When does “Replacement of Motor Vehicle with New” benefit apply?

The “Replacement of Motor Vehicle with New” benefit applies only for our Eurocomp policy customers. This can apply in the event that the Insured a) possesses the Motor Vehicle from its first registration as new, and b) has insured the Motor Vehicle in its official price at the date of registration, and in a period of twelve months from the registration, the vehicle is stolen and not found within three months or sustains damage covered by the Policy which exceeds the 50% of official sale price at the date of damage, the Company will replace, provided that the Insured so agrees, the Motor Vehicle with a new one at the same price and model provided that this is available in the Cypriot market.

In the event that this is not agreed by both parties and the Company uses its her right for pecuniary payment, the payable sum will be the official price of sale at the date of the damage but under no circumstances it will exceed the value mentioned in the schedule. The Official sale price for the purposes of this Endorsement is considered to be the price of sale given by the official Importer of the same type and model with the Motor Vehicle.

Tags: brand new car, eurocomprehensive cover, replacement, replacement with new

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