Credit/Customer Protection Plan (CPP)
This type of policy is designed to assist you and/or your loved ones in a time of need, and offers financial assistance ‘during’/’as a result of’ certain life altering events.
CPP covers you in the event of your death, disability, retrenchment and dread disease, depending on the options you choose.
In the event of your death or permanent disability (dependent on scale of benefits), this type of policy will settle your financial obligation remaining on your vehicle finance agreement.
If you are temporarily disabled your CPP policy will assist you with your vehicle instalments until you are well enough to return to work.
In the event of a ‘specified’ dread disease, you will also have assistance with your remaining financial obligations on your finance agreement.
The retrenchment benefits will assist in easing the financial pressure whilst you are searching for another form of employment.
Shortfall (Top-Up) Cover
A vehicle may well be the most ‘high-risk’ asset you own. Here are a few frightening facts:
- If you finance a vehicle and it is written off or stolen you will be held liable for the whole amount owing to the bank, irrespective of what your comprehensive insurer pays out.
- Most people receive only a portion of the money owing when their vehicle is stolen or written off – regardless of what you paid for it ‘new’, your vehicle is bound to depreciate over time, starting the moment you drive it off the dealership floor!
- At least 1 out of every 10 vehicles is stolen in South Africa every year!
This policy will assist you with the shortfall owing to the bank once your comprehensive insurance policy has paid out. It will also contribute towards the comprehensive insurance excess you would probably have to pay.
Most private retail customers have to put down at least a 10% deposit in order to purchase a vehicle. What happens if your vehicle is stolen or written-off – You usually lose your deposit! With the purchase of this policy, the full deposit amount will be paid out in the event of a total loss of your vehicle!
Should you find yourself in the very daunting situation of being retrenched from your permanent place of employment, this policy will assist you in paying your vehicle instalments whilst you search for another position!
Terms of Agreement
Of necessity the descriptions of the above policies are summaries of the policy features and benefits. Full details of the insurance covers, and the exclusions and/or deductions and/or additional excesses thereunder, are set out in the policy document.