The Benefit:
If your client’s vehicle is insured on the “Replacement Value Policy”, no matter how old the vehicle, it will be replaced with exactly the same or the subsequent replacement model. This benefit is subject to the requirements and conditions as set out below. Included at no additional cost is the standard option car hire for 30 days.
Requirements And Rules:
- Only vehicles above the value of R250 000 can be insured under this option.
- Cover is limited to a maximum of the sum insured of the vehicle.
- Only vehicles that are registered as new for the first time with the policyholder as the first owner, can be insured under this option.
- Vehicles can only be covered for 5 years on the “Vehicle Replacement Policy” – the vehicle will then be placed back onto the existing standard package policy, where it will be insured for retail value.
- Vehicles must be added to the policy immediately after purchase or not longer than 3 months after date of purchase.
- This is not a stand-alone policy and cannot be issued on its own – your client has to have existing supported policy with House Contents etc.
- Security: All vehicles above R250 000 in value is required to be equipped with an electronic tracking system — it is compulsory for Toyota Hilux and Fortuner vehicles to have an early warning type electronic tracking system.
Upon renewal, your client should confirm the value of the vehicle as specified by an authorized dealership to ensure that the insured value of the vehicle is adequate to be able to replace the vehicle with the same or similar model.
To find out more, contact us on 086 124 3648!
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