Vehicle insurance jargon explained
When you’re buying vehicle insurance, the jargon can be one of the biggest barriers to understanding what you’re buying. So, here’s our quick jargon buster to help you get your head around the terms.
An Approved Repairer – a garage that your insurance company has recommended for repairs.
Driving Other Cars (DOC) – cover for when you’re driving someone else’s car.
Fault Claim – accident or loss for which you are responsible.
No Fault Claim – accident or loss for which someone else is responsible and from whom the costs of repair and recovery can be claimed.
Indemnified – this means to put you in the same position you were in before an event occurred. So, your insurance will cover the costs of putting you back in the same position as before an accident or loss.
Insurance Premium Tax – tax charged on insurance premiums and factored into the cost of your insurance.
Insured Value – the maximum that your insurance company will pay out for your car if it is completely written off.
No Claims Bonus – credit that you get for every year you’re insured that you don’t make a claim. Your premiums will usually be reduced each year that your No Claims Bonus is in tact.
Settlement Amount – the figure that the insurer agrees to pay out when you make a claim.
Uninsured Losses – any losses that you suffer that won’t be covered by the insurance policy.
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