MUA Executive Policy - Van Flymen & Associates

WHAT THE INSURER OFFERS1.Your cover2.If your vehicle or any part of it is lost or damaged,the insurer may decide either to pay to repair orreplace it, or pay you an amount equal to the lossor damage. If you bought your vehicle on a hirepurchase or similar agreement, then the insurerwill pay the owner of the vehicle in terms of theagreement, and once the owner has been paid, youhave no further claims against the insurer.The maximum amount that the insurer will pay forloss of or damage to your insured vehicle will be thelowest of the amounts• stated in your schedule, or• the listed retail value, or• the agreed value (whichever one applies) of thevehicle.The insurer will pay the lowest of these amountsand this will depend on the type of cover you havechosen as stated in your schedule.The following cover types are available under thissection and are defined under Section 6: Motor,Specific definitions:• Comprehensive3.• Comprehensive, excluding theft and hijack• Third party, fire and theft only• Third party only• Laid-up, fire and theft only.The insurer will cover you only if the insured eventoccurs in any of the countries listed under Section 6:Motor, Specific definitions, Territorial limits.The insurer will not cover you where the insuredevent that gives rise to a claim occurs outside theRepublic of South Africa, if your vehicle has beenoutside the Republic of South Africa for longer thana continuous period of 30 days.The insurer will not cover you for loss or damagewhich occurs outside of the Republic of South Africa,if you have used the insured vehicle outside of SouthAfrica for more than a total of 90 days during anyperiod of insurance.The insurer will cover you against loss of or damageto the vehicle while it is being transported by sea orair, between ports or places in the countries in whichthe cover under this policy is valid, including duringloading and unloading.New vehiclesIf within one year of your insured vehicle first beingregistered as a new vehicle or of it first being used,it isa. stolen or hijacked and not recovered andreturned to you within a reasonable period, orb. damaged and the cost of the repairs is more than70% of the reasonable retail value, including taxat the date of the damage occurring,then the insurer will eithera. replace your vehicle with a new one, orb. pay the cost of purchasing a new vehicle of thesame or similar make and model, up to the lesserof the reasonable retail value of the insuredvehicle at the date of loss or the amount statedin your schedule.If your vehicle is lost or damaged more than oneyear of your insured vehicle first being registered asa new vehicle or of it first being used, the maximumamount the insurer will pay you will be the retailvalue of the insured vehicle at the time of loss ordamage.No excess payablea. You will not pay the basic excess stated in yourschedule for any claim wherei. you, your spouse or life partner, or any drivernamed in your policy is driving the vehicle orit is in your/their care and controlii. as long as the driver is 55 years of age orolderiii. has been a licensed driver for 5 or moreyears.b. You will not pay a basic excess, except if youhave chosen to pay a voluntary excess, for anyclaim wherei. the vehicle is less than 12 months old fromthe date it was first registered, andii. you, your spouse or life partner or maindriver (stated in your schedule) is the driverand it is in your or his/her control,provided that there is no endorsement (a noteindicating a change) in your policy schedulewhich overrides (takes the place of) thisbenefit.c. You will not pay a basic excess if you havehad an approved tracking system installed inyour insured vehicle and it is stolen or hijacked,provided that the tracking system has beenadequately maintained and regularly tested.40 MUA Executive Policy