New product: Truck tractor hire

Dear Valued Broker,

Please take note of our new product addition: Truck Hire

We are introducing the new product to aid clients who have suffered damage or loss to their operating truck fleet, either due to theft, hijacking, or accident. It provides them with a way to continue their daily operations and escape negative outcomes that may arise because of loss of use.

VAPS Insurance Underwriters will pay the Truck hire charges (excluding cost of delivery) if the insured vehicle is unusable or being repaired due to loss/damage covered in the Underlying Motor section or while the vehicle remains uncovered following theft in terms of the selection of the Group car as stated in the schedule.

How does it work?

Granted that instructions and claim forms copies from the Insurer have been received, when the insured vehicle is:

1. Stolen or hijacked, we will arrange the truck hire as soon as we have received instruction from the Insurer along with copies of the claim.
2. Damaged but drivable, we will arrange truck hire as soon as the insured vehicle has been delivered to an approved dealer.
3. Damaged but undrivable, we will arrange truck hire as soon as the insured vehicle has been towed.

What is excluded and included?

The product relies on a refundable fuel and E-toll deposit of R30 000. Compared to other truck hire companies, this is a very low and affordable deposit.

The monthly premium will cover the daily rate of VAT, unlimited kilometres, and towing. However, the following items will be excluded, and the policy holder takes responsibility for the associated fees:

• Delivery & Collection
• Fuel
• Contract Fees
• Valet Fees
• Windscreen & Tyre Damages
• Traffic Fine & Accident Handling Fees
• Cross Border Fees
• Comprehensive Insurance through VAPS (excluding Tyres & Windscreens)

Other Considerations

• Be aware that this will only be for clients with loss ratios below 60%.
• Clients should be made aware that the cover is naturally subject to availability and the suitability of available truck tractors. We reserve the right to settle the claim of the client in cash (which will then be handled as a Loss of Use claim) if no truck tractors are available.
• In the event of a Loss of Use claim, the maximum cash settlement will not exceed the amount stated in the schedule.

We look forward to helping you offer your clients more value in this regard.

Click here to download the VAPS Insurance Underwriters Truck Hire Product Guide 2021.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)