087 724 1000

info@xinixinsurance.co.za

XINIX Logo
XINIX Logo
CREDIT SHORTFALL

Want to Know a little about Credit Shortfall? Let us tell you.

Credit Shortfall Insurance covers the difference between the outstanding balance on a financed vehicle and the insurance payout in case of theft or write-off. It ensures that the policyholder is not left with a financial shortfall after their vehicle is declared a total loss.

Contact Us
xinix-credit-shortfall

Credit Shortfall

Credit Shortfall Insurance Solutions

When it comes to protecting your car, having credit shortfall is crucial. The challenge you face is while your car is financed, it gets stolen or written off and your car insurance won’t cover the full outstanding financed balance. This is where credit shortfall can assist to alleviate that burden of the shortfall. 

Some of the covers available

N

Credit Shortfall Cover

N

Personal Accident

N

Excess Protector (optional)

N

Installment Protector (optional)

Some of the exclusions, what it will not cover

N

Loan is in Arrears

N

No cover as there has to be an active comprehensive insurance policy

N

Limited cover for balloon financed vehicles - subject to approval

N

All accessories or extras must be specified in your current comprehensive insurance

N

Your comprehensive insurance is rejected for any reason

N

Your vehicle is not written off for any reason or stolen and then recovered but repairable

N

Your vehicle has to be financed

Refer to Terms & Conditions for a full list of exclusions

Get in touch with us today to learn more about the insurance solutions and discover how you can help protect your car.

Why not tell us what you would like to insure

As this is specialised insurance, we require some information that will allow for us to setup for a meeting and setup time to understand your requirements as each business is unique.

    About you






    Read me If you have been referred through an agent please make sure you add the Agent Code here for you to enjoy any further benefits.Want to sign up as a referral agent? Click Here.























    We won't share your information with anyone unlawfully.









    Address





    We need to know the address where the item will be at.

















    Your Items

    ITEM_{{r1_index}}





    Read me Choose the type of insurance required. Click Add Item if more than one type is required.





    Your Claims



    Currently Insured?


    Do you currently have insurance?





    Current insurer you are with.












    Any claims in the last 7 years?


    Claims in the last 7 years.









    What type of claim did you have?











    How many years have you not had a claim? So if you had a claim say on the 1st of June 2019, and today is the 1 January 2021 this means that you have only 1 year of no claims. You need to round down any years, so in this case you would be claim free for 1 and half years, so we have to round down to 1 year and never round up.






    How many years have you not had a claim? So if you had a claim say on the 1st of June 2019, and today is the 1 January 2021 this means that you have only 1 year of no claims. You need to round down any years, so in this case you would be claim free for 1 and half years, so we have to round down to 1 year and never round up.



    Any Insurer Rejected Your Claim?


    Any insurer ever rejected your claim?




    Finish up






















    Feel free to add any questions or notes or best dates or times to contact you so that we can address all your questions when we arrange for a face-to-face or online meeting.







    Reasons why you should deal with us

    N

    Expert Advise

    N

    Personalise Service

    N

    Call us, we're here

    CALL US

    Insurance

    Available Products

    We have a wide range of insurance products, ensuring that we can meet all your coverage needs. Our team of seasoned professionals possesses in-depth knowledge, so you are in capable hands.
    xinix-credit-shortfall-insurance

    Credit Shortfall

    This benefit covers the gap between your comprehensive insurance payout and the remaining amount you owe the bank if your vehicle is written off or stolen and not recovered.

    xinix-lifestyle-insurance

    Excess Protector Benefit (Optional)

    If your vehicle is written off and your insurance claim is approved, the Excess Protector benefit will reimburse you up to the selected amount for the excess you paid on your comprehensive vehicle insurance claim.

    xinix-personal-accident

    Personal Accident

    We offer personal accident cover for the vehicle’s registered owner, providing benefits for accidental death, total permanent disability, and accidental exposure to HIV. This coverage applies even if the vehicle is not written off and continues if you no longer owe money on your vehicle loan.

    xinix-earnings

    Installment Protector (Optional)

    If your vehicle is written off and your insurance claim is being reviewed, our Installment Protector benefit will cover up to 2 months of your vehicle payments until the claim is finalised.

