Inception Value Policy

 

1.   Inception Value Policy

      In the event that your vehicle is a total loss (i.e. stolen, hi-jacked or written off), we shall

      settle your claim as follows

 

      1.1     If the vehicle is financed we shall pay your financial institution (any balance left

                 over will be paid to you) the higher of:

                                 a.   the outstanding balance that you owe as at the date of loss; or

                                 b.  retail value as at the inception date of this Inception Value Policy;

                1.1.1.   less the retail value as at the date of loss;

                1.1.2.   less any exesses under this Inception Value Policy.

 

      1.2     If the vehicle is not financed we shall pay you the inception value: less

                1.2.1.   the retail value as at the date of loss;

                1.2.2.   any excesses under this Inception Value Policy.

 

      1.3     Definition of terms

                1.3.1.   Inception value shall be the retail value as at the inception of the

                             Inception Value Policy with us;

                1.3.2.   Retail value shall be determined as per the publication of the Mead & MC

                             Grouther Auto Dealers Digest;

                1.3.3.   Outstanding balance refers to the outstanding balance taht you owe a

                             financial institution as at the date of loss; less any:

                             1.3.3.1.          overdue instalments and arrear interest as at the date of

                                                    loss;

                             1.3.3.2.          rebates you would have been entitled to had you settled

                                                    the loan as at the date of loss;

                             1.3.3.3.          refunds due to you or the financial institutions;

      1.4    Vehicle shall be restricted to either a code 1 or code 2 as per the application Road

                Traffic Regulations of South Africa.