Definitions
Policy Schedule refers to the section of the policy document that defines what is covered and contains Personal Information, Insured Items, Cover Amounts and Premium Details.
Motorcycle refers to a motorcycle, quad bike or motor scooter, with or without a side car, licensed for use on a ‘public road’ in terms of the provisions and regulations of the Road Traffic Ordinances of the Republic of South Africa, or a quad bike or off-road motorcycle not so licensed for use on a ‘public road’. The Motorcycle must be registered in your name (as the policyholder) or that of your spouse and should be listed and described in your Policy Schedule. This definition of a Motorcycle includes its Vehicle Accessories.
Reasonable Replacement Value is a value which iWYZE will determine after consideration of the make, model, age, mileage and general condition of your Vehicle and based on consultation with a suitable industry source or sources. It will represent the price at which you should be able to replace your Vehicle with a similar one, at the time of the incident which resulted in the claim.
Description of Use
Domestic Use refers to the use of your vehicle for social, domestic or pleasure purposes, and travel to and from work and excludes the use of your vehicle for business and professional purposes.
Business Use refers to the use of your vehicle for social, domestic or pleasure purposes, driving to and from work and certain professional or business calls.
Please note that both Domestic Use and Business Use exclude the hiring out of the vehicle, the transporting of passengers for reward (except under a Vehicle Sharing Agreement), carrying of goods for commercial purposes, teaching someone how to drive in return for payment; racing, speeding or any other contests or on any racetrack, and any purpose related to the motor trade (except for the execution of normal maintenance or repairs). These uses are all classified as Commercial Use and iWYZE does not offer insurance cover if your vehicle is used for these purposes.
Should the description of use of your vehicle change from Domestic Use to Business Use or vice versa, you should contact iWYZE to inform us of the change as we would have to ensure that the risk is correctly reflected in your premium.
Accessories
The term Standard Accessories refers to accessories that are installed at production stage of the motor vehicle and that are normally included in the standard version of that model of vehicle. Non-standard Accessories are accessories that can be requested from the manufacturer before purchasing a vehicle, or those that are added after purchasing the vehicle – these accessories generally increase the value of the vehicle.
Insuring your vehicle at the correct value
You can choose to insure your vehicle for one of the following values:
- Retail Value
- Market Value
- A Specified Value
Retail Value is the retail price that the Auto Dealers’ Guide lists for a vehicle of a specific make and model, year, mileage and condition and is an estimate of the price at which most motor dealers would be able to sell such a vehicle to a member of the public. If your vehicle is covered at its Retail Value, and it is either damaged beyond repair, stolen or hijacked without being recovered, the settlement amount will be based on its Retail Value less the relevant excess. You should therefore be able to replace your vehicle with a similar one. Should your vehicle not be listed in the Auto Dealers’ Guide, iWYZE will establish its value from a suitable expert.
Market Value is the average between Retail and Trade Values, with Trade Value referring to the Auto Dealers’ Guide estimate of the price that you are likely to get when selling your vehicle to a dealer. If your vehicle is covered at Market Value your premium will be lower, but a settlement in the case of a total loss of the vehicle may not quite enable you to purchase a similar vehicle.
Specified Value is usually applicable to collectors’ vehicles and is normally obtained from a suitable expert.
Annual Premium Adjustment Based on Insured Value
If you have chosen Retail Value or Market Value as your Insured Value Type, iWYZE will automatically estimate the current insured value of your vehicle yearly at policy anniversary date and adjust the relevant portion of your insurance premium based on this estimate of the current insured value. This is possible because iWYZE can always refer to the latest edition of the ‘Auto Dealers’ Guide’ and the make, model, age and assumed mileage and general condition of your vehicle. The annual adjustment will ensure that the value on which your premium is based is as close as possible to the insured value which iWYZE will determine in the event of a claim, hence minimising your insurance premium without compromising your cover.
If your Insured Value Type is Specified Value, iWYZE will not be able to estimate the current insured value of your vehicle for the purpose of adjusting your insurance premium at policy anniversary date. The specified value shown in your Policy Schedule will remain constant and this will be the value used to calculate your premium. This does not mean that the insured value of your vehicle remains constant, as iWYZE will always determine the insured value in the event of a claim, and the maximum compensation you may receive will be determined accordingly, as detailed above.
For this reason, it is to your own benefit that you contact iWYZE annually and update the specified value shown in your Policy Schedule based on a realistic estimate of the current replacement cost of your vehicle after consideration of its make, model, age, mileage and general condition. This will ensure that the value on which your premium is based is as close as possible to the insured value which iWYZE will determine in the event of a claim, therefore minimising your insurance premium without compromising your cover.
Vehicle Inspection
Unless you are purchasing a new vehicle from a dealer and the vehicle will be registered as new, iWYZE needs to establish the exact condition of your vehicle before the inception of your insurance policy. Therefore, iWYZE may request that you present your vehicle for inspection by an approved inspection centre at the start of your cover.
The inspection centre will inspect your vehicle and report on things like pre-existing damage, condition of tyres and windscreen; the presence and proper functioning of an immobilizer, any non-standard accessories and sound equipment, as well as the vehicle identification numbers. This information will be sent to iWYZE and will be used to verify and augment the information that you provide, and may impact on the cover that iWYZE is prepared to grant.
Installing an alarm / immobiliser or tracking device
In order for your vehicle to have cover, iWYZE may require that you install an alarm /immobilizer and/or tracking device to your vehicle. You must comply with any additional security measures iWYZE requires in order to ensure that your vehicle is as secure as possible.
Vehicle Repairs
If iWYZE decides to repair your vehicle and it is no longer under warranty, iWYZE can replace non-safety/critical parts with alternative parts.
Traffic offences
You must notify iWYZE immediately of any endorsement, suspension or cancellation of your driver’s licence. You must also notify iWYZE immediately if you are being charged with or are convicted of reckless, negligent or inconsiderate driving.
The above conditions also apply to anyone you may permit to drive your vehicle from time to time.
Towing Service
If your vehicle is damaged and needs to be towed, you must contact iWYZE for assistance. iWYZE will arrange for your vehicle to be towed to the nearest approved repairer and will pay its selected service providers for towing and vehicle storage costs based on rates agreed between them and iWYZE.
If you do not use an approved service provider, you will be liable for expenses incurred and iWYZE will only refund you for the amount that we would have paid for using our approved service provider.
Incidents in foreign countries
If your vehicle is damaged outside of the Republic, you will be responsible for the costs and expenses involved in bringing your vehicle back to South Africa.
Once your vehicle has been brought back, iWYZE will assess your vehicle to determine whether it needs to be repaired, replaced, or whether a settlement needs to be made. This only applies if your vehicle is damaged in Botswana, Lesotho, Mozambique, Malawi, Namibia, Swaziland and Zimbabwe, unless otherwise specifically stated.
Regular Driver
The regular driver is the person who drives your vehicle most frequently in any monthly period. This person will be noted in your Policy Schedule. Should this regular driver change, you must notify iWYZE immediately in order for us to ensure that the premium you are paying is calculated correctly with all the required information. If your premium is based on incorrect information received, iWYZE will be receiving an incorrect premium and your cover will be affected, thus any loss or damage caused as a result may not be covered.
Please note: This is a product summary and is not intended to be a legal contract. It does not replace or in any way alter the content of the actual policy documents that are issued to clients of iWYZE.
iWYZE is underwritten by Mutual & Federal Insurance Company Limited, a member of the Old Mutual group. Mutual & Federal and Old Mutual are Licensed Financial Services Providers.