Standard Bank
Breach of Contract: Top-Up

I bought my car in 2011 and it was financed by Standard bank. They advised me to take a top-up insurance cover for encase major thing happens to my car within the first 2 years of owning it they will cover the short fall between what my insurance paid and my bank settlement amount. On 30/12/2012 my car was written off due to accident and my comprehensive insurance paid the market value of the car. The short fall between what my insurance paid and my loan settlement amount was about R 30 000 and I was shocked to find out that my top-up insurance only paid R 9 000 and I have to pay remaining balance. I don't understand why they didn't pay the whole short-fall amount. I tried to call them the whole week to get clarity but they don't answer their phone.

Company: Standard Bank
Country: South Africa
City: JHB

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