{"id":27,"date":"2016-07-11T11:24:25","date_gmt":"2016-07-11T11:24:25","guid":{"rendered":"https:\/\/www.indwe.co.za\/indwe-blog\/2016\/07\/11\/does-your-insurance-cover-balloon-payments\/"},"modified":"2016-07-11T11:24:25","modified_gmt":"2016-07-11T11:24:25","slug":"does-your-insurance-cover-balloon-payments","status":"publish","type":"post","link":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/","title":{"rendered":"Does your insurance cover balloon payments?"},"content":{"rendered":"<figure class=\"tmblr-full\"><img decoding=\"async\" src=\"http:\/\/68.media.tumblr.com\/427fc17ae7a38275512d3a5d9c0a155c\/tumblr_inline_oa5ebiTqjM1r965u9_540.png\" \/><\/figure>\n<p>For most owners, their vehicle allows them to go about their daily tasks with ease, whether it\u2019s going to work, dropping kids at school, or heading to the supermarket to buy groceries. If the vehicle is stolen and not recovered within a reasonable amount of time or it is significantly damaged in an accident and needs to be written off, this can place a huge financial burden on the owner.<\/p>\n<p><!-- more --><\/p>\n<p>Even if the car is insured for its market value, you will likely still owe the bank more than the amount you will be paid out.To protect yourself against this situation, you can get top-up cover, which is also known as credit shortfall insurance.<\/p>\n<p>When you buy and then insure a vehicle, top-up cover is usually an optional add-on. It will not increase your monthly instalment by much, but it gives you peace of mind, as it will pay the difference between the amount of money it was insured for and the amount of money still owed to your bank.<\/p>\n<p>While this cover can apply to a new and used car, it\u2019s essential to speak to your insurance advisor as there are some circumstances where you are not protected. For example, top-up cover does not usually apply to vehicles that are not comprehensively insured, it typically won\u2019t pay for extra expenses such as the deposit, and it will also not cover you for balloon payments.\u00a0<\/p>\n<p>Many people opt for balloon payments as they are initially a more appealing payment structure. Your monthly instalments are reduced and a percentage of the loan amount is paid at the end of your loan agreement. At the end of this period the amount can be refinanced or the car must be sold in order to settle the outstanding amount. A vehicle owner that wants their insurer to cover a balloon payment will find that their monthly insurance premiums could increase significantly. \u00a0<\/p>\n<p>Over time cars depreciate in value, and this is why you must regularly assess both your insurance policy and top-up cover, to check that you aren\u2019t paying too much. As you pay off your loan amount, your top-up cover should decrease until you reach a break-even point and you no longer need the additional cover. This is when the amount of money that you owe on your car is the same or less than the market value.\u00a0<\/p>\n<p><b>For comprehensive and trusted advice on vehicle and motorcycle insurance, speak to your Indwe advisor today on 0860 13 13 14. <\/b><\/p>\n<p><b>Indwe is an Authorised Financial Services Provider.<br \/>Terms and conditions apply.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For most owners, their vehicle allows them to go about their daily tasks with ease, whether it\u2019s going to work, dropping kids at school, or heading to the supermarket to buy groceries. If the vehicle is stolen and not recovered within a reasonable amount of time or it is significantly damaged in an accident and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Does your insurance cover balloon payments? -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Does your insurance cover balloon payments? -\" \/>\n<meta property=\"og:description\" content=\"For most owners, their vehicle allows them to go about their daily tasks with ease, whether it\u2019s going to work, dropping kids at school, or heading to the supermarket to buy groceries. If the vehicle is stolen and not recovered within a reasonable amount of time or it is significantly damaged in an accident and [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/IndweRisk\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-11T11:24:25+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/68.media.tumblr.com\/427fc17ae7a38275512d3a5d9c0a155c\/tumblr_inline_oa5ebiTqjM1r965u9_540.png\" \/>\n<meta name=\"author\" content=\"Indwe Risk Services\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@IndweRisk\" \/>\n<meta name=\"twitter:site\" content=\"@IndweRisk\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Indwe Risk Services\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/\"},\"author\":{\"name\":\"Indwe Risk Services\",\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/#\\\/schema\\\/person\\\/185ac529b508a180b52006788891216f\"},\"headline\":\"Does your insurance cover balloon payments?