Getting the keys to a new car from RentBuyIt feels pretty amazing. Before you hit the road in Brisbane, Adelaide, or Melbourne, you can take comfort knowing you are driving away with full comprehensive insurance cover as part of RentBuyIt’s fleet insurance.

Nobody actually likes reading product disclosure statements. Still, understanding how insurance fits into a rent-to-own (RTO) contract deal is completely non-negotiable. It protects your bank account and keeps you on the right side of your contract. Here is the rundown on what you actually need to know, minus the confusing jargon.

Understanding Comprehensive Insurance Requirements for RTO

Thinking about just grabbing basic third-party property cover? That won’t cut it here. If you’re signing up for a rent-to-own car, you absolutely have to get full comprehensive insurance.

Why are we so strict about it? Well, until you make that very final payment and the vehicle officially swaps over to your name, the car technically still belongs to the provider. Comprehensive cover means if you accidentally rear-end a ute at a roundabout, or a freak hail storm smashes your roof, you aren’t left crying over a massive repair bill. It gives everyone involved the peace of mind that a random knock won’t completely ruin your finances.

The Role of the Provider in Your Insurance Policy

So, where does RentBuyIt actually fit into all this paperwork? As RentBuyIt is the owner of the vehicle over the term of the five-year agreement, insurance is taken out as part of RentBuyIt’s fleet insurance.

What Happens if You Need to Make a Claim?

If you do end up in a crash, take a deep breath. First things first: make sure everyone is okay and swap details with the other driver.

Then, get straight on the phone with RentBuyIt to inform them of what’s happened. The team at RentBuyIt will guide you through the process to get you back on the road sooner. We provide our RTO sercive in multiple cities like Melbourne, Sydney and Brisbane.