Page 138 - Hollard Private Portfolio

How much we pay
How we calculate sum insured
The retail value of your vehicle is the value from the Auto Dealer’s Guide published by TransUnion Auto Information Solutions (Pty) Limited, or any similar publication approved by us. It is the price most dealers would be prepared to sell your car for, based on the mileage and condition of the car. It includes any factory-fitted accessories and modifications that are listed in the manufacturer’s specification.
Repairing or replacing your vehicle
We will not pay more than the sum insured stated in the Schedule.
Do we fix the vehicle or get you a new one?
Once we have assessed your damaged vehicle, we may repair it if it makes economic sense, or pay out, or we may replace it.
Agreed value
If your vehicle’s value can no longer be determined by reference to the industry authorities, and you have supplied us with written proof of the value of your vehicle, then we may accept that figure and call it the agreed value. The valuation may be obtained from an expert, such as a motor dealer or motor club. All claims will be settled based on this agreed value, provided you supply an updated valuation at every renewal date of your policy. If you do not, we will use a valuation from an expert, taking into account the condition and mileage of your vehicle.
Check your Schedule now to see whether we have agreed a value for your vehicle.
Reduced pay-out for Code 3 or SAPVIN vehicles
If your vehicle is classified on eNaTIS1 as a Code 3 vehicle or SAPVIN, and it is written off or stolen, we may reduce your pay-out by a minimum of 30% of the retail value. When calculating the retail value we will take into account factors such as condition and mileage of the vehicle.
A Code 3 vehicle is a new or used motor vehicle that has been rebuilt after sustaining damage in an accident or incident. Even though it is roadworthy and complies with all relevant legislation, it always carries a Code 3 rating.
A SAPVIN (SA Police Vehicle Identification Number) code vehicle can be allocated only by the Police when a vehicle’s VIN number has been tampered with. The VIN number usually starts with AAPV.
If your vehicle is more than 12 months old
If your vehicle is more than 12 months old and cannot be repaired, we will pay its retail value. When calculating the retail value we will take into account factors such as condition and mileage of the vehicle
1 eNaTIS (Electronic National Traffic Information System) is the motor-vehicle registration system of the National Department of Transport.
Motor
136 Hollard Private Portfolio – Version 3.0.0 – 20 April 2020