Shortfall insurance is designed to cover the difference between what your insurer pays out and, your bank settlement amount less excess payable, arrears, refundable premiums or capital additions up to a maximum of R200 000. Your Comprehensive insurer would pay market or retail value in the event of a total write off and/or theft should they not recover your vehicle. In the case of a Shortfall claim we will pay up to a maximum amount of R6 000 towards your excess. Benefits included in the full Shortfall cover includes a R5 000 accidental death benefit which pays out to your selected beneficiaries, and 2 Instalment payments up to a maximum of R15 000 in the event of a shortfall claim. In the event of a partial loss claim i.e. not a total write off; we will cover the Excess of up to R1 500 per annum, which accumulates, where there has not been a claim submitted and paid under this benefit, at R1500 per annum for 3 years.
A Supplementary benefit is included which makes provision for unintentional violation claims. Unintentional referring to a claim being rejected under your Underlying Comprehensive Insurance policy. To claim for this benefit, you will need to submit a request against the Underlying Insurer to the Ombud first.
We include a claim assist benefit to assist you in ensuring that your comprehensive insurer pays out correctly at claim stage.
Exclusions include but are not limited to:
In the event that your vehicle has been written off or stolen and not recovered, the Deposit cover will pay your actual deposit paid up to a maximum of R50 000. The cover runs for 3 (three) years.
Excess Protector will pay your Excess in the event that your vehicle has been written off or stolen and not recovered; up to a maximum benefit amount as selected. Benefit options available are R7 500, R20 000 and R50 000.