MUA Executive Policy - Van Flymen & Associates

AUTOMATIC EXTENSIONS OF COVER7.8.Replacing your vehicleThe insurer will replace your insured vehicle witha vehicle of the same or a similar make and modellimited to the amount as stated in your schedule,under the following conditions:a.You have a valid claim under this policy.b. The insurer has decided it is not economical torepair your vehicle.c. Your vehicle has been stolen and has not beenrecovered within a reasonable period.d. The same or similar vehicle is available on thelocal vehicle market.If you wish the insurer to pay you out instead ofreplacing your insured vehicle, the insurer maydecide to do so, but their payment to you will not bemore than the cost of the replacement vehicle thatthey have sourced.Reward for informationThe insurer has sole discretion in deciding to pay areward of up to the amount as stated in your scheduleto any person or organisation (but excluding youor the police) for information that helps the policearrest and convict any person who committed acrime which resulted in loss or damage for whichyou are insured and can claim.9. Tow-in costs and vehicle protectionIf you have a valid claim for your vehicle under thispolicy, the insurer will pay the reasonable costs torecover and safeguard your vehicle and move it tothe closest repairer.10. Tracking deviceIf you have a tracking system in good working orderin your vehicle and the vehicle is damaged andcannot be repaired or stolen and not recovered, theinsurer will pay you for the actual cost of an approvedvehicle tracking company installing a tracking systemin your replacement vehicle, provided that• the cost of the tracking device includinginstallation is not more than the amount asstated in your schedule• the insurer gives their permission for theinstallation.11. Wreckage removal costsThe insurer will pay the reasonable costs andexpenses to clean up and remove the debris orwreckage resulting from an accident which results ina valid claim under this policy.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, lessa.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.In this case, the insurer will not cover you for thebalance that you owe. They will cover you only forwhat you still would have owed if you had arrangedto pay back the loan in equal instalments over theperiod of the loan. The insurer is not legally liable forany remaining amount that is recorded in the financeagreement.50 MUA Executive Policy