Our credit shortfall policies offer the following types of cover: Credit Shortfall, Deposit Cover and Return to Value.
Shortfall cover: In the event the insured vehicle is written off (total loss) due to the vehicle being damaged beyond economic repair or is stolen and not recovered. This policy will cover the difference between the retail value at the date of loss and the finance settlement balance in the applicable Credit Agreement as defined.
Deposit Cover: In the event of an authorised Credit Shortfall or Return to Value claim on this policy this optional cover will pay for the original deposit on the insured vehicle.
Return to Value: In the event of an authorised total loss claim on your underlying comprehensive policy this optional cover will pay for the difference between the retail value at date of loss and the original retail value at the date of inception of this policy.
You won’t have extra debt after a car is stolen or written-off.
Our optional covers are available for additional monthly premiums. This cover will only be valid if noted on your policy schedule and you have paid the additional premium.
To enjoy cover under this product your comprehensive insurance policy must be active and in place and a valid claim authorised by your insurer.
Your vehicle retail value is determined at the date of loss using the Transunion Dealers Guide or Lightstone Auto.
Yes, however the limits applicable differ according the plan purchased, please refer to your policy schedule and policy wording for more information.