Bidvest Shortfall Cover Review 2024

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:

Comprehensive Car Insurance Policyholders Are Eligible

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.

Benefits of Bidvest Shortfall Protection Cover

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.

Excess Protection Benefit

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.

Loyalty Bonus Benefit

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.

Installment Protection Benefit

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.

Additional Accessories Benefit

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.

Advantages of Bidvest Shortfall Protection Cover

  • The Bidvest Shortfall Protection Cover offers several benefits that are not typically included in standard car insurance policies. These benefits include:
  • General Excess Payment Coverage: The policy covers a maximum of R10,000.00 in general excess payment, providing financial relief to policyholders when filing a claim.
  • Car Accessories Coverage: The policy covers up to a certain limit for car accessories that are not typically covered by standard car insurance policies. This adds value to the policyholder’s policy at a low additional premium.
  • Availability: The product is available to any car owner, regardless of their car insurance provider.
  • Loyalty Bonus: When purchasing a new car from a Bidvest insurance-approved dealer, policyholders can receive a loyalty bonus of up to R10,000.00 to purchase a replacement vehicle.
  • Coverage for Stolen or Totaled Cars: The policy covers cars that have been stolen or totaled and not covered by the insurer.
  • Coverage for Car Installments: Policyholders who have a car on credit can also sign up for the product, which includes the Installment Protection Benefit of up to R5,000.00 per month for car installments.

Disadvantages of Bidvest Shortfall Protection Cover

There are a couple of potential downsides to consider:

  • Partial Excess Payment Coverage: The policy does not cover the entire excess amount due after filing a claim, and policyholders may need to pay some of the excess out of pocket.
  • No Discount for Existing Customers: There is no discount for existing customers who already have their car insurance policy with Bidvest Insurance.

Conclusion

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.