Credit Shortfall insurance, also known as Top-Up, is a finance shortfall policy.
You can add it to your existing comprehensive policy as an optional extension or opt to select it as a stand alone policy.
You may claim under the policy, if the amount paid out under your comprehensive short-term insurance policy is less than the amount you still owe to your financier after the total loss of your vehicle.
(i.e. your vehicle is stolen and not recovered, or uneconomical to repair and is written off)

You can upgrade your auto Top-Up with deposit Protector if you wish.
With this upgrade, the Insurer will pay either the deposit paid (at the time of purchasing the vehicle) or 10% of the sum insured value of the vehicle at the time of the claim, whichever is the lessor.
Remember that you can only claim if your vehicle is stolen and not recovered, or is uneconomical to repair and it written off.
(i.e. Trading in your vehicle does not qualify in terms of the cover provided)

What makes up your Auto Top-Up policy of Insurance?
The schedule, terms and conditions and the policy wording, together with any correspondence sent to you, as well as any verbal agreements made by the Insurer (and recorded), from your policy of insurance.
please ensure that you are familiar with the contents of all the documents and that all the details noted on the schedule are correct in every respect.

Payment 
Your auto Top-Up policy gives you monthly cover and your premium is deducted in advance on the date stated on your schedule.
If in the month following the activation of your policy (and onwards) we do not receive your premium on the due deduction date, you will be allowed a 15- day period of grace in which to pay your premium. if we still do not receive your premium after these 15 days, you will not have cover for that month.

Your Obligations:
1) To have a valid, supporting and fully comprehensive motor insurance policy for the same vehicle covered by this policy
2) To ensure that your supporting and fully comprehensive motor insurance policy remains active and that its premium is paid
3) Your vehicle must be financed by a recognised finance house (not a private loan).
4) To ensure that the vehicle covered by the supporting, fully comprehensive motor policy is insured for its retail value
5) To adhere to the terms and conditions of your supporting , fully comprehensive motor insurance policy
6) Incorrect information, or non-disclosure or misrepresentation of information, may influence the the Insurer on any claims arising from your contract of insurance and may influence the decision to provide the benefits in terms of your policy, or accept to terminate your policy
7) To not admit any fault, nor make any offer of/or settlement, without the Insurers written agreement
8) To inform the Insurer if any of the policy details or declarations are incorrect or if any of these details or declarations change
9) Pay over any money due to your finance institution if any payment is made to you directly in connection with the claim against your supporting , fully comprehensive motor insurance policy
10) Inform your Insurer if your vehicle is sold, paid off with your financier or written off for any reason.

Visit our website www.esbrokers.co.za, should you need any assistance or advice regarding this article.