Hoot top tips
Has online car insurance got you baffled?
If you’re fairly new to the world of car insurance, you may be feeling a little flummoxed by some of the phrases and terms you’re coming up against. So, here’s the special Hoot Jargon Buster to help you out.
Act of God. This means an event which no one (earthly anyway) can be held responsible for. This will include events like severe storms, earthquakes etc.
Certificate. This is the document issued by your insurers demonstrating that car insurance is in force (proof you can show to a copper, in other words).
Claim. This relates to when you need to seek a payment under the terms of your policy.
Cover note. This is an interim document which gives you temporary cover while your policy and certificate are being prepared.
Endorsement. This is a written amendment to an insurance policy that becomes a legal part of the insurance document (any change that has to be made after you take out the policy).
Excess. With most car insurance policies you will have to pay the first part of the claim. How much varies between policies, and some excess amounts are compulsory while others are voluntary.
Indemnity. Ok, this is an “insurance principle”. It basically undertakes to make sure that a policy holder is left in the same financial position after a loss as they were before it. If your car gets stolen, for example, you should be no worse off after making a claim than you were before it got nicked.
Legal expenses insurance. This is an “extra” with most insurance policies, and provides a certain amount of insurance to cover you for legal expenses you may incur as part of a car related claim. If you’re hurt, for example, and want to claim compensation. Hoot offers this cover free with every policy – lots of companies will charge you up to £50 for it.
Liability. This is the legal responsibility placed on you if you cause loss to someone by hurting them or their property. If an accident is your fault, you are the person with liability.
No claims discount. This means that you’ll be able to pay a lower premium at renewal time if you haven’t had to claim on your car insurance at all. It may take a while to build this up, but it’s worth it – some people save as much as 65%.
Premium. This is the amount you have to pay for your car insurance.
Renewal notice. When your car insurance policy is coming to the end of it’s life, you’ll be sent a notice inviting you to sign-up again and telling you how much you’ll need to pay.
Third party. Another person (or persons) involved in your accident, is know as a third party.
Write-off. This is a car that is damaged beyond repair – or repairs, if possible, would cost more than the car was originally bought for.
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