Shortfall Insurance To Minimise Risk For Your Loan
Imagine your car gets written off and your insurance company does the right thing and pays out. What happens if their payout is less than what you owe on the car? You are liable of course to pay the finance provider until your debt is cleared, even if you don’t have the car at all. These products help you minimize your risk and the banks risk of suffering a loss and often mean a discounted interest rate offered by the bank.
This is a very real scenario, but one that can be easily avoided with shortfall or gap insurance. Shortfall insurance provides coverage for that gap.
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This type of policy ensures your current finance facility is paid in full where there has been a total loss claim (where the vehicle is written off or stolen) made on your Comprehensive Insurance policy. It is particularly beneficial when there is no deposit available when the vehicle is purchased. The amount of cover under a Shortfall policy can also include the excess owed under the Comprehensive Insurance claim, any Early Termination or Break Cost Fees on the finance, the cost of a hire car while you are without a vehicle or an amount can be used as a deposit on your next vehicle.
In life, some risks are not worth taking. When it comes to cars, if you have taken finance to fund the purchase, it makes sense to have shortfall insurance cover. No one wants to be left making repayments if an uninsured vehicle is stolen or written off.
Allow 360 Finance to provide shortfall insurance for your vehicle. We have access to Australia’s leading insurers, so you know we will find just the right cover for you.
For your added peace of mind call 360 Finance on 1300 361 360 or make a quick enquiry today.