Named driver
This is a person who is named as a
designated driver of a particular vehicle in
a car insurance policy. Other drivers who
aren’t mentioned in the car insurance policy
may be protected by as well, if they are
driving the car with the consent of the car
insurance policyholder. This, however, may
affect your car insurance rates.
Gap Insurance (also known as top-up
insurance)
If your vehicle is bought using finance and
it gets stolen, there may be a difference
between the car’s market value and
what you actually owe the bank for it. Gap
insurance will cover the difference between
these two amounts.
Anti-Theft Device
This includes any security devices designed
to reduce the chances of your motor vehicle
getting stolen. Car alarms,
immobilisers, steering wheel locks, etc, are
all included in this category. Installing
anti-theft devices will positively affect
your car insurance rate.
Insurance Excess
Insurance companies pay out a large percentage of the repair or replacement
costs should an insured car or other valuable object get damaged or stolen. The
insurance excess refers to the percentage of the replacement or repair
cost that is payable by the insurance policy holder.
Usage
Usage refers
to the context within which a car is used. If you use your car for work purposes
other than getting to and from work, the usage is considered to be “business”
usage. In most instances, business usage increases your car insurance
rate. This also
applies if you are self-employed.
Car
Insurance
Car insurance protects against damages or
the loss of an insured car.
Comprehensive Liability Insurance
This type of
insurance policy covers the policyholder for an array of risks, e.g. bodily
injury and property, in the case of a comprehensive car insurance policy.
Car
Insurance Broker
A car
insurance broker can represent you in negotiating and securing insurance, and is
a good person to consult for advice on car insurance rates, insurance
quotes, suitable premiums, car insurance rates, etc.
Private Passenger vehicle
This is defined as a four-wheeled motor vehicle that is subject to motor
vehicle registration and used for private personal transport purposes.
Waiver of excess
This option cancels your excess (amount
payable by policy holder) when making a
claim. This is usually achieved by paying a
slightly higher monthly premium
on your car insurance policy.
Basic Limits of
Liability
Most car insurance policies will limit the
maximum amount that will be paid out in
liabilities for any given accident.
This
insurance glossary is provided by Premium
Search Insurance Company, if their are any
terms you would like us to add please
contact us.
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