    We’re working with

    Trusted insurance companies in SA

    SEND AN EMAIL

    Browse FAQ Categories

    xinix-credit-shortfall-insurance

    Credit Shortfall

    Credit Shortfall Insurance

    What complex factors can affect credit shortfall insurance claims?

    Policy exclusions can include if the car is written off due to illegal activities or if there are undisclosed modifications. Additionally, the insurance may not cover the full shortfall if the car’s depreciation was faster than expected.

    Does credit shortfall insurance cover the balloon payment at the end of a finance agreement?

    Some policies do cover balloon payments, but this is not standard. Check your policy or opt for one that includes this coverage if you have a balloon payment.

    How does the depreciation of the car affect credit shortfall insurance?

    Rapid depreciation can increase the shortfall, making this insurance especially valuable for cars that depreciate quickly. However, excessive depreciation due to high mileage or poor condition may not be fully covered.

    What is credit shortfall insurance?

    Credit shortfall insurance covers the difference between the amount you owe on your car finance and the payout from your comprehensive car insurance if your car is written off or stolen and not recovered.

    Who needs credit shortfall insurance?

    It’s ideal for anyone financing a vehicle, as it protects you from owing more on your car loan than the car’s insured value in case of a total loss.

    How does credit shortfall insurance work?

    If your car is written off or stolen, your comprehensive insurer pays the market value. If this is less than your outstanding loan, credit shortfall insurance covers the difference.

    What is typically covered by credit shortfall insurance?

    It covers the shortfall between your car’s insured value and the remaining balance on your finance agreement, excluding any arrears or added interest.

    What is not covered by credit shortfall insurance that clients often assume is covered?

    Arrears, additional interest, extended warranties, and insurance premiums added to your loan are typically not covered by credit shortfall insurance.

    Are there limits to the payout provided by credit shortfall insurance?

    Yes, most policies have a maximum payout limit, which may be a percentage of the car’s value or a fixed amount. Check your policy for specifics.

    Can credit shortfall insurance be transferred to a new car or loan?

    Policies are generally specific to the car and loan they were taken out for, but some insurers may allow transfers under certain conditions. Always verify with your insurer.

    Our Client Education Quizzes

    Think you can out smart these questions?? Hmm, let’s see if you can?

    Insurance 101

    Insurance 201

    Life Insurance 101

    Fun

    0%
    6 votes, 5 avg
    58

    Personal Insurance Quiz 101

    10 Quick, easy home and car insurance quiz questions to help you unlock how it works by increasing your knowledge.

    1 / 10

    Insurance quotation are generally valid for how long?

    2 / 10

    What is the purpose of a policy schedule?

    3 / 10

    With vehicle insurance, do I generally have to pay extra when I use roadside assistance?

    4 / 10

    What does it mean to be under insured?

    5 / 10

    What does full comprehensive vehicle insurance cover?

    6 / 10

    What does the insurer mean when they ask if I am the regular driver of my vehicle?

    7 / 10

    What type of cover do I need to take out for vehicle for mechanical and electric breakdown?

    8 / 10

    Why is it important to make sure your monthly insurance premiums is paid every month?

    9 / 10

    How long do I have to report an accident to the police to claim for insurance?

    10 / 10

    Why would an insurer reject my claim?

    Your score is

    LinkedIn Facebook
    0%

    Please rate this quiz

    By Wordpress Quiz plugin
    0%
    1 votes, 5 avg
    10

    Personal Insurance Quiz 201 - Intermediate

    10 Intermediate level, random quick, easy home and car insurance quiz questions to help you unlock how it works by increasing your knowledge.

