Did you take out Credit Shortfall Insurance when you purchased your vehicles?
It is quite important, especially if your vehicles are still under finance.
WHAT IS CREDIT SHORTFALL INSURANCE?
In short, Credit Shortfall Insurance covers the difference between the Retail Value / Sum Insured of your insurance policy and the Finance Settlement Amount figure of the bank.
The difference between the higher FINANCE SETTLEMENT AMOUNT and the lower RETAIL VALUE is called CREDIT SHORTFALL.
NOTE:
Your insurance policy will only pay current retail value. You would still be responsible to settle the difference with the bank. In other words, you will be responsible for the credit shortfall.
We believe that the risks faced by each business and each individual is unique. We believe in providing each business, and each of our clients with a comprehensive insurance solution that addresses their own unique and individual risks. Contact us today!
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