“Agreed Value” means the insured amount speciﬁed in the schedule the insurer agreed to pay you in the event your vehicle is a total loss.
“Market Value” means the amount the insurer determine represents the cost of replacing the property insured with a similar item of the same make, model, age and condition as the property insured immediately prior to the loss or damage exclusive of GST, stamp duty and transfer fees but in any event the insurer will not pay more than the sum insured.
“Sum Insured” means the amount (s) stated in your policy schedule and is the maximum amount the insurer will pay, less any applicable excess(es).
“Excess(es)” means either the amount of money speciﬁed in the schedule or otherwise stated in your policy for each section that you must contribute as the ﬁrst payment for each claim, or the period speciﬁed in the schedule or otherwise stated in your policy for which no payment will be made by the insurer.
“Damage(d)” means physical loss, destruction or damage.
“Total Loss” means where your vehicle is stolen and not recovered within a reasonable period of time, or where your vehicle suffers loss or damage and we consider the cost of repairing it is either unsafe or uneconomical to repair.
“Dangerous Goods” means substances or materials codiﬁed under the Australian Dangerous Goods Code (ADG Code) for their transportation as deﬁned in the Code(s).
“Period of Insurance” means the period commencing on the effective date and ending on the expiry date as shown in the schedule.
“Vehicle(s)” means the motor vehicle(s), mobile machine(s) and/or trailer(s), described in your policy schedule or other documents forming your policy, including:
· sign-writing; and
· accessories comprising refrigerator, radio, CB radio, CD player, DVD player, telephone, TV receiver and GPS receiver but all only whilst attached to or within Your Vehicle; and
· standard tools, accessories and appliances as supplied by the Vehicle manufacturer; and
· ramps, ropes, binders, chains, chain dogs, pogo sticks, tarpaulins, gates whilst attached to or within your vehicle, provided the maximum the insurer will pay is limited to $5,000 per event, per vehicle, unless otherwise speciﬁed in your policy schedule;
· and any other agreed accessories or equipment ﬁtted to your vehicle which are noted on your policy schedule or otherwise speciﬁcally covered by your policy.
Important – Insurance terms and conditions will differ between insurance policies and insurance companies; you should always read a product disclosure statement (PDS) before making any decisions.
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