moneysupermarket.com wants to help you find the right car insurance deal for you and so we`ve compiled a guide to help bust through the jargon.
ABI group – Your car will be given a specific ranking based on the level of risk involved with each car type and model.
Approved repairer – Repairers recommended by your insurers.
DOC cover – Otherwise known as Driving Other Cars.
Fault/no-fault claim – A no-fault claim is when the insurer can recover the costs from someone else. A fault claim is if they cannot recover the costs regardless of whether the accident was your fault.
Indemnity - Insurance policyholders are put in the same financial position after a loss as they were immediately before it.
IPT – A Government tax charged as a percentage of car insurance premiums.
Loss adjuster – Investigates the legitimacy of claims.
Material fact – Failure to disclose material could invalidate a policy, such as driving convictions.
S,D&P - Social Domestic & Pleasure. A description of how you plan to use your car.
Settlement – When an insurer pays a claim.
TPO – Third Party Only.
Under-insurance – For example insuring your car for £8,000 when the car is worth £10,000. Insurance companies will almost always scale down claims as a result.
ULR cover – Uninsured loss recovery – better known as legal expenses cover, which you can add on to your motor insurance policy.
Uninsured losses – Elements not covered by your policy such as hire charges.
Underwriter – Person who decides whether to accept a risk and calculates the premium.