Auto Top-Up Plus
What do you do if your financed vehicle is ever stolen or written off and your vehicle insurance won’t cover the whole outstanding finance amount?
What is Auto Top-Up Plus?
What happens if your car is ever stolen (or written off) and you still owe the bank? That could cost you a lot of ching. That’s why you need Auto Top-Up Plus. This finance shortfall policy pays out the difference between the comprehensive car insurance payout and any amount you still owe on the vehicle. It even includes other benefits like personal accident cover as well as excess and installment protector.
What is covered?
This benefit pays out the difference between the comprehensive insurance payout and any amount you still owe to the finance institution on your car if your car is written off or stolen and not recovered.
We’ve included our personal accident cover that gives you cover for any personal accident that results in the accidental death or total permanent disability of the registered owner of the vehicle and/or for the accidental exposure to HIV. This benefit is not dependent on the car to be written off and will continue if you no longer have a shortfall on your finance amount in the event of a write off.
If your car is written off and your comprehensive car insurance policy approved your claim, our Excess Protector benefit will pay you up to the selected amount to assist with the excess you paid on your comprehensive vehicle insurance claim.
If your car is written off and your comprehensive car insurance policy is in the process of reviewing your claim, our Installment Protector benefit will pay you up to 2 months on your monthly vehicle installments until your comprehensive car insurance claim has been finalised.
Added benefit – you won’t pay an excess on any Auto Top-Up Plus claims
How does the shortfall cover work?
If your vehicle is either:
- stolen and not recovered; or
- stolen and recovered but damaged and not economical to
repair, and written off; or - accidentally damaged but not economical to repair, and written off and your comprehensive vehicle insurance claim payment result in a shortfall between the claim payment amount and the settlement balance of the credit agreement this policy will cover the shortfall.
How do I qualify for Auto Top-Up Plus cover?
The vehicle must meet the following conditions:
- the vehicle must be comprehensively insured.
- the vehicle must be financed.
Frequently Asked Questions
Perils covered under the Auto Top-Up Plus Cover:
- Vehicle stolen and not recovered, or
- Vehicle stolen and recovered but damaged and not economical to repair, or
- Vehicle accidentally damaged but not economical to repair and is written off.
We will not cover you if:
- The claim against your comprehensive vehicle insurance policy is rejected for any reason.
- Your vehicle is stolen and recovered but is economical to repair and is not written off.
- Your vehicle is accidentally damaged but is economical to repair and is not written off.
Refer to Terms and Conditions for a full list of exclusions.
To claim on the Auto Top-Up Plus policy, contact our call centre on 0860 10 50 85 from Monday to Friday, between 08:00 and 17:00 and one of our helpful consultants will guide you through the process.
The most we will pay is either:
- the settlement balance of the credit agreement, minus:
- any amounts refundable to you at the time of the loss, such as, but not limited to vehicle warranty or credit life;
- any further or additional amounts that were added to the principal debt of your credit agreement after commencement, including penalties and interest charged on late payments;
- the amount paid out on your underlying insurance claim;
- the value of any benefit paid by your underlying insurance claim which did not form part of your principal debt when the credit agreement commenced, like sound equipment or car accessories;
- Or the amount stated on your schedule – whichever is the lesser.
