Everything you need to know about Shortfall Insurance.
One of the biggest myths and misconceptions when it comes to comprehensive vehicle insurance is that you’ll be covered when your vehicle is written off or stolen.
Unfortunately, in most cases, should your car be stolen or worse, written off in an accident, your insurance payout is not likely to cover the money that you might owe to the bank. This means that you could potentially be left in debt and without a vehicle.
What is Shortfall Cover?
Shortfall Cover 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.
Why should you get Shortfall Cover?
Shortfall Protection helps put you back in a position where you can replace your vehicle.
What does Shortfall Cover provide?
- Shortfall Protection: We cover the difference between your comprehensive insurance payout and what you still owe the bank if your car is stolen or written off.
- Excess Protection: We don’t just insure, we protect you with up to R10 000 cover towards your underlying excess, as outlined in your insurance policy.
- Additional Accessories: You customize your car to suit your needs, nothing should change. We give 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: For having us on your side, we’ll stay on yours with a R10 000 Loyalty Bonus towards replacing your vehicle.
- Unintentional Violation Cover: Mistakes happen to everyone, even if sometimes they come across as deliberate. Should your underlying insurer not pay for your stolen or written off vehicle due to an unintentional violation we will provide cover.
- Instalment Protection: Some things really can’t wait or be put off. Should your claim for a stolen or written off vehicle with your underlying insurer take more than 60 days, we will then pay your monthly vehicle instalment up to R5 000 for up to 3 months.
How much do I pay for Shortfall Cover?
Your vehicle and budget are unique to you. 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 Cover?
You can contact us on 0861 272 777 or email shortfallclaims@bidvestinsurance.co.za to notify us of the incident. The claims assessor will then guide you through the claims process.
There is no need for you to find yourself in unexpected debt because of a written off or stolen vehicle. Shortfall Cover from Bidvest Insurance is the cover that protects you, your car, and your wallet.
