Standard Motor Insurance Terminology

Bonus Protection
This enables you to protect the value of your bonus against loss due to an accident.

Comprehensive
Provides cover for your own vehicle against all accidents, malicious damage, fire & theft. Also provides cover for any third party if the accident is your fault

Convictions
These mean any incident that has resulted in the Police placing an endorsement on your driving licence. An example would be an SP30, which a speeding conviction.

Excess
This is the proportion of the claim that you are responsible for

Fleet Insurance
more than one vehicle on a single policy

No Claims Bonus
Once you have insured a vehicle in your own name and have driven claim free for a year the insurers will give you a No Claims Bonus. This increases year by year, generally until year 5, which represents the maximum allowed. The bonus starts at 30% for 1 year then increasing to 40%, 50%, 60%, 65%. If you have an accident the bonus reduces.

Renewal date
This is the date your policy expires

Re-Broking Excercise
This means that each year we quote for you with all the insurers on our panel and not just the company we currently have you insured with

Third party only
No cover at all for your vehicle. Only provides cover for any third party if the accident is your fault

Third Party
The other person involved in an incident

Third Party Fire & Theft
Provides cover for your own vehicle against Fire and Theft, but not accidents or malicious damage. Also provides cover for any third party if the accident is your fault

Uninsured Losses
these are losses that you have incurred due to a claim and which are not covered under your own insurance policy.

Write off
This means that a claims assessor has confirmed that the cost to repair your vehicle is higher than the vehicle value.

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