The Theft Loss Gap Benefit (“Benefit”) is provided absolutely free for Parkson Credit customers who finance their motorcycles through Parkson Credit’s hire purchase financing scheme (IDEAL HP) or the motorcycle credit sale financing scheme (IDEAL CS).
This Benefit is the first of its kind in the motorcycle financing industry and provides extra peace of mind for customers. It reduces the customers’ financial burden in the event of a motorcycle loss due to theft and provides financial aid to the customer for their next motorcycle purchase.
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.
How it works:
|Motorcycle recommended selling price (RSP)||= RM 8,000|
|Financed amount||= RM 7,000|
|Market sum insured (1st year estimate)||= RM 7,600|
|Item||Year 2||Year 3|
|Approved sum by customer’s insurance*||RM 6,000||RM 5,000|
|Theft Loss Gap Benefit pay-out**||RM 1,600||RM 2,600|
2. Features of the Benefit
|Agreements dated 31st December 2018 or earlier||Not eligible|
|Agreements dated 1st January 2019 and onwards||Eligible|
4. Terms & Conditions
4.1 Customer Repayment Conduct
Customers seeking to claim the Theft Loss Gap Benefit must maintain a good financing repayment record throughout the financing period before, during and after the claim process until the pay-out of the Benefit. All of the following requirements must be fulfilled to qualify as a good financing repayment record:-
|Customer Repayment Conduct||Requirement|
|a) Recent repayment history||Not more than 30 days of overdue for the last 6 months.|
|b) Entire repayment history||Not more than 90 days of overdue throughout the entire course of the financing period.|
|c) At the point of claim of Benefit||No overdue on the account. All arrears except monthly instalments yet to be due must be paid at the point of claim.|
|d) During insurance claim period||Continuing to make the monthly instalment repayments until the Theft Loss Gap Benefit pay-out.|
4.2 Notification of Motorcycle Loss
4.3 Benefit Claim
4.4 Sum Insured
4.5 Benefit Pay-out
5. Major Exclusions
The Theft Loss Gap Benefit will not apply in the following circumstances.
6. Rights of Parkson Credit