Cheap Car Insurance 2017

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Motor Insurance Glossary

ABI. Acronym for the Association of British Insurers, a regulatory body for the UK insurance industry.

Accidental Damage. Damage to goods, not loss or theft. Not always included as part of motor cover, but sometimes applies to vehicle contents that are stolen or damaged.

All Risks. Policy covering all risks.

Any Driver. A policy that allows anyone to drive a vehicle with permission of the owner.

Approved Repairer. A team of insurer approved repairers who operate across the UK.

Arrears Fee. Charges for any late payments.

Breakdown Cover. A policy that provides recovery and repair services should your vehicle break down.

Broker. Independent company that negotiate and find the most suitable cover for you.

Business Use. Term given when the car is used as transport in the normal course of your job.

Caveats. Conditions of a motor insurance quote.

Certificate. The document issued by insurers as evidence that insurance is in force.

Claim. The term used to describe the process of getting an insurance company to pay out on your policy.

Collision Damage Waiver. An extra insurance premium you may have the option to take. This removes your liability to pay any excess on a vehicle such as a hire car.

Comprehensive Cover. Covers all related risks of that product’s insurance policy. It is also the most expensive form of policy. It covers damage to other peoples’ cars, your own car, any liability, as well as losses incurred by fire and theft.

Cooling Off Period. A period during which a customer, who has entered into a contract, may cancel it without incurring a penalty.

Cover Note. A temporary certificate issued to you while you await your policy.

Direct Debits. A payment method that is set up to pay bills automatically from a designated bank account or funding source.

Excess. The compulsory percentage you have to pay when you make a claim.

Exclusions. Named situations in the policy small print that state what you are not covered for.

First Party. You.

Fronting. Parents breaking the law by insuring their child’s car in their name – or ‘fronting’. It is technically fraud and the consequences if caught are serious for both parent and offspring.

FSA. The Financial Services Authority. Regulator for the UK car insurance industry.

Green Card. Document that proves you have the minimum level of insurance by law to drive in the country you’re visiting.

Immobilisers. Device fitted to a vehicle that renders it immobile.

Insurance Group Ratings. A method used by Insurers to assess the risk of a particular vehicle. This numbers from 1-20 with the higher risk vehicles belonging to Group 20.

Insurance Premium Tax. 5% UK Government Tax on a premium.

Intermediary. A person or organisation that offers advice and also arranges policies for clients.

Liability. Your financial obligation to any third party involved in an accident.

Main Driver. The usual driver of the vehicle.

Market Value. The value of the vehicle that the ‘market’ is willing to pay based on the valuation of the car at a specific period.

Motor Schedule. The document that gives details of the policy, the excess, premium and any endorsements.

Named Drivers. People named on the policy that are covered to drive that particular vehicle.

No Claims Bonus (Discount). A no claims bonus (or NCB) is the discount that you have earned on a previous insurance policy.

Pass Plus. Government initiative to help reduce the number of car accidents and deaths on the road involving young drivers and ordinary road users.

Policy. A legally binding document issued by the company to the policyholder which states the terms and conditions of the insurance.

Policyholder. The person the policy refers to and is covered by the insurance.

Premium. The term given to the cost of the policy.

Public Liability Policy. Covers legal liability for injury or damage caused to others while driving.

Quotation. Estimated cost of providing a motor insurance policy based on the available driver and vehicle information.

Registered Keeper. A person who looks after a vehicle but does not own it.

Renewal. An agreement to continue cover beyond any original term.

SD&P. Social, Domestic and Pleasure.

Second Party. Your Insurance company.

Term. The period of time for which a policy is valid.

Third Party. Third party covers damage to others’ cars but not to your own. It is the most basic form of policy.

Third Party, Fire and Theft. Third party fire and theft provides additional insurance against fire or theft above what is provided by third party only.

Voluntary Excess. An agreement you make with your insurance provider to pay a higher percentage of excess.

Write Off. The term used when the company decides it is not economical to repair your vehicle following an accident, theft, or damage.