Page 122 - Hollard Private Portfolio - Version 3.5

120 Hollard Private Portfolio – Version 3.5 – 7 May 2024
Motor
○ You may ask us to reduce the value of your vehicle by a percentage lower than retail value, or to increase it by
a percentage above retail value.
○ If you chose to adjust the value of your vehicle and we agreed, your sum insured is the adjusted value.
Please note: We recommend that you assess, at least annually, whether the percentage you have chosen is sufficient to
cover the adjusted value of your vehicle, particularly as the retail value of your vehicle may decrease annually.
○ The Retail value plus benefit does not cover credit shortfall. There is optional Paying off your vehicle cover
available.
When to choose Retail value plus: With second-hand vehicles, it isn’t always clear when accessories were added
which makes insuring accessories separately very difficult. In other instances, second-hand vehicles might be worth
more than their retail value because of their availability, mint condition or a low mileage. Insuring your vehicle for a
percentage more than its retail value can solve this dilemma.
Likewise, a second-hand vehicle could also be worth much less than its retail value if the vehicle is in a bad condition
or has a very high mileage. Insuring your vehicle for a percentage less than its retail value will ensure that you don’t
end up paying more premiums based on the actual retail value while your vehicle is actually worth less.
○ In the event of a total loss claim, we will base the claim amount on the listed retail value as at the date of
the claim event (adjusted by your chosen percentage as long as this is not more than the actual value of your
vehicle), plus the sums insured of all the specified accessories shown in your policy schedule, less your excess.
You must make sure that you don’t specify any accessories that are already included in your Retail plus sum
insured, as we will never pay more than the actual value of your vehicle.
○ If at the date of the claim event the Retail plus value of the vehicle is less, we will pay out the lower amount.
We will then pay back the premiums we have received for the difference in these values up to a maximum of
three years.
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 anniversary 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 policy 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 NaTIS1 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.
If your vehicle is less than 12 months old
If you are the first registered owner of your vehicle, and it is less than 12 months old with less than 30 000 km on the
odometer, we may replace it with a similar vehicle or pay for the list price of a new one. This applies when your vehicle
is a write-off or has been stolen.
1 NaTIS – This is the National Traffic Information System of the Department of Transport.