The Theft Loss Gap Benefit 2.0
is the enhanced version of the popular FREE Theft-Loss Gap Benefit launched in 2019 provided to Parkson Credit customers who finance their motorcycles through the hire purchase financing scheme (IDEAL HP) or the motorcycle credit sale financing scheme (IDEAL CS).
Theft Loss Gap Benefit 2.0 (Enhanced)
Terms & Conditions effective 1st December 2021
(For motorcycles financed starting 1st December 2021 onwards)
(For motorcycles financed between 1st January 2019 - 30th November 2021)
This benefit provides extra peace of mind for the customers as it reduces customers’ financial burden in the event of a motorcycle loss due to theft and is able to provide financial aid to the customer for their next purchase of new motorcycles with and extended coverage period and higher protection amount.
In the event of a motorcycle loss due to theft, the Theft Loss Gap Benefit will pay the difference between the first-year sum insured and the approved sum by the customer’s comprehensive all rider motor insurance policy without capping and is extended to a 48 months period from the original 36 months.
How it works:
Customer’s motorcycle 1st year sum insured, RM7,600 and the difference on the amount approved by customer’s insurance versus the Theft Loss Gap Benefit.
|Motorcycle recommended selling price (RSP)
||= RM 8,000
||= RM 7,000
|Market sum insured (1st year estimate)
||= RM 7,600
* Before deduction of excess
** If the approved sum of the customer’s insurance is able to settle/pay off the outstanding owed to Parkson Credit, the benefit shall be paid in full to the customer. Otherwise the benefit will be used to settle/pay off the outstanding finance and the balance shall be paid to you.
*** Amount stated above is for illustration purpose only.
||Year 4 (NEW)
|Approved sum by customer’s insurance*
|Theft Loss Gap Benefit pay-out**
2. Feature of the Benefit
- The benefit is absolutely FREE. There is no additional charge or hidden fee.
- The benefit is applicable to motorcycle theft loss cases only.
- The benefit pay-out is applicable for year 2, year 3 and year 4 (NEW) motorcycle theft loss cases.
- The maximum benefit pay-out is no longer capped and is eligible for all motorcycles financed by Parkson Credit starting 1st December 2021
- Benefit period is extended up to 48 months from motorcycle registration date or upon early/complete settlement of customer’s account whichever is earlier.
- Applicable to all motorcycle hire purchase financing scheme (IDEAL HP) and motorcycle credit sale financing scheme (IDEAL CS) customers.
Customers’ agreement date from 1st December 2021 onwards:
|Agreements dated 30th November 2021 or earlier
|Agreements dated 1st December 2021 onwards
- Customer must possess a comprehensive all rider insurance policy with the sum insured based on the market value throughout the financing period.
- Customer’s account must be active during the course of the financing period. An active account is defined as financing agreement which is not be fully settled, early settled, matured, terminated or voided.
- Any changes to the customer’s address/contact must be updated to Parkson Credit to avoid breaching the Hire Purchase Act 1967 or the Consumer Protection (Amendment) Act 2017. Breaching of the Act will result the benefit being void.
4. Terms & Conditions
4.1 Customer Repayment Conduct
|Customer Repayment Conduct
||Maintain as current, not more than 30 days of overdue for the last 6 months
||Shall not exceed 90 days of overdue during the course of the financing period. Exceeding 90 days of overdue will result the benefit being void
|At the point of claim of benefit
||No overdue on the account. All arrears must be paid at the point of claim
|During insurance claim period
||Continue serving the monthly instalment repayment
4.2 Notify on Motorcycle Loss
Upon motorcycle loss, the customer must notify Parkson Credit immediately in writing attached with the police report and submit to firstname.lastname@example.org.
- The notification form can be downloaded at https://www.parksoncredit.com.my/customer-form-download.php?l=en
- Failure to notify Parkson Credit within the stipulated timeframe will result in the benefit being delayed in processing.
4.3 Benefit Claim
Customer must adhere to the insurance claim requirements set by their respective insurance company.
If the customer’s insurance claim is being denied or rejected by their insurance company due to whatever reason determined by the said insurance company, the benefit shall be void automatically.
At the point of claim of the benefit, the latest updated T&C stipulated on the website www.parksoncredit.com.my shall be referenced and applicable.
During the insurance claim period, the customer is required to continue serving the monthly instalment repayment diligently to avoid an overdue on the account.
4.4 Sum Insured
If the motorcycle is under-insured (not insured at the market value recommended by the customer’s insurance company) the benefit will be void automatically.
If the motorcycle is over-insured, the benefit will pay the difference between the first year sum insured at the market value and the claimable amount paid by the customer’s comprehensive all rider motor insurance policy.
4.5 Benefit Pay-out
Upon submission of the motorcycle loss notification to Parkson Credit, no further action is required from the customer.
The pay-out of the Theft Loss Gap Benefit shall occur 30 days after the customer’s insurance company notifying Parkson Credit on the approval and payment of customer’s insurance claim to Parkson Credit.
The amount payable under this benefit (after settlement/deduction of any outstanding owed to Parkson Credit) shall be made payable either:
- • To the customer’s designated dealer, subject to customer’s consent, to be held as a credit for purchasing a replacement motorcycle, or alternatively;
- • To the customer directly (sole beneficiary)
5. Major Exclusions
Benefit pay-out of below RM100.
Motorcycle total loss other than theft loss.
Customers who are undischarged bankrupts, have bankruptcy or criminal proceedings against them, or are serving a criminal sentence or are on probation.
Motorcycles that have been used for any illegal activities of which the customer is a party or privy to.
Insurance approved by customer’s insurance company based on ex-gratia.
Motorcycles that have been altered and modified in its construction and structure.
Motorcycle registered for business use.
6. Rights of Parkson Credit
The Theft Loss Gap Benefit is a special offer provided absolutely free to Parkson Credit customers who finance their motorcycle via the motorcycle hire purchase financing scheme (IDEAL HP) or motorcycle credit sale financing scheme (IDEAL CS). Acceptance of this offer by customers shall be by notification in the prescribed manner to Parkson Credit of the Motorcycle loss.
Parkson Credit may, at any time and at its sole discretion, modify the terms & conditions of the Theft Loss Gap Benefit offer or withdraw the Theft Loss Gap Benefit offer by giving notice on its website at www.parksoncredit.com.my.
Customers are strongly encouraged to refer to the T&C posted on its website at www.parksoncredit.com.my when filing the report and claiming the benefit upon motorcycle theft loss.
This T&C shall be written in English and in Bahasa Malaysia. Both language versions are considered to be equally authentic. In the event of any discrepancy between the two aforementioned versions, the English version shall prevail in determining the spirit, intent, and meaning of this T&C.