INCEPTION VALUE POLICY
NEW FOR OLD FOR ALL VEHICLES, INCLUDING CREDIT SHORTFALL
We all know that vehicles depreciate in value over time and that in the event of a total loss (accident, theft or hijack) it can be difficult to afford a suitable replacement vehicle.
Comprehensive insurance policies generally pay out the current retail value of your car, as at the time of a total loss. This implies that as your car ages, it depreciates in value and you will get less and less money over time.
This unique product will enable your clients to claim the value of their vehicle (at inception of the policy) as opposed to the current retail value of the vehicle at the time of a total loss.
- Provides cover against vehicle depreciation
- all vehicles, of any age
- domestic, commercial and tax purposes
- financed or not
- credit shortfall included free of charge (for finances vehicles)
- increasing embedded benefits for clients over time
HOW ARE CLAIMS SETTLED
The Insurer (RENASA) will pay the financial institution the greater of
- the outstanding balance the client owes as at the time of the loss
- the retail value as at the inception date of the policy
- the retail value as at the time of the loss, less any excesses payable in terms of the policy
encouraging client retention
Insurer : RENASA Insurance Company Limited