Protect Your Pocket With Shortfall Insurance.
Don’t let unforeseen circumstances leave a dent in your wallet. With our Shortfall Insurance, you’re protected from shortfalls.
We cover the shortfall between your insurance payout and the amount you still owe your finance company if your car is written off or stolen. This cover ensures you won’t be left with a large debt to pay and no car.
With our Shortfall Insurance, you can have the financial security you need to get yourself back on the road.
Our Shortfall Protection insurance policy highlights include:
- Protection in the event of total loss of your car.
- Up to R10,000 of your comprehensive excess covered.
- R10,000 loyalty bonus towards buying a replacement car.
- Up to R10,000 cover for unspecified extras fitted on your car.
- Up to R5,000 car instalment protection paid monthly.
- Unintentional violation cover.
Complete the form to get Shortfall Insurance from Bidvest Insurance.
With Shortfall Protection, we’ve got you covered. We cover the difference between your insurance payout and the amount you still owe your bank if your car is written off or stolen.
If your car is written off or stolen, you may need to pay an excess. We give you Excess Protection of up to R10,000 towards your underlying insurance excess.
You may have some accessories fitted on your car that aren’t specified on your insurance policy. We give you up to R10,000 cover for unspecified extras fitted on your car.
We give you R10,000 towards the purchase of a new car at a Bidvest Insurance Approved Dealer.
Unintentional Violation Cover
Should your underlying insurer not pay for your stolen or written off car because of an unintentional violation we will provide cover.
Should your claim with your underlying insurer take more than 60 days, we will pay your monthly car instalment up to R5,000 for up to 3 months.
Why do I need Shortfall Insurance?
With Comprehensive Car Insurance in place, you will be fully covered in the event your car is written off or stolen, right? Unfortunately, no.
In most cases, should your car be stolen or written off in an accident, your insurance payout is not likely to cover what you still owe to the bank. This is because most insurers will insure your car for its retail value, and not what you may have paid for it.
Unfortunately, this could leave you in a difficult position financially, and without a car. It’s for this very reason that Shortfall Insurance is essential when purchasing a financed car. With Shortfall Insurance, you are never left out of pocket should the unexpected happen.
Frequently Asked Questions
What are the Shortfall Protection cover benefits?
- Up to R10 000 of your comprehensive excess covered
- R10 000 loyalty bonus towards buying a replacement car
- Up to R10 000 cover for unspecified extras fitted on car
- Up to R5 000 car installment protection paid monthly
- Unintentional violation cover
- Protection against unexpected debts in the event of total loss of your vehicle
How much does Shortfall Protection cover cost?
Every vehicle is different and we will quote on your specific vehicle. Please fill in your details on the form on this page in order to get a quote.
Why do you need Shortfall Protection cover?
When financing a vehicle you have to consider the additional expenses associated with this including fees, interest, accessories etc…that will leave you owing the bank more then the vehicle value should you have a total loss. Shortfall Protection helps put you back in a position where you can replace your vehicle.
How does Shortfall Protection cover work?
Shortfall Protection provides valuable cover by paying the difference between your comprehensive insurance payout and the amount still owed to the bank if your car is stolen or written-off.
“I was travelling home from my parent’s house one evening when a car on the opposite side of the road suddenly swerved into my lane and we had a head-on collision! Luckily no one was injured, but my car was a write-off, I’d only had it a year!
After my insurance payout, there was still an outstanding amount of R26,500 that had to be paid, I panicked – I didn’t have that sort of cash old lying around! But after chatting to Bidvest Insurance about my shortfall policy I had luckily taken out, the whole amount was covered so I didn’t have to pay a thing! Thank you Bidvest Insurance, I’m now back on the road.”
Any endorsement provided on this page does not constitute financial advice.
Underwritten by Bidvest Insurance Limited, a licensed insurer and an authorised Financial Services Provider, FSP 46395. Please refer to the policy wording for full details of product cover.