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A–H
Betterment
The purpose of insurance is to place the Policyholder in the same position as before the loss. If placed in a better position than before the loss, then the principle of betterment applies, and the Policyholder will be liable for the cost of the improvement. A typical instance of betterment happens when tyres are damaged in an accident and need to be replaced while repairing the Vehicle. As it is not possible to replace damaged tyres with tyres in a similar condition as before the accident, the Insurer replaces these used tyres with brand-new tyres. Thus, the Policyholder is in a better position than before the loss, and a Betterment amount will be deducted from the final settlement.
Depreciation
Refers to a decrease in value of an item over time.
Driver’s license
This is a document or card that proves that you are legally permitted to drive a vehicle within the borders of the Republic of South Africa.
Gross negligence
A conduct that involves a severe disregard of, or an indifference to an obvious risk that may be categorised as extreme, such that one departs from the reasonable person’s standard.
I-L
Incident Driver
The Incident Driver is the person who was driving the Vehicle at the time of a registered claim incident.
Insurable Interest
Refers to where a financial loss is suffered if the insured asset/s is lost, stolen or damaged.
M-P
Non-Standard Vehicle Accessories
These are Vehicle Accessories that can be added during the time of purchase, or after the Vehicle’s purchase. These include enhancements, optional extras and/or any additional accessories. These accessories generally increase the value of the Vehicle, must be insured separately and will be shown in the Policy Schedule. Mag wheels purchased and fitted to your Vehicle are an example of Non-Standard Vehicle Accessories.
Policyholder
Means the person who enters into the policy contract and has an Insurable Interest in the asset/s on cover.
Q-T
Regular Driver
Means the person who drives the Vehicle most frequently during any monthly period. The risk premium is calculated by the risk profile of the Regular Driver based on the information given to us by the Policyholder.
Standard Vehicle Accessories
These are Vehicle Accessories that are fitted during the production of the Vehicle and are included in the manufacturer’s standard specification of the particular Vehicle model. These accessories are fitted before any optional extras or additions that the original buyer may request from the manufacturer before purchasing the Vehicle.
Total Loss
If the insured Vehicle is stolen or hijacked and not recovered or damaged to the extent that we regard it as uneconomical to repair (i.e. written off), it is considered a Total Loss.
U-Z
Vehicle Accessories
Refers to items that are fitted to the insured Vehicle so that they cannot be removed without the use of a tool or tools without being damaged, for example, the Vehicle’s bumper or spotlights.
Vehicle
Means the insured Vehicle, which is legally registered, shown in the Policy Schedule. It includes Vehicle Accessories and spare parts that are in or on the Vehicle.
Vehicle roadworthiness
A Vehicle that is deemed roadworthy has passed all the necessary tests and is considered safe and fit for use on public roads. This means that the brakes, shocks and suspensions, windscreen wipers, headlights/brake lights, high beams and mirrors are fully functional and that the conditions of the tyres meet the regulation requirements of the National Road Traffic Act (Regulation 212).
Wading height/ Wading depth
The measured limitation, noted in centimetres, of how the vehicle can safely navigate through a body of water without the vehicle being damaged. This limitation is determined by the vehicle manufacturer and is found in the driver manual of every vehicle.
You/your/yourself/yours
Refer to the definition under all risk