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WHY IS A CREDIT SHORTFALL BENEFIT GOOD TO HAVE FOR COMPREHENSIVE CAR INSURANCE IN SOUTH AFRICA?

You have bought a car under a financial agreement, and are paying it off over a certain number of months. Imagine losing your car either in a car crash, hijack, or theft? Your car could also be lost due to a fire, or natural disaster. What will you do? You still have all those payments to make according to a financial agreement.

Let’s discover how PMD’s credit shortfall benefit for comprehensive car insurance comes to the rescue. This innovative benefit will catapult PMD to a new level of excellence.

WE DON’T LIVE IN A PERFECT WORLD

The country has provided motorists with an amazing network of highways that connect us to all the major cities of South Africa. Especially, when it comes to holiday time, one begins to realize, when travelling by car, how beautiful South Africa really is. This country compares most favourably with most other overseas tourist attractions.

However, the reality is that road accidents, thefts, and hijackings unfortunately do happen from time to time. The following information is not to provide negative information per se, but to highlight the benefits of having a credit shortfall benefit as part of your comprehensive car insurance policy.

WHAT HAPPENS WHEN YOUR FINANCED VEHICLE IS LOST IN AN ACCIDENT?

When you have insured a financed vehicle, you often insure the Trade value, market value or retail value of the car. This will be the amount that the insurance company will pay in the event of a valid claim. Often, your vehicle is not financed for these amounts. Typically, extra charges are added to the financed amount, such as on the road costs, administration costs, warranty fees, extras on the car and many more items . This means that you often finance your vehicle for an amount higher than its actual value. When your car insurance company pays out your claim, these additional amounts are not necessarily covered as part of your standard comprehensive car insurance plan. This is where shortfall cover can assist.

WHAT IS THE CREDIT SHORTFALL BENEFIT?

Credit shortfall covers the amount that is still due to the bank after the main insurance claim has been paid. When your insurance company pays out, for example the market value of your car, and you still have an additional shortfall amount outstanding at the financier due to extra finance charges, the benefit can assist to eliminate or reduce this amount.

Sources:

ARTICLE ARCHIVE

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