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Are your vehicle’s extras insured?

Extras on your vehicle can add significantly to its value, so make sure they are included when you insure it.

Anything optional that does not come with the standard factory version of the vehicle is considered an extra or accessory, including mag wheels, towbars, tracking devices, music systems, sunroofs, bullbars, wraps and branding, special paint finishes, winches, canopies, long-range tanks and similar modifications.

The extras on your vehicle can easily add 50% to its value, and failing to specify these items puts you at risk of being underinsured - which means being paid less than you were expecting should you need to claim.

    The impact of undervaluing your vehicle:

  • If your insurer decides to write off your vehicle because it's not economical to repair it, or if it is stolen or destroyed by fire, you will lose out financially if your vehicle is not insured correctly.
  • If you don't insure your vehicle properly, your premium won't match the risk to which the insurer is exposed.
  • If you've financed your vehicle, you could be liable for the difference between what the insurer pays you and what you owe the finance house - typically the purchase price including the extras, less your repayments.

      How can you ensure that you are not under-insured?

    • The best way to avoid under-valuing your vehicle is to provide your broker with all the necessary information about your vehicle.
    • Advise your broker of all the features, extras and accessories that are not part of the base model - and remember, this is whether or not you asked for these extras to be added or if they were added by the previous owner or the dealership prior to purchase.
    • Also remember to communicate any additional investments in enhancements to the vehicle after you purchased your policy.
    • If your vehicle has extras, go to a reputable dealer in your area for a valuation.

    In brief: ensure that your sum insured includes the value of your vehicle along with all its extras, whether factory fitted or not.

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