Glossary Of Insurance Terms

All Risks - policy covering all risks.

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.

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

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.

Second Party - Your Insurance company.

Third Party - Other person.

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 Premium Tax - 5% UK Tax on a premium.

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

Main Driver - The usual driver of the vehicle.

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.

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

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

SD&P - Social, Domestic and Pleasure.

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