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Shortfall Protection

Description

Don’t let an accident or theft involving your vehicle result in a financial loss for you. Usually, this is inevitable because, even when you are comprehensively insured, there are outstanding amounts to be paid.

Shortfall Protection covers you by paying the difference between your insurance company pay-out and the amount still owing to your finance company. This payment also includes reimbursing your insurance excess up to R6,000, Unintentional Violation Cover (if your claim is rejected because you unintentionally violate a policy condition), and Optional Deposit Protection.

Shortfall Protection
In the event of a total loss due to theft, hijacking or write off, most insurance companies pay out the value of the vehicle, less any excess amounts due. This pay-out is most often less than what is actually still owing to the finance company. In such cases, Shortfall Protection pays the difference between your insurance company pay-out and the amount still owing to your finance company. This payment also covers your insurance excess up to R6,000. It is important to note that the vehicle insurance must fully cover the value of the vehicle plus all accessories.

Violation Cover
Should your insurance company reject a claim due to you unintentionally violating a condition of your comprehensive insurance policy (e.g. late notification of a claim, change of address etc.) then Shortfall Protection will pay the claim. However, this policy does not provide cover if you incorrectly insured your vehicle.

Loyalty Bonus
In the event of a Shortfall claim where your vehicle is stolen and not recovered, or is written off, a Loyalty Bonus of R8,000 will be paid towards a replacement vehicle when purchased from a Bidvest Insurance approved dealership within 3 months of the above event.

Deposit Protection (Optional)
If you have paid a deposit towards your vehicle purchase, then you need to be aware that the finance company will take priority in terms of an insurance pay-out. This could result in you not recovering the value of your deposit. However, if you have selected the Deposit Protector option, then your deposit will also be protected up to a maximum of R50,000.

Policy Highlights

  • Protects you from a financial loss by paying the difference between your insurance company pay-out and what you owe to your finance company.
  • Provides unintentional violation cover.
  • Reimburses up to R6,000 of your insurance excess in the event of a shortfall claim.
  • Protects your deposit up to a maximum of R50,000 (optional cover).
  • Pays a loyalty bonus of R8,000 towards a replacement vehicle.

What our clients are saying

Underwritten by Bidvest Insurance Limited, an authorised Financial Services Provider, FSP 46395. Please refer to the policy wording for full details on this product.