Managing your annual vehicle requirements
Renewing your novated lease vehicle’s registration and insurance is easy—we handle most of the paperwork for you. This article walks you through what you need to know to keep your car registered and insured for the lease.
Registration and Compulsory Third Party (CTP) Renewal
We handle all the CTP and registration requirements for the duration of your novated lease. We take care of payment as well, applying the funds from your running costs budget.
When it's time to renew your registration, we'll pay it 4-5 weeks before your renewal date. You won't need to do anything, and we'll send you an SMS and email to confirm it's paid. If there are any necessary inspections, we’ll send you a reminder ahead of time for you to make arrangements with your chosen service centre.
Should you receive the registration renewal notice, it is important that you keep this for your records.
Comprehensive Motor Vehicle Insurance
Your novated lease vehicle must always be comprehensively insured for its full insurable value. Whether you choose TFM Comprehensive Motor Vehicle Insurance or another provider, we’ll send out a reminder ahead of the renewal period and include the cost within your lease budget.
The insurance policy will be in your name, so the renewal notice will be sent to you. What you do next depends on who your policy is with.
If your Comprehensive Motor Vehicle Insurance is with TFM, you’re all set — no further action is needed.
If you have self-arranged comprehensive motor vehicle insurance, you’ll need to pay for your policy directly and can seek reimbursement. A reimbursement will be processed when your lease budgets have sufficient funds available.
For information on how to make an insurance claim, please see our guide on Accident Management.
Track and manage your costs
Visit the Novated Online Portal to:
- Check your vehicle registration and insurance status
- Ensure there are sufficient funds for each renewal
- Track your budget vs. actual expenditure
If you need to make any adjustments to your budgets, please reach out to our team at novatedvariations@tfal.com.au and they’ll guide you through the process.
