Bidvest Shortfall Cover is an insurance policy designed to pay the excess payment on a car insurance policy when a claim is made. This product provides up to R10,000.00 in excess coverage for policyholders. Here are the key points about Bidvest Shortfall Cover:
Bidvest Shortfall cover is available to individuals with comprehensive car insurance policies. The product has a much lower premium than comprehensive car insurance. The Bidvest Shortfall insurance premiums vary depending on the individual and vehicle covered.
Bidvest Shortfall Cover offers a great way to protect oneself against emergency financial debt. The plan covers different costs when claiming a covered incident on your car insurance.
Bidvest Shortfall Cover is a shortfall protection cover that covers the excess payment that a policyholder must make towards their car if it is written off or stolen. The excess is covered by the Bidvest Shortfall Cover to the tune of R10,000.00. However, if the excess amount is greater than R10,000.00, the policyholder must pay the remaining balance out of pocket. The excess protection benefit covers the excess payment required for each claim.
The policy includes a R10,000.00 bonus that can be used to purchase a replacement vehicle if a policyholder’s car is totalled and they need to replace it. The replacement vehicle must be purchased from a Bidvest insurance-approved dealer. This benefit will not be activated if a replacement vehicle is purchased from a dealer who is not a Bidvest insurance-approved dealer.
The installment protection benefit of up to R5,000.00 is one of the best features of the cover. This benefit pays up to R5,000.00 per month for car installments, which is a very uncommon benefit for a shortfall cover. The monthly installment that the Bidvest installment protection benefit will settle for is up to 3 months. This benefit is unlocked if the claim with an insurer takes more than 60 days.
The Bidvest Shortfall Cover includes unspecified extras such as a sound system, bullbar, and other car accessories. Up to R10,000.00 is covered for vehicle accessories. Vehicle accessories covered by the plan are those that are not covered by car insurance. This adds value to the policyholder’s policy at a very low additional premium.
There are a couple of potential downsides to consider:
The Bidvest Shortfall Cover provides policyholders with added value and a way to protect themselves against unexpected financial debt. While the policy may not cover the entire excess payment required after filing a claim, the benefits offered are still valuable and can provide significant financial relief in a time of need. Additionally, the policy covers car accessories and installments, making it a more comprehensive coverage option for car owners.
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