the voltage regulator is not the same thing as the OVP (over voltage protection). the OVP is a relay that acts like a fuse to prevent damage to electronic components in case there is too much voltage. the voltage regulator is supposed to limit the voltage output by the alternator; if the volt reg goes out then the voltage will climb (and the OVP may have to step in to save it).

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2005 Mercedes C230k sport sedan, 6 speed
1987 Porsche 924S - 968-engined track car