\",\"datePublished\":\"2016-07-11T11:24:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/\"},\"wordCount\":433,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/68.media.tumblr.com\\\/427fc17ae7a38275512d3a5d9c0a155c\\\/tumblr_inline_oa5ebiTqjM1r965u9_540.png\",\"articleSection\":[\"General\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/\",\"url\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/\",\"name\":\"Does your insurance cover balloon payments? -\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/68.media.tumblr.com\\\/427fc17ae7a38275512d3a5d9c0a155c\\\/tumblr_inline_oa5ebiTqjM1r965u9_540.png\",\"datePublished\":\"2016-07-11T11:24:25+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/#primaryimage\",\"url\":\"http:\\\/\\\/68.media.tumblr.com\\\/427fc17ae7a38275512d3a5d9c0a155c\\\/tumblr_inline_oa5ebiTqjM1r965u9_540.png\",\"contentUrl\":\"http:\\\/\\\/68.media.tumblr.com\\\/427fc17ae7a38275512d3a5d9c0a155c\\\/tumblr_inline_oa5ebiTqjM1r965u9_540.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/does-your-insurance-cover-balloon-payments\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Does your insurance cover balloon payments?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/#website\",\"url\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/\",\"name\":\"\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/#organization\",\"name\":\"Indwe Risk Services\",\"url\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/wp-content\\\/uploads\\\/2017\\\/03\\\/indwenewlogo2.png\",\"contentUrl\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/wp-content\\\/uploads\\\/2017\\\/03\\\/indwenewlogo2.png\",\"width\":315,\"height\":71,\"caption\":\"Indwe Risk Services\"},\"image\":{\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/IndweRisk\",\"https:\\\/\\\/x.com\\\/IndweRisk\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/indwe-risk-services?trk=hb_tab_compy_id_102715\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCV-MHMdgTKYKGHh29DawgPA\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/#\\\/schema\\\/person\\\/185ac529b508a180b52006788891216f\",\"name\":\"Indwe Risk Services\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8095483c50bb0b6751c9284008ed6b17760852034c7fab8eda973362290a3927?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8095483c50bb0b6751c9284008ed6b17760852034c7fab8eda973362290a3927?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8095483c50bb0b6751c9284008ed6b17760852034c7fab8eda973362290a3927?s=96&d=mm&r=g\",\"caption\":\"Indwe Risk Services\"},\"url\":\"https:\\\/\\\/www.indwe.co.za\\\/indwe-blog\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Does your insurance cover balloon payments? -","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/","og_locale":"en_US","og_type":"article","og_title":"Does your insurance cover balloon payments? -","og_description":"For most owners, their vehicle allows them to go about their daily tasks with ease, whether it\u2019s going to work, dropping kids at school, or heading to the supermarket to buy groceries. If the vehicle is stolen and not recovered within a reasonable amount of time or it is significantly damaged in an accident and [&hellip;]","og_url":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/","article_publisher":"https:\/\/www.facebook.com\/IndweRisk","article_published_time":"2016-07-11T11:24:25+00:00","og_image":[{"url":"http:\/\/68.media.tumblr.com\/427fc17ae7a38275512d3a5d9c0a155c\/tumblr_inline_oa5ebiTqjM1r965u9_540.png","type":"","width":"","height":""}],"author":"Indwe Risk Services","twitter_card":"summary_large_image","twitter_creator":"@IndweRisk","twitter_site":"@IndweRisk","twitter_misc":{"Written by":"Indwe Risk Services","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/#article","isPartOf":{"@id":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/"},"author":{"name":"Indwe