Buying a new car is one of the most important decisions you can make. This is because it impacts your life, not only for convenience sake, but financially. This is why Carfin highly recommends getting Top Up Car Insurance.
We know what you’re thinking! “Not another thing I have to pay! I already have car insurance.” And we hear you, but what if the worst thing imaginable happens? What if you’re ready to go to work and walk outside, only to find that your car has been stolen? Or your car is involved in an accident where the vehicle is written off completely?
“Well that’s why I have car insurance”, you may say. You’re not wrong! That is why you have car insurance. However, your regular car insurance will only pay for the market value of your car. As you know, a car depreciates value as soon as you drive it off the showroom floor.
Now, if your car is already paid off then your insurance pay-out will be a nice deposit on a new car but what if you’re still paying it off? Let’s say you bought your car for R300,000.00. Your interest rate is 13%. That means your total amount repayable is R409,555. Your car has been stolen when its market value was only R250,000 but you still owe the bank R270,000. You will have to pay the bank the remaining R20,000 and still have to get new wheels.
This is where the Car Top Up Insurance comes in. This Car Gap Cover will pay the R20,000 shortfall leaving you with a clean slate and able to start fresh.
We highly recommend getting Top Up Insurance because sometimes ‘What If’s’ turn into ‘What Now’s’!
Feel free to Click Here to contact Carfin and one of our expert consultants will contact you back and provide any additional information you may need.