Agreed Value

Agreed Value is the amount that policyholders value their vehicle at when their policy incepts. This is also the amount they will be paid out less the applicable excess in the event of a total loss. No matter what.

What’s more, HCV does this without the annual rate increases. Compare HCV payouts with a similar product, in the following example:

Settlement on a total loss of 2007 Mercedes Benz 2535 LS/39 Axor 2 c/c T/T
Original cost priceR 886 640
Assume covered forR 800 000
Example current Market ValueR 683 650
Similar underwriting manager settlementR 683 650 less 10% excess R 615 285
HCV Agreed Value settlementR 800 000 less 10% excess R 720 000
Mechanical Breakdown

What is Mechanical Breakdown?

Roadside+Care and Africa Roadside+Care is part of policies if stated on the schedule and covers you for mechanical breakdown. Mechanical breakdown is the failure of the engine, gearbox or differential from a mechanical cause. There are certain exclusions, such as load shifting, non-maintenance services problems, air leaks, tyres punctured or missing, overloading and poor driving habits.

Type of breakdownValid Claim
The driver hears a noise in the engine, which is found to be a bearing knockYes
The differential failsYes
Driver over-revs the engine and a piston goes through the blockNo
Driver identifies that the load has shifted and it is dangerous to continueNo
Driver needs a forklift to re-load the vehicle in order to continue his journeyNo
Driver decides to visit a friend who lives up a pass, which is not suitable for trucks to negotiate. He gets stuck in a difficult and dangerous positionNo
Some fuses blow on the fuse box, which causes a fault code. The driver correctly stops.No
A small air leak starts in the air systemNo
The driver bursts two tyres on his truckNo

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New Policy Wording June 2019

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