When a car is written off and totally lost through theft, hijacking or accident, it is possible that a car owner may end up owing the bank the difference between the amount of the existing loan and the payout on their comprehensive policy.
This policy protects car owners from having to pay a ‘shortfall’ and also from the consequences of making mistakes that can jeopardise a claim.
The Guaranteed Auto Protection Plan (GAPP) is a stand alone policy which is purchased in addition to a motor comprehensive insurance policy. A condition of the GAPP policy is that you need to ensure that the vehicle is comprehensively insured for its full market value.
- Shortfall Cover: When the vehicle is a total loss (written off, stolen or hi-jacked) and the outstanding balance owing to the bank is greater than the current value of the vehicle, you may claim against this policy benefit. The benefit will attend to the shortfall or the difference you owe the bank and the amount the insurance company pays.
- Violation of Conditions Cover: If you unintentionally fail to abide by a policy condition within your motor comprehensive policy and the insurance company rejects the claim, you may submit a claim against the GAPP policy's violation of conditions benefit. The excess applicable will be excess payable on the comprehensive policy and in respect of ‘wrong class of use’ an additional 10% of the market value will be added.
- Bodyline Maintenance Cover: When the vehicle suffers minor damage and the total cost of repairs is less than the excess payable on the motor comprehensive policy, the vehicle may be repaired under this section of the policy. No excess is payable for this maintenance repair work.
The maximum insured value on this policy is R1 000 000 (One million Rand).
New or Used Cars
This GAPP policy is suitable for anybody purchasing a new or used Toyota, financed through Toyota Financial Services, and is conveniently available from any Toyota Dealer in South Africa.
Motor Comprehensive Insurance
Your Toyota Financial Services representative will put you in contact with an approved panel of motor comprehensive insurers who will be able to provide you with competitive quotations.
This brief summary is for information and marketing purposes only.
Please refer to the full policy wording available from Hollard Insurance
for all the contractual terms and conditions.
Toyota Financial Services Guaranteed Auto Protection Plans is
underwritten by The Hollard Insurance Company Limited, Reg. No.
* The information provided in this web site is for information and marketing purposes only. Toyota Financial Services accepts no responsibility or liability for damages resulting from the use of information displayed on this site.