Page 114 - Policy Wording - Hollard Prestige Portfolio

112 Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
Section 8 – Motor vehicle
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the difference in costs between the car-hire group stated in your schedule and a more expensive
car-hire group that you request
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you must have a valid credit card issued in your name with which to pay the car-hire company for
the above fees and excess
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this section does not apply to motorcycles, caravans, trailers, vintage cars or vintage motorcycles.
○ Credit shortfall increased cover 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.
This is additional cover, and applies if the limited cover is not enough.
○ Diminution in value means if your vehicle is stolen and recovered within 30 days, we will pay, in addition to the
damage to the vehicle, up to 10% of the retail value of the vehicle due to the diminution in value as a result of the
vehicle being ‘S’-marked on the SAPS Stolen Vehicle Circulation System, provided that:
– we will pay up to the sum insured stated in the schedule
– the vehicle is within three years of the date of first registration as new, or within three years of the date of
first use, whichever the earlier.
○ 4X4 Cover (Off-road)
This cover applies only to a motor vehicle stated in the schedule and for which this cover is selected, but exclude
the vehicles being used for the purpose of any organised competitive 4x4 off-road activities such as time trials
and contests. Off-road use means we will cover your 4x4 or 2x4 and/or all-terrain motor vehicles. The off-road use
is limited to four-wheel driving, trail driving, sand-dune driving or an activity on registered trails and registered
adventure trails. This section does not apply to motorcycles, caravans, trailers, vintage cars or vintage motorcycles.
Your obligations
○ Drivers must be licenced
Any driver of your vehicle must comply with the terms and conditions of this policy and must have a valid driver’s
licence.
– If your vehicle is used in South Africa, the driver must be in possession of a valid South African driver’s
licence, or a valid driver’s licence that complies with South African legislation.
– A person with a valid learner’s licence must be accompanied by a person with a valid driver’s licence.
– A valid driver’s licence is a licence that has not been cancelled, suspended or endorsed.
– 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.