When your vehicle insurance leaves you with a shortfall

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A vehicle credit shortfall is the gap between the vehicle’s insured value and the amount owed to the bank. Picture: iStock
A vehicle credit shortfall is the gap between the vehicle’s insured value and the amount owed to the bank. Picture: iStock

PERSONAL FINANCE

In its 2019 annual report, the ombud for short-term insurance found that 49% of complaints related to motor vehicle insurance claims. Of these, the majority were for vehicle credit shortfalls and uninsured accessories.

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