T: +27 21 531 2922 | F: +27 21 531 3714 reception@genlib.co.za

INCEPTION VALUE POLICY

NEW FOR OLD FOR ALL VEHICLES, INCLUDING CREDIT SHORTFALL

We all know that vehicles depreciate in value over time and that in the event of a total loss (accident, theft or hijack) it can be difficult to afford a suitable replacement vehicle.

Comprehensive insurance policies generally pay out the current retail value of your car, as at the time of a total loss. This implies that as your car ages, it depreciates in value and you will get less and less money over time.

This unique product will enable your clients to claim the value of their vehicle (at inception of the policy) as opposed to the current retail value of the vehicle at the time of a total loss.

IVP therefore

  •            Provides cover against vehicle depreciation

for

  •            all vehicles, of any age

used for

  •            domestic, commercial and tax purposes

whether

  •            financed or not

with

  •            credit shortfall included free of charge (for finances vehicles)

creating

  •            increasing embedded benefits for clients over time

HOW ARE CLAIMS SETTLED

 The Insurer (RENASA) will pay the financial institution the greater of

  •            the outstanding balance the client owes as at the time of the loss

or

  •            the retail value as at the inception date of the policy

less (minus)

  •            the retail value as at the time of the loss, less any excesses payable in terms of  the policy

thus

encouraging client retention

 

Insurer : RENASA Insurance Company Limited

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