Straightforward support when your vehicle is written off
When your Comprehensive Motor Vehicle insurer declares your vehicle a total loss, unexpected costs can quickly add up.
Total Loss Benefit Insurance provides a single $5,000 payment, helping you manage expenses that arise directly or indirectly from the loss of your vehicle.
This benefit is designed to be simple, fast, and flexible — so you can use it where you need it most.
What the Cover provides
$5,000 Paid Directly to You
You receive the full $5,000 payment yourself — not your insurer.
This gives you complete freedom to use the funds where they’re most helpful.
Paid Even If There’s No Finance Gap
The benefit is payable whether or not you have a finance shortfall, or you replace the vehicle.
If your comprehensive insurer pays a total loss claim, ProRisk pays the full $5,000.
Works Alongside Any Other Insurance
If you have additional covers — including full GAP cover with another insurer.
This benefit is still paid in full, with no write‑backs or offsets.
NIL Excess
There is no excess payable.
The benefit amount is the $5,000 payment.
What the $5,000 can help cover
Additional expenses after a total loss can include items such as:
- Mobile phones
- Comprehensive motor policy excess payment
- Comprehensive insurance premium for a replacement vehicle
- Sunglasses
- Baby seats and harnesses
- Sporting equipment
- Vehicle hire expenses
- Laptop computers, iPads and tablets
You choose how to allocate the payment — the list is not exhaustive and simply reflects common replacement or incidental costs following a total loss.
How to apply
Speak with a Prosperity Smart Drive adviser to confirm your eligibility and lease details.
Complete the online application form – we’ll guide you through the required information.
We’ll issue your certificate of insurance and you’ll be covered once your policy is active.
Keep your lease and insurance details together — it makes claim time simpler and faster.
Important Information
This information is general only and does not take into account your objectives, financial situation or needs. Before entering into any novated lease or insurance arrangement you should consider your own circumstances and seek professional advice. Conditions, exclusions and fees apply. For full details of the terms, limits and exclusions, refer to the Product Disclosure Statement (PDS).
Prosperity Smart Drive Pty Ltd Pty Ltd (Prosperity Smart Drive) (ABN 61 120 563 215) is an authorised representative (AR number 000304927) of BMS Risk Solutions Pty Ltd (BMS) (ABN 45161187980, AFSL 461594) in connection with the motor vehicle insurance only. The motor vehicle insurance is provided by AAI Limited trading as Vero Insurance (Vero) (ABN 48 005 297 807, AFSL 230859) and is issued under a binder arrangement with Vero. When acting under a binder BMS acts as agent for the insurer and not as your agent. This is general information only. It 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. For full details of the terms, limits, conditions and exclusions and before making any decisions about whether to acquire or to continue to hold this product, please consider the Financial Services Guide and Vero Product Disclosure Statement. A Target Market Determination is also available.
^BMS is Prosperity Smart Drive’s Insurance Broker and manage the Vero Comprehensive Motor Insurance product.