When a vehicle is written off or stolen during the period of the insurance, the benefit pays the difference between the original purchase price and the market value at the date of the loss.
Original purchase price: This is the amount shown on the purchase agreement or invoice (excluding any amount refundable such as credit life or motor warranty insurance premiums).
Market value of the vehicle at the date of loss:
This amount is the greater of the following:
- Either the amount in the Auto Dealers Guide
- the amount paid by your comprehensive motor insurer at the date of loss.
The maximum period of this cover is 36 months.
Maximum cover insurable is R500 000 (Five Hundred Thousand Rand).