Tag Archive: optional extras

  1. Car Insurance Jargon Buster (Part 2)

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    Car insurance terminology can be confusing and there can be a lot of detail to take in when it comes to understanding the small print. To help cut through the confusing language and decipher some of those mysterious acronyms we’ve put together a two part car insurance jargon buster.

    In this our second part we look at everything from fault claims to write offs. For A-D please click here for part one.

    Fault Claims: When you make a claim but your insurer cannot recover the cost from the third party. This could be if you are deemed to have caused an accident or for other reasons that aren’t your fault but where there is no other known party involved such as theft or vandalism.

    FCA: The Financial Conduct Authority regulated the car insurance industry as well as other financial services companies.

    Green Card: A document that proves to non EU countries that your insurance provider provides the minimum insurance necessary to drive in the country.

    Insurable Interest: This is the basic requirement of taking out car insurance and refers to the fact you have an interest in the vehicle being insured and would suffer a loss if it were damaged.

    Main Driver: The person who drives the car most of the time as stipulated on the insurance policy.

    MID: The Motor Insurance Database is a record of every insured car in the UK.

    Optional Extras: Also known as Add Ons, these are benefits, such as breakdown cover and replacement vehicles, that can be added to your policy for a fee.

    Policy: This is the main document between you and your insurance provider. It will detail all the terms of your insurance, including the premium and term. Not to be confused with the certificate of insurance, which is required by law.

    Premium: The amount paid to your insurance provider to hold the policy. This can be paid in monthly instalments or in one yearly sum.

    Schedule: This document forms part of the contract between you and your insurer and shows things like your excess and any endorsements you might have.

    SORN: Statutory Off Road Notifications can be obtained from the DVLA are required by law if you plan on not using your vehicle and are keeping it off the public road.

    Third Party, Fire and Theft: Will cover your vehicle for theft and fire as well as damage from third parties only.

    Voluntary Excess: This is the fee you pay to your insurance provider towards the cost of a claim. You can set your own voluntary excess before taking out the policy, with a higher excess usually resulting in a lower premium.

    Write off: If the cost associated with repairing your vehicle is more than your insurance company deems the vehicle to be worth then it will be considered a write off.

  2. What Optional Extras can I include with Motor Trade Insurance (and are they worth it)?

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    Motor trade insurance is essential to anyone working in the motor trade. This can include owners of bodyshops, garages, dealerships, car lots and even car valeting services. If you alter, maintain, inspect, test, repair, clean or service any kind of motor vehicle then you will need to take out motor trade insurance.

    There are various types of motor trade insurance cover, which range from third party only to a combined motor trade insurance policy. Each policy will come with optional extras as well, which you will be able to pick and choose from.

    Below is a brief guide to each.

    Employers Liability Cover

    Because individuals working in the motor trade tend to drive or work on a number of vehicles, motor trade insurance actually insures the motor trader him or herself, instead of just the vehicles in question. Employer’s liability extends this cover to indemnify the motor trader in the event of an employee sustaining an injury whilst at work.

    Public Liability Extension

    Public liability cover means that the motor trader is covered in the event a member of the public suffers injury as a result of any activity related to their work. This is very important to have if the nature of the motor trade business in question involves a lot of contact with the public (which most do).

    Combined Policy

    Combined policies are really the ultimate type of cover and peace of mind if you run your business from a dedicated site, even if that site is your home or you only work part time. Combined policies will cover your entire business, including the premises, money, liabilities, tools, vehicles and all contents located at or associated with your business.

    Protected No Claims Bonus

    This option will allow you to protect your no claims bonus in much the same way you might do with regular motor insurance.

    Excess Buyback

    You are also given the option to reduce the excess paid in the case of a claim. This will increase your premium to some degree, depending on how much you wish to reduce the excess.

    Windscreen

    This will cover the windscreen repair of your personal car, whilst at work.

    Breakdown

    This will cover your own vehicle for roadside assistance and home start. European cover is also an option.

    Gadget Insurance

    This optional bolt on will cover your personal vehicle for any gadgets you have installed such as car stereos, for up to £1000.

    For more information on motor trade insurance and the optional extras available to you, call one of our dedicated and friendly team for a chat today on 08445 732 400.