Page 41 - Policy Wording - Hollard Prestige Portfolio

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Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
How we settle your claim
○ For all motor vehicles other than new vehicles
We will pay you the retail value or sum insured stated in your schedule whichever is the lesser, less any deductions
that may apply.
○ We own the motor vehicle salvage
– When we replace your motor vehicle or pay you for the total loss, your motor vehicle salvage, including any
unexpired registration becomes our property.
– If we ask, you must provide your writ ten consent to assist us to collect any unexpired registration.
– If another party is entitled to the salvage of your motor vehicle, then we will pay you or them the sum
insured, less our estimate of the salvage value and any excess. This could, for example, occur if you had
purchased your motor vehicle not knowing it was used as security on a financial agreement involving the
previous owner. This means the credit provider may be entitled to the salvage of your motor vehicle.
○ Mileage
We reserve the right to establish the mileage on your vehicle at any time. Where the annual mileage you agreed
with us has been exceeded, your premium may be increased to that which applies to the higher mileage driven.
If we become aware that the annual mileage has been exceeded at the time of a claim, we may collect the higher
premium from the start of the period of insurance and the additional premium will be deducted from the claim
payment.
Does your claim affect your cover and premium?
○ After a home claim
If we pay you part of the sum insured only, your home policy continues for the remainder of the period of insurance.
If we pay you the full sum insured all cover under your home policy stops. There is no refund for the unused
premium.
○ After a contents claim
If we pay the full sum insured on your contents after a claim, your contents sum insured is automatically reinstated
and cover continues for the period of insurance at no extra cost. You may need to change your insured address or
change your contents sum insured. There is no refund of premium if you reduce your sum insured by the amount
of your claim.
○ After an Assets-specified claim
If we pay you the sum insured for a listed contents item (for example, R500 000 engagement ring), or pay to
replace it, cover for that item stops and there is no refund of unused premium. If you want cover for any new
replacement item, you will need to contact us and apply for cover for the new item.
○ No-claim bonus
– A no-claim bonus applies to some sections of your policy as stated in the schedule. Please check your
schedule now.