Free Coverage
The Theft Loss Gap Benefit is provided free of charge to all customers who finance motorcycles through iDEAL HP.
### 2.No Hidden Fees
There are no hidden costs, additional charges, or extra premiums to access this benefit.
### 3.Extended Protection
The benefit applies to motorcycles financed within the 2nd and 3rd years of the financing plan.
### 4.High Maximum Pay-Out
Benefit payouts go up to RM1,000 in the 3rd year, with no capping in the 2nd year.
##How Does the Theft Loss Gap Benefit Work?
In the unfortunate event that your motorcycle is lost to theft, the Theft Loss Gap Benefit kicks in. Here’s a breakdown of how the payout works:
Year 1
The insurance payout is based on the first-year sum insured and approved by the customer’s insurance company. ### Step 2:Year 2 & Year 3
The Theft Loss Gap Benefit will cover the difference between what is paid by the insurance and what was insured for, according to the terms. ##Example Calculation of Theft Loss Gap Benefit:
Let’s look at an example to clarify how the benefit is calculated: Motorcycle Details: * Original Motorcycle Selling Price (RSP): RM8,000 * Market Value Estimate: RM7,600 * Insurance Payout in Year 1: RM7,600 GAP Benefit Payout Over the Years: Year Approved Sum by Insurance GAP Benefit Payout Year 2 RM6,000 RM1,600 Year 3 RM5,000 RM1,000 In this example, if the motorcycle is lost to theft in the 2nd or 3rd year, the Theft Loss Gap Benefit will pay out RM1,600 in the second year and RM1,000 in the third year to cover the shortfall. ##Terms and Conditions of the Theft Loss Gap Benefit
Details of Terms and Conditions: * The benefit applies only to motorcycle thefts that occur during the 2nd and 3rd year of financing. * Maximum benefit pay-out in the 3rd year is capped at RM1,000, with no cap for the 2nd year. * The Theft Loss Gap Benefit applies to motorcycles registered for up to 36 months from the registration date or until the customer settles the financing in full—whichever is sooner. * Terms and Conditions have been revised as of 1st August 2023. ## Frequently Asked Questions ### 1. What is the Theft Loss Gap Benefit? The Theft Loss Gap Benefit is a free insurance benefit provided to customers who finance their motorcycles through Parkson Credit’s iDEAL HP scheme. It helps cover the financial gap between the insured amount and the payout by the customer’s insurance policy in case of motorcycle theft. ### 2. How is the Theft Loss Gap Benefit calculated? In the event of theft, if there’s a gap between the amount insured and the approved insurance payout, the Theft Loss Gap Benefit will cover the difference. The amount is capped at RM1,000 in the 3rd year, with no capping in the 2nd year. ### 3. When does the Theft Loss Gap Benefit apply? The Theft Loss Gap Benefit applies in the 2nd and 3rd years of motorcycle financing. It provides coverage for losses due to theft within this period. ### 4. Do I need to pay extra for the Theft Loss Gap Benefit? No, the Theft Loss Gap Benefit is provided free of charge to all customers who finance their motorcycles through Parkson Credit. ### 5. What happens if my insurance fully covers the outstanding amount? If your insurance payout fully covers the outstanding amount owed to Parkson Credit, the Theft Loss Gap Benefit will not be applied. The benefit is used only if there’s a shortfall between the insurance payout and the outstanding financed amount.