When you finance your car, your finance house charges you interest on the money they have loaned you. Uncool! Unfortunately, the price you see is never the price you pay, unless you buy the car cash.

Here is an example:

• Gareth buys a convertible Mini Cooper from BMW in Sea Point, Cape Town, because he likes to feel the wind in his hair.
• The price on the sticker is R 200,000, but he has to finance it at R 275,000.

When he gets his first statement from BMW Financial Services, he notices something strange... two very different amounts appear:

1. 

   R 200,000

   Outstanding Capital Balance

2. 

   R 275,000

   Actual Contract Balance

The difference between the insured value and the total amount owed to the bank (actual contract balance) is called the “credit shortfall” and it really sucks that insurers don’t necessarily warn you about this dangerous risk. In the example above, the credit shortfall is calculated in the following way:

Actual contract balance - outstanding capital balance = credit shortfall

R 275,000 – R 200,000 = R 75,000

The credit shortfall benefit covers the outstanding amount owed to your finance house (R75,000 in the example above), in the unfortunate event of a total loss claim (theft or write off) on your comprehensive policy.

At dotsure.co.za, we don’t only warn you about the risk, we protect you against it!

We will cover you for up to R101,400 or 20% of the market value of the vehicle, whichever is the lesser, towards your outstanding interest fees.*

Let’s talk credit life and permanent disability cover…

They say, “nothing in life is guaranteed but death and taxes”. They say, “anything that can go wrong will go wrong”. They say, “stop counting those chickens, because the eggs will never hatch”.

Eish, why must they be so negative? At dotsure.co.za we say that, while bad things may not happen, it’s always good to be prepared.

That’s why, in addition to the above, we’ve included a few extras* to your cover to make life easier – cool hey?

• 

  Accidental Death Benefit*

  In the unfortunate event of you passing away, we will assist your family by paying your credit provider the outstanding balance up to 9 months’ instalments, to a maximum of R101,400, on your vehicle’s finance agreement, or until your estate has been finalised (whichever comes first).

• 

  Accidental Permanent Disability Benefit*

  If an injury has left you with a total and permanent disability, we will pay your credit provider the outstanding balance, or a part thereof, under your instalment agreement for a maximum of 9 monthly instalments, up to a maximum amount of R101,400.
  
  You may only claim in terms of this section once you have been totally and permanently disabled for at least 6 months. Your disability must be permanent, and this must be confirmed by a medical practitioner registered with the Health Professions Council of South Africa.

Normally you would pay for a product like this but because you chose dotsure.co.za – this cover is included with your policy.

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