Page 144 - Execuline - Classic Policy Wording

Motorcycle – Comprehensive cover
HOW MUCH WE PAY
Repairing or replacing your motorcycle
We will not pay more than the sum insured stated in the schedule.
Do we fix the motorcycle or get you a new one?
Once we have assessed your damaged motorcycle, we may repair it if it makes economic sense – or we may replace it.
If your motorcycle is more than 12 months old
If your motorcycle is more than 12 months old and cannot be repaired, we will pay you its retail value according to the Motorcycle Dealers Guide (published by TransUnion Auto (Pty) Ltd) information.
If your motorcycle is less than 12 months old
If you are the first registered owner of your motorcycle, and it is less than 12 months old, we may replace it with a similar motorcycle or pay you the list price of a new one. This applies when your motorcycle is a write-off.
If a part is not available
If a part needed for the repair of your motorcycle isn’t 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 (but not by air).
You always pay the first amount, or excess
You will always have to pay the first part of any claim settlement, even if it is not your fault. This is known as the excess, and is listed in the excess schedule.
Your bank may take part of your pay-out
If you are financing your motorcycle with a bank or authorised credit provider, be aware of the fact that they are entitled to use your insurance pay-out for a write-off to settle any money that you still owe them, if they feel that this is the only way to recover the money. This is a standard clause in the contract that you signed with them when you purchased your motorcycle.
Example
If you successfully claim R10 000 for the repair of your motorcycle, and the excess for that claim is R1 000, your net pay-out from us will be R9 000.
142 HPL – Execuline – Classic Personal Insurance Policy – 6 July 2015