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ExtraCover (Shortfall)
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Deposit Cover |
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Most private retail customers have to put down at least 10% deposit in order to purchase a vehicle.
What happens if your vehicle is stolen or written off?
You usually lose your deposit, as the insurer will only pay out the market value of your vehicle, and in most cases this will not even be enough to pay the
amount owing to your financial institution under your credit agreement.
With Deposit Cover, if your vehicle is stolen or written off and you lose some or all of your deposit, we will refund you the prorata portion of your lost
deposit for the remaining period of your credit agreement, over and above your comprehensive insurance pay out. This will help you towards another deposit
only our replacement vehicle.
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Shortfall Cover |
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With shortfall cover we will pay the difference between the amount you owe your finance institution and the amount your comprehensive insurer pays out when
your vehicle is written off or stolen (less certain deductibles like any policy excess over R5,000). This eliminates the Credit Shortfall debt you would
ordinarily have to cover with your own cash!
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Violation Cover |
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Violation cover ensures that your comprehensive cover will be reinstated should you inadvertently violate certain policy conditions.
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Second Year ExtraCover |
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The above insurance covers will protect your interest from the date your finance agreement commences. However, for customers whose comprehensive insurance
includes a first year replacement vehicle programme, the option is also available to take out ExtraCover insurance for the period after the first year. For
these customers, at a greatly reduced premium, ExtraCover insurance will only run from the beginning of the second year of the finance agreement which is
when it will be needed.
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Please contact uinsure@um.co.za for further information on our Insurance products.
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