What’s the Difference Between Deposit Protector and Shortfall Insurance?

on May 13, 2020

Discover two powerful products that you’ll want to have on your side should disaster strike. 

Picture this: Your car has just been stolen or written off. It’s a traumatic or at best, a frustrating situation. At least you know you’ve got comprehensive car insurance to cover you. However it’s only once you’ve submitted your claim, that you learn that you don’t always get paid out in full to cover your entire vehicle. Now you’re suddenly left stuck with the admin, the loss and the bills. 

At Bidvest Insurance, we aim to offer a variety of products to help ease the financial burdens that come with car damage or theft. Both our Deposit Protector and Shortfall Insurance plans are a type of gap cover for your vehicle, used in the event of it being written off or stolen. They are both add-on policies that you would take out alongside your comprehensive car insurance plan to help cover costs that might not be covered in a claim. 

In the event of your vehicle being written off or stolen, you could benefit from having one or both of these power products in your corner. Take a look at what they can do for you:

With our Deposit Protector policy, we’ll cover the deposit that you have paid towards buying your vehicle, up to a maximum of R300 000. This means that you can get on the road knowing that the deposit you worked so hard to save and pay, is protected. You’ll also receive a R10 000 loyalty bonus towards buying a replacement vehicle from a Bidvest Insurance approved dealership and up to R5 000 car instalment protection, paid monthly. 

Our Shortfall Insurance plan is a bit more comprehensive and offers protection against unexpected debts in the event of total loss of your vehicle. A key feature is that we’ll cover the difference between your comprehensive insurance pay-out and the amount still owing to the bank that financed your vehicle. You’ll also be covered for up to R10 000 for extras fitted on your vehicle, up to R5 000 car installment protection per month and up to R10 000 of your comprehensive excess. You’ll also get R10 000 towards a replacement from any of our Bidvest approved dealers. 

Our goal is to help prevent you from losing money in an already unfortunate situation. Want to find out more about these powerful products? Our team is happy to talk you through your options. 

Latest articles