Hi,if a car was hijacked and the insurance pays the bank the market value and there is a shortfall of which the client has to pay the back so I Just want to know what happens if the car is later recovered,what benefits will the client get and does s/he still has to pay the shortfall amount?
If you have insured your vehicle for market value and failed to take out credit shortfall cover for the difference between the value of the vehicle and what you owe the finance house, then you will be liable to the finance house for the shortfall. When a claim for a stolen vehicle is settled, the vehicle becomes the property of MiWay. Should the vehicle be recovered after we have settled the claim, then the vehicle is our property to dispose of as we wish. It is important to ensure that you have sufficient cover to ensure that there is no shortfall with the finance house if the vehicle is a total loss. You are welcome to give us a speak to one of our specialists who can advise you appropriately about our innovative “Credit Shortfall Cover”.
Car Insurance Additional Information
MiWay offers flexible car insurance to cover losses primarily due to an accident or theft.
In addition to accident or theft, comprehensive car insurance in South Africa covers losses due to fire and explosion, natural disasters like hail and floods and damage to the vehicle’s glass.
Additional options such as car hire and cover for non-standard sound systems and car accessories can also be added to your car insurance policy.
Car Insurance is sometimes referred to as Vehicle Insurance or Motor Insurance.
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