Standard Insurance Limited (SIL) Commercial Vehicle Shortfall Product

Shortfall Cover provide cover where a shortfall arises between the lump sum payment from the Underlying Insurer and the statutory balance in terms of the relevant Credit Agreement; following the vehicle being stolen and not recovered or damaged beyond repair and written off by the Underlying Insurer who has settled the claim in terms of the Underlying Insurance Policy.

Click here to download the full SIL Commercial Vehicle Shortfall Product Summary

Target Market

Any motor vehicle used for commercial purposes, including sedans, utility vehicles, trucks, buses (designed to seat more than 16 (sixteen) passengers), trailers (any vehicle without means of self-propulsion) with a carrying capacity exceeding 750 kg (seven hundred and fifty kilograms), agricultural and construction vehicles; excluding, taxis, rental and or vehicles used for demonstration purposes.

Important: Any goods carrying vehicle and normal passenger vehicles where it is being used for commercial purposes.

  • Highlights

    Benefits to the customer are:

    • Deposit benefit
    • Inconvenience benefit
    • Credit Shortfall cover
  • Exclusions

    Please note that no Top-Up product can be sold on:

    • Taxi’s
    • Rental Vehicles - Vehicles hired out or used as a taxi or to carry passengers, for reward
    • Vehicles used for demonstration purposes
  • Related Products

  • Contact Us

    E-mail : VAF.Insurance@standardbank.co.za or

    E-mail : CommercialInsurance@standardbank.co.za

    Queries : 0860 123 222


    CLAIMS
    Contact VAF InsuranceVafinsclaims@standardbank.co.za
    0860 123 222

  • Show Me More

    • Our pricing is competitive and determined by the criteria set out by SBIB and the risk factors relating to the asset insured
    • Our pricing is competitive and determined by the criteria set out by SBIB and the risk factors relating to the asset insured
    • Deposit Benefit (only when no shortfall loss has been incurred). Where The Vehicle is stolen and not recovered or damaged beyond repair and is written off by the Underlying Insurer who has settled Your claim in terms of the Underlying Policy by means of a lump sum payment and no shortfall arises between such payment and the Statutory Settlement Balance in terms of the relevant Credit Agreement, We will pay to You an amount equivalent to 10% of the Underlying Insurer’s net settlement amount, up to a maximum of R 100 000 (one hundred thousand rand
    • Inconvenience Benefit Should The Vehicle be subject to a valid claim in terms of this policy, We will pay You an additional amount of R 3 000 (three thousand rand).
    • Credit Shortfall cover protects customers against financial loss due to theft or total write off, where the difference between the payout from the comprehensive policy is less than the outstanding loan amount owing to Vehicle and Asset Finance; (Also refer to Credit Shortfall Section below)



    Policy BenefitsLimits
    Maximum Cover R1 million
    Excess Benefit Up to R10 000
    Deposit Benefit Up to R100 000
    Inconvenience Benefit R3 000


    Note: Top Up does not replace the existing comprehensive insurance and does not function as a comprehensive insurance policy. There must be a comprehensive policy in place before Top Up insurance can be taken out.

    Payment Option
    The monthly Commercial Shortfall Top Up premium is bolted onto the customer's vehicle and asset finance monthly debit order


    Additional Resources

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