Shortfall protection for your car.
You got a new car, congratulations! Because you are a responsible adult, you got comprehensive insurance, right along with it. Everytime you get in your car, you drive with peace of mind. You know you’re insured and your car is protected.
But, life isn’t always that peaceful.
Having your car stolen or written off might come with the added grief of discovering you STILL have a bill to pay even though your insurance policy has paid you out. That could be financially devastating.
What is Shortfall Protection?
Your insurance might not be enough to cover everything. The balance that is left over after your insurance has paid out is called a shortfall. Having Shortfall Protection covers the difference between what your insurance policy pays out versus what you still might owe to your bank in repayments. More often than not, the payout is less than what you owe the bank, leaving you in debt, AND without a car.
Why should you get Shortfall Protection?
The cost that comes with the loss of your car might leave you in unexpected financial distress. Shortfall Protection is the best way to protect yourself from such unforeseen circumstances.
What else does Shortfall Cover provide?
Paying out your shortfall may be the main benefit of a Shortfall protection insurance policy. But there are more benefits made to ensure that you are always covered.
- Excess Protection: Bidvest Insurance protects you with up to R10 000 cover towards your underlying excess, as outlined in your insurance policy.
- Additional Accessories: Your car should be exactly the condition you want it to be. Shortfall cover gives you up to R10 000 cover towards any accessories fitted on the vehicle that have not been specified on your underlying insurance policy.
- Loyalty Bonus: We are all for grand gestures. That’s why we give you R10 000 Loyalty Bonus towards replacing your vehicle.
- Unintentional Violation Cover: Sometimes things happen without us intending for them to. Should your underlying insurer not pay for your stolen or written off vehicle, due to an unintentional violation, we’ve got you covered.
- Instalment Protection: If your claim for a stolen or written off vehicle with your underlying insurer takes more than 60 days, we will pay your monthly vehicle instalments, up to R5 000, for up to 3 months.
How much do I pay for Shortfall Protection?
Your cover is set accordingly and unique to you and your car. That is why your monthly premium is different and is calculated on the deposit you paid when you bought the car.
How do I claim from Shortfall Protection?
You can contact us on 0861 66 88 88 or email shortfallclaims@bidvestinsurance.co.za to notify us of the incident. The claims assessor will then guide you through the claims process.
Insurance is a must-have for most people, but shortfall protection is often forgotten. It’s always important to make sure that you’re protected from the costs you might not expect. That is why you need to have Shortfall Protection from Bidvest insurance.
