Page 121 - Hollard Private Portfolio - Version 3.5

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Hollard Private Portfolio – Version 3.5 – 7 May 2024
Motor
○ In terms of South African legislation, an international, commonwealth or neighbouring country driver’s licence
must be converted to a South African licence within the regulated time of the driver becoming a permanent
resident, otherwise the licence is invalid and the driver will be considered unlicensed.The code on the driver’s
licence must allow the driver to drive your vehicle, or to tow the size of load that your vehicle is used for.
If your vehicle is used in another country covered under this policy, the driver must have a valid driver’s licence as
required by the country in which your vehicle is used.
Notify us of certain traffic offences
You must notify us if you have been charged or convicted of reckless or negligent driving.
This also applies to any person who may have been driving your vehicle at the time with your permission.
Your vehicle must be registered and licenced
Your vehicle must be registered in South Africa and it must have a valid licence. Your claim may be affected if your vehicle
is not licensed or if its licence has expired.
How much we pay
How we calculate sum insured
Retail value
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. Where no provision is made in such publications, the average
value given by independent motor industry sources of our choice will be used.
○ The retail value includes most of the standard and optional factory-fitted accessories that are listed in the
manufacturer’s specifications. However, there are instances where optional factory-fitted accessories are not
included in the retail value.
○ We cover your vehicle’s accessories that are not included in its retail value under the included Aftermarket
accessories and equipment cover. If this cover isn’t enough, then the additional accessories need to be specified.
○ In the event of a total loss claim, we will base the claim amount on the retail value as at the date of the claim
event, less your excess, plus the following:
– The sums insured of all the accessories listed in your policy schedule.
– The total of any accessories that are not included in the retail value and that are not listed in your
policy schedule, up to the limit of the included Aftermarket accessories and equipment cover.
○ We will cover loss or damage to accessories that have been temporarily removed from your vehicle. Theft cover
is on condition that the accessories are securely locked away and that there is proof of forcible or violent entry
to or exit from the building.
○ If you have replaced factory-fitted accessories with aftermarket accessories, the original parts are no longer
included in your vehicle’s sum insured. These parts are considered spares and will not be covered unless they
are specified on your policy schedule.
Repairing or replacing your vehicle
We will not pay more than the sum insured stated in your policy 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.
Retail value plus
○ If your vehicle is actually worth less than its retail value, or more than the retail value, you may adjust the value
you want to insure your vehicle for.