retail insurance policy to your novated lease.
You may elect to use your own existing retail insurance policy within your novated lease. Easi will assist you in budgeting for and being reimbursed for the annual premium to unlock the potential tax savings.
Process of using your own insurance:
- Obtain quotations from the provider of your choice and select the coverage type required. We recommend drivers avoid "cheap" insurance and carefully select a provider that covers you when needed. New for old coverage of a minimum of 24 months is recommended.
- Once you have selected your provider you will need to pay them directly to take out the policy. Typically you can pay monthly or annually at your discretion.
- Inform your novated leasing specialist of the annual premium to budget correctly and allow for future premium increases.
- Provide a "Certificate of Currency" from the insurer to easi which is proof of insurance. This must contain the registration or VIN of the vehicle and the policy owners details.
- Easi will budget for the annual premium to be collected in your lease expense account.
- You can claim the annual premium after sufficient funds have accumulated to do so. (12 months will accumulate in 12 months) You could claim the premium quarterly if you have elected to pay monthly.
- Submit a reimbursement claim through your online members portal providing proof of payment and the tax invoice details for the insurance.
Easi cannot reimburse your insurance premium upfront or in advance from pre-tax funds that do not exist in your account.
Read the article "Lease Expense Account" to learn more about how this works.
Easi does not provide comprehensive insurance advice, you must accept the risks of taking out retail insurance and you are responsible for ensuring adequate coverage.
Your vehicle must be comprehensively insured at all times.