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Circular 497 Sasria SOC Limited Basis Of Settlement For Motor Classes Of Business

SOUTH AFRICAN SPECIAL RISKS INSURANCE ASSOCIATION (Sasria Soc Ltd)Ref: https://sasria.co.za/wp-content/uploads/2025/04/Circular-497-Sasria-SOC-Limited-Basis-of-Settlement-for-Motor-Classes-of-Business.pdf

Official source

Source domain: sasria.co.za

Collected on 13 July 2026

Always confirm details on the official source before acting.

What this means

Sasria SOC Limited issues Circular 497 (dated 06 November 2019) to all Sasria agents and intermediaries, confirming the basis of settlement for its Motor classes of business. It sets out four settlement bases: Retail Value, Retail Value plus up to 10% for unspecified extras/accessories, Replacement Value (for qualifying new vehicles under specified age and mileage limits), and Agreed Value (for certain vehicle types/conditions). The circular also notes limits on variance above retail value (max 10% for certain premium-rate categories) and clarifies that Sasria Motor cover is a stand-alone policy and does not follow the underlying motor policy’s settlement basis.

What this document offers

Read out of this document by Govermate's AI, in its own words. Each one quotes the line it came from — confirm on the official source before acting.

motor insurance settlement arrangementsOngoing

Sasria settlement basis under the Motor Section

Sasria makes four motor settlement bases available: retail value; retail value plus up to 10% for unspecified extras or accessories; replacement value for qualifying newer vehicles; and agreed value for vehicles whose retail value is difficult to assess, such as classic, unique or high-worth vehicles.

Who it is for: Sasria agents and intermediaries handling motor business, and insureds under the Motor Section
How to act on it: Arrange or administer Sasria Motor Section cover through the applicable settlement basis; the document does not specify an application, submission or contact procedure.

Show the line this came from

Sasria settlement basis under the Motor Section is as follows: - Retail Value Basis - Retail Value Plus 10% in case of unspecified extras/accessories - Replacement Value Basis - Agreed Value Basis

Facts

Reference

https://sasria.co.za/wp-content/uploads/2025/04/Circular-497-Sasria-SOC-Limited-Basis-of-Settlement-for-Motor-Classes-of-Business.pdf

Key Takeaways

Document: Circular 497
Date: 06 November 2019
Audience: All Sasria agents and intermediaries
Subject: Basis of settlement for Motor classes of business
Settlement bases: Retail Value; Retail Value + up to 10% for unspecified extras/accessories; Replacement Value; Agreed Value
Retail Value cap: lesser of specified vehicle value or TransUnion Auto Dealer Digest retail value
Retail Value +10% applies to unspecified accessories/extras
Replacement Value applies if vehicle is <12 months old, <30,000 km since first registration, and gross vehicle mass <= 3500 kg
Agreed Value: used when retail value cannot be easily assessed (e.g., classic/unique/high-worth vehicles) and requires insured to obtain correct asset value annually
Premium-rate categories (e.g., M8): max 10% variance above retail value; Sasria will not consider variance beyond 10%
Clarification: Sasria Motor cover is stand-alone; underlying policy settlement basis does not apply
Sasria SOC Limited
Mokgadi Malebye
Technical Underwriting Manager: Insurance Operations
TransUnion Auto Dealer Digest