- The difference between the settlement amount at the time of your car or motorbike being written-off, stolen or hi-jacked, and what you still owe the financial institution for it.
- Balloon payments and residual values.
In a nutshell
If the car or motorbike that we insure comprehensively for you is financed by a financial institution, and it's written-off, stolen or hi-jacked, then shortfall cover pays the amount that you still owe the financer after we've settled the claim.
- Higher settlement amounts due to re-financing or re-advance amounts.
- Any payment arrears, interest on arrear amounts, or other extra finance charges.
- Early settlement charges.
- Any amount over and above the financed amount or original purchase price of the car or motorbike.
- Any amounts that are refundable to you.
- The excess amount/s applicable to your comprehensive car or motorbike cover and any other amount/s that may rightfully be deducted from the car or motorbike claim.
- Non-standard sound equipment, extra trimmings and accessories that have been fitted to your car but that aren't stated on your policy schedule.
- Any claim under this section if your claim for the loss of, or damage to, your car or motorbike is unsuccessful, or if your King Price policy is cancelled.
