Page 108 - Policy Wording - Hollard Prestige Portfolio

106 Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
Section 8 – Motor vehicle
What is covered
○ We will cover you or anyone you authorise to drive your motor vehicle for loss or damage to your motor vehicle
caused by an insured cause during the period of insurance.
○ The maximum amount we will pay is the sum insured stated in the schedule but it will not exceed the reasonable
retail value of the insured vehicle and its accessories at the time of the loss or damage.
○ We will at our own option repair, reinstate or replace the insured vehicle or any of its parts or its permanently
fitted accessories or spare parts or may pay in cash the amount for the loss or damage.
○ Vintage vehicle and vintage motorcycle claims will be settled on an agreed value basis which is the sum insured
stated in the schedule.
○ Credit shortfall means we will pay the difference between the retail value of the motor vehicle and the amount
outstanding on the credit agreement if the vehicle is damaged and it is our opinion that it cannot be economically
repaired or when it is stolen and not recovered within a reasonable period. We pay the difference to the titleholder
stated in the agreement, excluding instalments or interest on arrears, up to the limit stated in the schedule,
provided that the sum insured stated in the schedule is adequate.
Check your schedule now to see if this cover is likely to be sufficient. If you feel that it is not enough, you may
ask us for additional cover so that we can increase the limit. You must pay us any additional premium we require.
○ New vehicle means we will either replace your vehicle with a new vehicle or pay you the cost of purchasing a new
vehicle of the same or similar make, model and specification provided it was registered as new in the Republic of
South Africa less than 24 months of first registration, and:
– the cost of repairing any damage is more than 70% of the vehicle’s new list price (including vehicle tax and
VAT) when you purchased the vehicle, or
– your vehicle is stolen and not recovered within 30 days.
We will replace the vehicle with a new one only if:
•
you own the vehicle or are purchasing it under a hire purchase agreement. A vehicle that is subject
to any type of contract hire agreement is not eligible for replacement
•
the vehicle has travelled less than 40 000 km
•
all interested parties agree to the vehicle being replaced
•
a similar vehicle is available on the local new vehicle market
•
you refuse to replace the vehicle, we will pay you the new list price or trade price of the same and
similar vehicle whichever the lesser but limited to the sum insured stated in the schedule.
○ The following cover options indicate your selection of cover and it is important that you understand the difference
in cover. Your cover option will be stated in your schedule against each insured motor vehicle. The following
definitions describe your cover options:
– Comprehensive means cover against loss of or damage to your motor vehicle including your legal liability
for damage to other people’s property.