Risk Services","@id":"https:\/\/www.indwe.co.za\/indwe-blog\/#\/schema\/person\/185ac529b508a180b52006788891216f"},"headline":"Does your insurance cover balloon payments?","datePublished":"2016-07-11T11:24:25+00:00","mainEntityOfPage":{"@id":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/"},"wordCount":433,"commentCount":0,"publisher":{"@id":"https:\/\/www.indwe.co.za\/indwe-blog\/#organization"},"image":{"@id":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/#primaryimage"},"thumbnailUrl":"http:\/\/68.media.tumblr.com\/427fc17ae7a38275512d3a5d9c0a155c\/tumblr_inline_oa5ebiTqjM1r965u9_540.png","articleSection":["General"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/","url":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/","name":"Does your insurance cover balloon payments? -","isPartOf":{"@id":"https:\/\/www.indwe.co.za\/indwe-blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/#primaryimage"},"image":{"@id":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/#primaryimage"},"thumbnailUrl":"http:\/\/68.media.tumblr.com\/427fc17ae7a38275512d3a5d9c0a155c\/tumblr_inline_oa5ebiTqjM1r965u9_540.png","datePublished":"2016-07-11T11:24:25+00:00","breadcrumb":{"@id":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/#primaryimage","url":"http:\/\/68.media.tumblr.com\/427fc17ae7a38275512d3a5d9c0a155c\/tumblr_inline_oa5ebiTqjM1r965u9_540.png","contentUrl":"http:\/\/68.media.tumblr.com\/427fc17ae7a38275512d3a5d9c0a155c\/tumblr_inline_oa5ebiTqjM1r965u9_540.png"},{"@type":"BreadcrumbList","@id":"https:\/\/www.indwe.co.za\/indwe-blog\/does-your-insurance-cover-balloon-payments\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.indwe.co.za\/indwe-blog\/"},{"@type":"ListItem","position":2,"name":"Does your insurance cover balloon payments?"}]},{"@type":"WebSite","@id":"https:\/\/www.indwe.co.za\/indwe-blog\/#website","url":"https:\/\/www.indwe.co.za\/indwe-blog\/","name":"","description":"","publisher":{"@id":"https:\/\/www.indwe.co.za\/indwe-blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.indwe.co.za\/indwe-blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.indwe.co.za\/indwe-blog\/#organization","name":"Indwe Risk Services","url":"https:\/\/www.indwe.co.za\/indwe-blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.indwe.co.za\/indwe-blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.indwe.co.za\/indwe-blog\/wp-content\/uploads\/2017\/03\/indwenewlogo2.png","contentUrl":"https:\/\/www.indwe.co.za\/indwe-blog\/wp-content\/uploads\/2017\/03\/indwenewlogo2.png","width":315,"height":71,"caption":"Indwe Risk Services"},"image":{"@id":"https:\/\/www.indwe.co.za\/indwe-blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/IndweRisk","https:\/\/x.com\/IndweRisk","https:\/\/www.linkedin.com\/company\/indwe-risk-services?trk=hb_tab_compy_id_102715","https:\/\/www.youtube.com\/channel\/UCV-MHMdgTKYKGHh29DawgPA"]},{"@type":"Person","@id":"https:\/\/www.indwe.co.za\/indwe-blog\/#\/schema\/person\/185ac529b508a180b52006788891216f","name":"Indwe Risk Services","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/8095483c50bb0b6751c9284008ed6b17760852034c7fab8eda973362290a3927?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8095483c50bb0b6751c9284008ed6b17760852034c7fab8eda973362290a3927?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8095483c50bb0b6751c9284008ed6b17760852034c7fab8eda973362290a3927?s=96&d=mm&r=g","caption":"Indwe Risk Services"},"url":"https:\/\/www.indwe.co.za\/indwe-blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.indwe.co.za\/indwe-blog\/wp-json\/wp\/v2\/posts\/27","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.indwe.co.za\/indwe-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.indwe.co.za\/indwe-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.indwe.co.za\/indwe-blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.indwe.co.za\/indwe-blog\/wp-json\/wp\/v2\/comments?post=27"}],"version-history":[{"count":0,"href":"https:\/\/www.indwe.co.za\/indwe-blog\/wp-json\/wp\/v2\/posts\/27\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.indwe.co.za\/indwe-blog\/wp-json\/wp\/v2\/media?parent=27"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.indwe.co.za\/indwe-blog\/wp-json\/wp\/v2\/categories?post=27"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.indwe.co.za\/indwe-blog\/wp-json\/wp\/v2\/tags?post=27"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}