    1 / 10

    Why is it important to disclose true information to insurance companies?

    2 / 10

    What is SASRIA cover?

    3 / 10

    I have contents and building insurance with A Insurers and I am covered for R1 000 000 for my building and R250 000 for my contents cover.

    I have a zero excesses on both covers. After validating my claim due to a fire, I am advised that I am under insured for both my contents and building.

    The replacement value for my building is R2 500 000 and my contents is R325 000. How much will I be paid out?

    4 / 10

    What happens if I decide to cancel my vehicle insurance and self insure?

    Under insurance is calculated using average. Average is calculated using the below formula:
    Average = (Sum Insured Amount) / (Actual Replacement Amount ) x (Claim Amount)
    Once you have worked out the average amount you need to minus the excess and it will give you the total amount that an insurer will payout.

    5 / 10

    My home burns down and I have building cover for R2 000 000. After validating the claim, we realise that the cost to replace my home is actually R2 400 000.

    I have an excess of R10 000. How much will the insurer pay me out?

    6 / 10

    Do I really need to disclose the colour of my vehicle for insurers to calculate my premium?

    7 / 10

    Does my marital status really affect my vehicle insurance premium?

    8 / 10

    What is malicious damage?

    9 / 10

    What is an additional excess?

    Under insurance is calculated using average. Average is calculated using the below formula:
    Average = (Sum Insured Amount) / (Actual Replacement Amount ) x (Claim Amount)
    Once you have worked out the average amount you need to minus the excess and it will give you the total amount that an insurer will payout.

    10 / 10

    My contents is covered for R100 000 with a basic excess of R2 000. Someone breaks into my house and steals contents to the value of R50 000. I submitted a claim, the insurer advises that I am under insured.

    My contents is actually worth R250 000. How much will I be paid out?

    Your score is

    LinkedIn Facebook
    0%

    Please rate this quiz

    By Wordpress Quiz plugin
    0%
    0 votes, 0 avg
    6

    Life Insurance Quiz 101

    10 random quick, easy life insurance quiz questions to help you unlock how it works by increasing your knowledge.

    1 / 10

    What is the minimum and maximum amounts of Life Cover you can have?

    2 / 10

    What would happen if I don’t disclose to the insurer upfront that I once had a heart attack when I was really young?

    3 / 10

    When is the best time to take out Life Cover?

    4 / 10

    Can a beneficiary in my will also act as a witness and sign my will?

    5 / 10

    My comprehensive servere illness cover pays me out for stage 4 cancer. Seven months later, I suffer a servere heart attack. The two events are not related, will I be able to claim again?

    6 / 10

    Why is Life Cover important to have?

    7 / 10

    If I pay for my policy premiums for 20 years and don’t die, can my Life cover be paid out to me?

    8 / 10

    With death cover, is there a waiting period for suicide?

    9 / 10

    Do I need to go undergo any medicals or answer any medical questions when taking out life cover?

    10 / 10

    What will happen if I stop paying for my life cover premium?

    Your score is

    LinkedIn Facebook
    0%

    Please rate this quiz

    By Wordpress Quiz plugin
    0%
    1 votes, 3 avg
    2

    Are you truly South African? Let’s see how well you know your SA slang!

    Known as South Africanism....we have many official languages and yes we sommer combine them to keep things interesting...

    1 / 10

    This "Ballie / Toppie"

    2 / 10

    Shame?

    3 / 10

    Kief?

    4 / 10

    "Shongololo"

    5 / 10

    Coming Now..now?

    6 / 10

    "Fundi" (foondi)

    7 / 10

    "Marcha"

    8 / 10

    "Sharp, sharp"

    9 / 10

    Are you "mal"?

    10 / 10

    Indaba?

    Your score is

    LinkedIn Facebook
    0%

    Please rate this quiz

    By Wordpress Quiz plugin