For example, you owe $12,000 on your car but its insurance value is $9,000. If your car is written off, you will have a shortfall of $3,000 still to pay on your loan. If you have GFP cover through Beneficial Insurance Limited ('BIL'), this amount would be covered by the policy meaning you would no longer owe the finance company any money!
Cover is available up to a maximum of $10,000 and can be arranged direct through the team at BIL or through an approved BIL Motor Vehicle Dealer.
If you have any questions, or would like further information, please do not hesitate to contact us.