Page 113 - Hollard Private Portfolio - Version 3.4

Motor
○ 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. 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.
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.
If a part is not available
If a part needed for the repair of your vehicle is not available in South Africa as a standard (ready-made) part, we will pay an amount equal to the value of that part. We will also pay all reasonable costs to transport the part up to the limit stated in your policy schedule.
Do we always use new parts?
If your vehicle is still covered by the standard manufacturer’s warranty we will always use new "Original Equipment Manufacturer" (OEM) parts only. After that we may use second-hand or alternative parts of similar age and condition as your vehicle. We may also use new OEM parts or certified parts from other manufacturers.
1 NaTIS – This is the National Traffic Information System of the Department of Transport.
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