Page 116 - Bay Union - Platinum Policy Wording
P. 116

Sec on 8 – Motor vehicle
Where we cover your motor vehicle
The Republic of South Africa, and temporarily when used in Botswana, Lesotho, Swaziland, Namibia, Mozambique, Zimbabwe, Tanzania, Malawi, Kenya, Uganda and Zambia.
The permanent residen al insured address of the insured vehicle must be in the Republic of South Africa.
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  me of the loss or damage.
○ We will at our own op on repair, reinstate or replace the insured vehicle or any of its parts or its permanently   ed accessories or spare parts or may pay in cash the amount for the loss or damage.
○ Vintage vehicle and vintage motorcycle claims will be se led on an agreed value basis which is the sum insured stated in the schedule.
○ Credit shor all means we will pay the di erence 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 di erence to the  tleholder 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 su cient. If you feel that it is not enough, you may ask us for addi onal cover so that we can increase the limit. You must pay us any addi onal 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 speci ca on provided it was registered as new in the Republic of South Africa less than 24 months of  rst registra on, 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 par es 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.
Bay Union – Pla num Policy Wording – 24 October 2016

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