Credit Shortfall keeps bad things from getting worse.
We help settle the insurance shortfall when your financed car is stolen or hijacked (and not recovered) or written off.
We cover the difference you owe to the bank or finance house, so you don’t have to worry about it.
Is our Credit Shortfall not what you’re looking for?
How do you benefit from
Credit Shortfall?
We ease your financial worries!
- You won’t owe money on a car you no longer drive
- You will get a refund of an amount equal to your policy premium refund if there is no shortfall due at the time of a claim
- We will contribute towards your motor comprehensive excess up to a maximum of R6000
- We will pay a benefit in the event of your death or permanent total disability.
Affordable monthly payment options
Case in point –
How does Credit Shortfall benefit Sam?
Sam buys a new car for R380 000. She gets finance from the bank and comprehensive motor insurance. Sam is a single mother and she is a bit worried about buying on credit. As a result she also takes out a Credit Shortfall policy from M-Sure.
One year later, Sam goes grocery shopping after work and when she wants to return to her car, she cannot find it in the parking lot. She is devastated as it seems her beautiful new car has been stolen.
Sam’s insurer agrees to pay out R320 000 for her stolen car, stating depreciation as a reason. Due to interest on her finance agreement, Sam still owes the bank R365 000, creating a shortfall of R45 000! Luckily, M-Sure comes to the rescue with the Credit Shortfall policy and pays the outstanding R45 000 Sam still owes the bank. M-Sure also helps with the insurance excess, leaving Sam financially square and able to purchase a new car.
The small print
In order to qualify for this policy, you must have a valid comprehensive motor insurance policy
Eligible vehicles:
- Private type vehicles: Private motor cars, light delivery vehicles, with a maximum Gross Vehicle Mass (GVM) of 3 500 kg and caravans, motorcycles, and trailers with a carrying capacity of a maximum of 750 kg
- Taxis: Vehicles with a maximum GVM of 3 500 kg, used for the carriage of passengers for reward and/ or for social, domestic and pleasure purposes
- Commercial vehicles: Vehicles with a GVM of more than 1 500 kg and up to a maximum of 8 700 kg, and trailers with a carrying capacity of a maximum of 750 kg.
Maximum sum insured: R1 500 000
You are not covered for:
- Any arrears under the finance contract, any extra finance charges, any insurance premiums, motor warranty premiums, any service agreements or maintenance plans that are refundable to you by your finance company
- If the driver of the vehicle is under the influence of alcohol or drugs or the alcohol content of the driver’s blood exceeds the legal limit
- Participation in any defence force, police service or correctional service activities
- Breaking the rules of road traffic regulations (National Road Traffic Act 93 of 1996).
Credit Shortfall
- This refers to the shortfall amount between your debt to the bank or finance house and the amount paid by your motor comprehensive insurer for a claim when your car is stolen or hijacked and not recovered or written off in an accident.
- If the amount paid by your motor insurer is less than the market value of the car, we will pay the difference between the market value and the outstanding debt due at the date of the loss.
Excess Contribution
- Where we have agreed to settle your shortfall claim, we will also contribute towards the insurance excess under your comprehensive motor insurance policy.
Personal Accident Benefit
- In the event of your accidental death or permanent total disability caused directly by an accident involving the car noted in the schedule, we will pay a personal accident benefit.
Violation Cover (Market value or the sum insured shown in the schedule, whichever is less)
- If your comprehensive motor insurer rejects your claim due to your unintentional failure to comply with a policy condition, we will pay for the reasonable repair costs.
- If the car is beyond economical repair or is stolen or hijacked and not recovered within 30 days, we will pay a reasonable replacement cost.
- Towing and Storage Costs: When you have been in an accident your damaged vehicle will need to be towed away and stored. We will help with this cost.
Expertly crafted solutions
for cars and their people.
Credit Shortfall FAQs
