MUA Executive Policy - Van Flymen & Associates

OPTIONAL EXTENSIONS OF COVERThese extensions are optional and will be stated in your schedule if you chose to includethem. An additional premium will apply to these extensions.1.Cover for credit shortfallThe insurer will pay the difference between the valueof the insured vehicle as stated in your scheduleand the outstanding amount you owe in terms ofthe credit agreement or finance contract that youentered into, up to a maximum of 10% of the amountfor which your vehicle is insured.The insurer will pay this difference only if you havea valid claim and• they consider the vehicle to be beyond economicrepair after loss or damage, or• the vehicle is stolen and not recovered within areasonable period.The credit agreement that you entered into mustbe a valid credit agreement in terms of the NationalCredit Act (Act No. 34 of 2005).The insurer will pay any amount still outstanding onyour credit agreement, lessc.d.The insurer will supply the hired car to you for aperiod no longer than the number of days statedin your policy schedule. The hire period will endas soon as any of the following takes place:• The date on which the vehicle is repaired, ifthe insurer has authorised its repairs• The date on which the insurer settles yourclaim• The date on which the insurer replaces thevehicleThe car hire option includes• a vehicle of your choice as stated in yourschedule from the various options theinsurer has available• unlimited kilometres• car accident damage cover• car theft covera.b.c.any instalments in arrears (earlier instalmentsthat you did not pay) or rentals, including theinterest you must pay on the arrearsall refunds of your premium due to you for thecancellation of any insurance cover relating tothe vehiclethe increased instalments or rentals that youwould have had to pay to ensure that there wasno capital value due at the end of the financeperiod. These are worked out to the month inwhich the insurer settles the claim.This applies if the credit agreement provided foryou to pay lower instalments at the beginning of thecredit/loan period and higher instalments later on. Inthis case, the insurer will not cover you for the balancethat you owe. They will cover you only for what youstill would have owed if you had arranged to payback the loan in equal instalments over the periodof the loan. The insurer is not legally responsible forany remaining amount that is recorded in the financeagreement.e.• airport surcharge• tourism levy• free delivery or collection for up to 25kilometres from the nearest car hire companywith which the insurer has a contract• any two named drivers.The insurer will not pay for the following:i. The costs listed below as stated in yourschedule:• Delivery or collection fees for more than25 kilometres from the nearest car hirecompany with which the insurer has acontract• The cost of any extra named drivers• One-way drop-off fees• Fuel deposit• Administration fees for traffic fines2.Car hire conditionsii.Breakage of windscreens or windowsa.b.If the insurer has accepted your claim under thissection of the policy and you cannot use yourvehicle or it is being repaired, then the insurerwill supply you with a hired car, if one is available,according to what you have chosen as stated inyour schedule.The insurer will supply the hired car only afterthey have received full details of the claim.iii.iv.v.vi.Damage by water and/or to theundercarriageCosts linked to operating the hired carTraffic finesAny difference in car hire costs resultingfrom you using a more expensive car hiregroup than is stated in your schedule.44 MUA Executive Policy