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, early settlement penalty fees or capital additions up to a maximum of R500 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.

Benefits included in the full Shortfall cover:

• In the case of a Shortfall claim we will pay up to a maximum amount of R6 000 towards your excess
• A R20 000 accidental death benefit which pays out to your selected beneficiaries
• A R20 000 accidental death benefit which pays out in the event of disability due to a motor vehicle accident
• 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 which makes provision for unintentional violation claims. Unintentional referring to a claim being rejected under your Comprehensive Insurance policy. To claim for this benefit, you will need to submit a request against the Comprehensive 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.

You need to have comprehensive cover in place in-order for this product to be available.

Exclusions include but are not limited to:

• Arrear instalments are not covered
• Excesses – other than the R6 000 covered in the event of a shortfall payment being made
• Refundable premiums, capital additions and early settlement penalty fees
• No benefit will be paid if you have not met all the terms and conditions of the Comprehensive Insurance policy or in the case that the policy was rejected
• Where your Comprehensive insurance policy is cancelled, or for any reason void or invalid this policy will not be valid
• Any amount added to the vehicle’s selling price which exceeds 10% above the value as per the market or retail value, as determined by the TransUnion Dealer Guide at date of purchase, will not be covered
• Murder and Hazardous Pursuits are not covered under the accidental death benefit

Cashback Benefit

After 36 successful monthly premium collections and provided there have been no claims paid on the policy, a cashback benefit of 15%, of the total premium collected, will be paid back to you.

OPTION 1 WITH DEPOSIT - Where the Insured has paid a Deposit as per the finance agreement.

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 R100 000. The cover runs for 3 (three) years.

OPTION 2 WITHOUT DEPOSIT - Where the Insured has not paid a Deposit as per the finance agreement.

In the event that your vehicle has been written off or stolen and not recovered, the Deposit cover will pay 10% of the current Vehicle value (of The Vehicle forming the subject matter of this Policy) as a future deposit contribution up to a maximum of R100 000 (One Hundred Thousand Rand), whichever is the lesser.

You need to have comprehensive cover in place in-order for either of these product options to be available.

Both options have an accidental cover which entails the following:

• A R20 000 accidental death benefit which pays out to your selected beneficiaries
• A R20 000 accidental death benefit which pays out in the event of disability due to a motor vehicle accident

Exclusions include but are not limited to:

• No benefit will be paid if you have not met all the terms and conditions of the Comprehensive Insurance policy or in the case that the policy was rejected
• Where your Comprehensive insurance policy is cancelled, or for any reason void or invalid this policy will not be valid
• Murder and Hazardous Pursuits are not covered under the accidental death benefit

Cashback Benefit on Option 2

After 36 successful monthly premium collections and provided there have been no claims paid on the policy, a cashback benefit of 15%, of the total premium collected, will be paid back to you.

PinnAfrica is to be notified of the incident within 30 days of the claimable event.

Please note that this is not the policy wording. For the full benefits and terms and conditions on any of our products, please request us to contact you.