WeBuyCars Credit Shortfall Cover

[Pages:3]WeBuyCars Credit Shortfall Cover

POLICY DESCRIPTION

To provide you, the customer, with credit shortfall cover between the Insured Value of the car and the amount owing to the Financial Institution, in terms of the relevant Credit Agreement.

Please note that this Policy does not cover every eventuality and you need to fully understand what cover is provided under this Policy.

EFFECTIVE DATE AND DURATION

The cover commences after the first debit order has been collected. This Policy is valid for a period of 36 months from the date of purchase.

The following provides a description of what is covered under the Policy and what is not covered:

CREDIT SHORTFALL COVER

Should the car be stolen/hijacked and not recovered or written off in an accident, this Policy will cover the gap/credit shortfall between the Insured Value of the car and the amount owing to the Financial Institution, in terms of the relevant Credit Agreement. The settlement amount/maximum indemnity is as defined in this Policy and excludes the excess that is deductible on the underlying policy.

The maximum Indemnity amount payable by the Insurer will be the settlement amount of the Credit Agreement, less:

? The excess you paid on your supporting insurance claim. ? The amount settled by your underlying Insurance cover. ? The value of any accessories that did not form part of your principal debt when the Credit Agreement

commenced. ? Any amounts refundable to you at the time of loss, such as, but not limited to, warranties, short-term

policy or credit life fees or premiums. ? Any further or additional amounts that were added to the principal debt of your Credit Agreement after it

commenced any financecharges and finance charges applicable. ? The amount stated on your proposal form or dealer schedule ? whichever is the lesser.

ADDITIONAL COVER

In the event of a Credit Shortfall claim where your car is written off, hijacked or stolen and not recovered, the Insurer will pay you an Excess Benefit up to the amount of R2 500 (Two Thousand Five Hundred Rand) towards any excesses paid during the claiming process.

Upon finalisation of a successful and valid claim, you qualify to utilise the loyalty benefits available to you. The Administrator may be contacted to assist you in facilitating the process of making use of this benefit.

Classification: General

EXCLUSIONS This Policy does not cover the following:

1. Any loss of or damage to goods, materials, possessions or property carried in or on the car. 2. Any consequential loss of any nature whatsoever, depreciation, wear and tear, mechanical or electrical

breakdowns, failures or breakagesor loss or damage resulting there from. 3. Loss or damage resulting from the rejection of your claim as a result of the car being insured for the wrong

class of use or if the car is insured under the incorrect car definition. 4. Loss or damage to parts and/or accessories as a result of theft unless the entire car is stolen at the same time. 5. Any claim in terms of this Policy, unless you have complied with all the Policy terms and conditions. 6. Any loss or claim arising where there is misrepresentation, non-disclosure or incorrect description of any fact or

circumstance, whether in connection with this Policy or your claim in terms of this Policy. 7. If your car is being used for racing, rallies, speed and other contests or whilst your car is being used for any

purpose in connection with the motor trade other than for the purpose of overhaul, upkeep or repair of your car. 8. A negligent, wilful or criminal act by you. 9. Specifically excluding commercial cars, taxis/cars used to transport fare paying passengers, tow trucks, and

motor homes.

GENERAL TERMS AND CONDITIONS

1. These terms and conditions shall also incorporate, as express terms and conditions, all the contents of this Policy, which you will be deemed to have read and understood.

2. You must have an existing Comprehensive Car Insurance policy in force, which covers the car for a minimum of the full market value.

3. The interest of the Financial Institution must be noted and any payment due shall first be made to the Financial Institution.

4. It is agreed and declared that the Administrator, acting on behalf of the Insurer, will be released from all liability and obligations under thePolicy if the terms and conditions of the Policy are not fully complied with.

5. You must notify the Administrator within 30 (thirty) days of your comprehensive motor insurance claim. 6. You must supply the Administrator with all relevant documentation necessary to process your claim and to

assist in any recovery from third parties and/or in the identification and recovery of stolen cars. 7. If you are unable, refuse, fail or cannot be traced to complete, wholly or partially, an Agreement of Loss form in

terms of the Policy, a Regional Manager, Credit Manager or a Collections Manager of the Financial Institution shall be and is hereby authorised to complete and sign such Agreement of Loss form to the best of his/her knowledge and belief on your behalf and provide the Administrator with a copy of your Credit Agreement and a statement of your account with the Financial Institution, reflecting a full transaction history. 8. If there are other insurances covering the car at the time of a claim, the insurer will only pay the rateable proportion of any loss or damage. 9. The onus is on you to prove that any loss is covered. You must notify the Administrator within 30 (thirty) days of your claim being rejected or of your existing Comprehensive Car Insurance claim being settled. 10. You will take all reasonable precautions to avoid and to minimize any loss, failing which the Administrator will have no liability under the Policy. 11. You Policy is in addition to, and does not detract from, any contractual rights under Statute or Common Law.

CLAIM LIMIT

The total claim aggregate will not exceed the maximum indemnity of R500 000 (Five Hundred Thousand Rand).

Classification: General

FEES AND COMMISSION PAYABLE

WeBuyCars CREDIT SHORTFALL POLICY

Binder Fee

10.00%

Regulated Commission

12.50%

Total Premium

As Per Dealer Schedule

(All premiums and commissions include VAT at ruling rate.) The premium amount due by you is payable in advance for the cover period.The fees and commissions are paid by the Insurer.

Classification: General

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