Car Insurance Questions
We often get asked what the followimg motor insurance related terms mean - so here's the answers:
Claim: This is why you pay your car insurnace - in the event of an accident etc. they will repair/replace you car.
Comprehensive Cover: Provides the most complete form of cover
available, it will include cover for damage to your vehicle and yourself in
the event of accident.
Cover: Refers to the risks that your insurance policy will
protect you against.
Excess: This is the amount that you will personally be expected
to pay in the event of a claim.
Exclusion: an uncovered risk, something which is not covered
by your car insurance policy. An exclusion could be almost anything from specific
people to specific use of your vehicle.
Green Card: This document proves that your vehicle meets
the minimum car insurance requirement for the country you are visiting outside
of the UK. A green card is a worldwide recognised document and you can collect
a 'green card' from your car insurance provider. NOTE make sure you request
your green card well in advance of your trip.
Insurer: This is the company which provides your insurance
policy. They are also your point of contact in the event that you need to
make an claim.
No Claims Bonus: This is a percentage discount given to a
driver on their original premium if they fail to make any claim during a set
period (typically 10 or 12 months).
Policy: This is the document which outlines the terms and
conditions of the car insurance policy that you have purchased.
Policyholder: This is the person who is insured by the policy.
Premium: This term refers to the monthly price you pay for
your car insurance policy.
Third Party: This refers to any other individual involved
in a car accident that is not within your vehicle. This could include, another
car, cyclist, pedestrian or even the tenant a house you hit.
Third Party Cover: Provides covers any liability you may
have to a third party if you are involved in an accident, but provides no
cover for you or your vehicle
Third Party, Fire and Theft Cover: Similar to Third Party
Cover, this type of policy covers any liability you may have to a third party
if you are involved in an accident, but provides no cover for you or your
vehicle. In addition it will provide compensation for your vehicle if it is
damaged in the event of a theft or through fire.
Voluntary Excess: This is the amount that you have specified
upon your policy as the additional value, on top of the compulsory excess,
that you are prepared to pay in the event of a claim. Agreement with your
provider to pay a greater voluntary excess, in the event of a claim, will
reduce your premiums.
For our full directory - go here.
Life Insurance Resources for your information
If it's budget car insurance quotes you're looking for, then it's worth taking a look through this site. And if it's cheaper car insurance you're after then take a look here.