Why is Top up necessary?

Comprehensive insurance is calculated on the market value of a vehicle, which depreciates each year and also drops radically when a new car becomes used. Your loan with Vehicle and Asset Finance (VAF) includes finance charges and remains unaffected by depreciation and market values. The loan, therefore, can exceed the insured value of a vehicle by many thousands of rand’s. This means that you would have to pay the difference between the insurance payout and their VAF loan, leaving no cash to replace the lost car or to pay a deposit.

What vehicles does the Top up policy cover?

Light motor vehicles, taxis with a maximum carrying capacity of 16 people, minibuses, motorcycles, caravans, motorised caravans, light delivery vehicles and panel vans with a gross vehicle mass not exceeding 3 500kg and trailers with a carrying capacity of not more than 750kg. Restricted to a maximum vehicle value of R750,000-00.

Quotes can be requested on a deal by deal basis for vehicles over R750,000-00.

RTI and Instalment Protector excludes Taxi's, Motorized Caravans and Caravans, but provides cover for Motor vehicles, Minibuses, Motorcycles, Light delivery vehicles and Panel vans with a Gross vehicle mass not exceeding 3500 kg and Trailers with a carrying capacity of not more than 750kg. Restricted to a minimum Liability and Sum insured of R50,000-00 and a maximum Liability of R500,000-00 and a maximum Sum insured of R750,000-00.

What will Top up pay?

Motor vehicles (GVM <= 3.500kg). Top Up covers all financial losses not covered by comprehensive insurance including:

• credit shortfall;
• excess;
• deposit;
• return to invoice (if selected); and
• instalment Protector (if selected) and violation of policy conditions.

What is credit shortfall?

In the case of a total write-off, if VAF are owed more than the insurer pays, Top Up, will pay for the credit shortfall excluding:

• any arrears on your  vehicle and asset finance account;
• any amount that was financed and is refundable to you - that is the pro rata refund on any policy which may be included in the overall finance amount, in terms of NCA regulations; and/or
• any amount added to your agreement after the commencement date.

In addition, Top Up will contribute R1, 000-00 towards towing and storage of your vehicle should you be liable for these costs.

What is deposit protection?

Without a deposit for a replacement car, you could be left without transport if your car is stolen or written off and the entire insurance payment has gone to settle your loan. In this instance, Top Up will either pay the value of the actual deposit paid or 10% of the vehicle's original purchase price; whichever is the lesser, subject to a limit of R50, 000-00

This benefit is only applicable if you paid a deposit on a car that was written off or stolen.

 What about the excess?

If your comprehensive motor vehicle insurer pays a total loss claim and you have to pay an excess, Top Up will pay either the value of the excess or 15% of the market value of the vehicle, whichever is the greater. This excess payment is limited to 15% of the market value of the vehicle or R50, 000-00, whichever is less.

Note: Customer's choice, they can choose to claim for excess protector or deposit protector, whichever suits their circumstances and particular needs.

What is violation protection?

If you unintentionally violate a condition of your policy and your insurer refuses to pay your claim, Top Up will cover their loss in the following ways:

• repairable, if the vehicle is repairable Top Up will pay for the full cost of the repairs minus the comprehensive insurance excess;
• write off, if the car is written off, Top Up will pay the market value of the vehicle minus the comprehensive insurance excess; and
• towing and storage, in addition, Top Up, will pay up to R1,000-00 for towing and storage.

What is Asset Protector?

Benefit in respect of death or permanent disability

In the event of the financial institution repossessing the vehicle following death or permanent disability (as defined), the insurer will pay the financial institution the shortfall owing to the financial institution as result of the resale value of the vehicle being less than the settlement value owing to the financial institution as the date of the claim, less:

• all amounts refundable to including insurance premium; and
• all arrear instalments and interest thereon.

Benefit in respect of temporary total disability.

In the event you are declared temporarily or totally disabled as a result of an accident or illness for a period in excess of 30 days, the insurers will reimburse the insured a maximum of three monthly instalments due to the financial institution in respect of the vehicle, where such instalments fall due during the period of the disability

 
What is return to invoice (RTI)?

RTI pays the difference between the amount paid by the Top Up shortfall and the original selling (invoice) price as at the date of purchase including 10% for tangible extras as indicated on the invoice within the first two years of the finance agreement.

What is instalment protector?

Instalment protector pays the monthly instalment for a maximum of two consecutive months, up to a maximum of R18,000-00 per month or the actual instalment, whichever is the lesser, whilst the underlying policy claim is settled or even if the underlying policy claim is repudiated.

How do customers sign up for this protection?

Contact Standard Bank Insurance Brokers on 0860 123 999 and a consultant will assist you.