Agreed Value
If this is the valuation method for your insurance policy then this will often be the maximum amount the insurer will pay out on claims. It is the value your vehicle will be insured for as agreed upon by you and your insurer.
Authorised Repairs
Repairs made with the approval of your insurer. This may often affect whether the repairs made will be guaranteed by the insurer.
Certificate of insurance
An official document verifying the existence of your insurance policy, its effective date and the type of policy you hold with an insurance company.
Claim
The product of your insurance policy allowing you to demand compensation for loss or damage you incurred that is covered under your insurance policy.
Comprehensive
Comprehensive describes the extent of cover of your policy. Comprehensive car insurance is a non-compulsory policy that will cover you for a range of losses arising out of the use of your vehicle. Liability coverage includes loss or damage from collision, theft, vandalism, malicious acts and damage to other people’s property.
Excess
A contribution you are required to pay towards a claim. Usually the standard or basic excess is still payable if a claim is covered by your policy. An insurer may have many types of excesses that can apply in different situations or apply concurrently. What excesses you are liable for and when they must be paid will be listed on your certificate of insurance.
Family Discount
Some insurers offer premium discounts to young drivers who have a parent who has a policy with the company. However it is often conditional on the parent’s claim history.
Fault/No-fault claim
Fault or No-fault claims refers to whether you were responsible for the the loss resulting in the claim. Often whether you were at fault or not will affect whether you are covered by your policy and how much excess you must pay. It may also have an effect on your driver ratings that contribute to no-claim discounts.
Inexperienced driver
Some insurers will apply a special excess for drivers who are 25 years old or older and has held a licence for less than two years.
Market Value
If this is the valuation method for your insurance policy then this will often be the maximum amount the insurer will pay out on claims. It is the current value of your vehicle in the open market when considering its model type, condition, kilometres, and as quoted by available publications.
Modifications
Additions or alterations made to your vehicle that is not a standard feature of a vehicle of that type and model.
No claims discount
A reward for safe drivers based on how long you have been with an insurance company without making any claims against your policy.
Policy
It is a contract for insurance between you and your insurer, setting out the terms and conditions under which your insurer will be liable to pay for your losses.
Premium
This is the cost of your insurance policy. It is an amount calculated based on a range of factors that the insurance company deems significant in indicating the future potential claims to be made on your policy. Factors range from but are not limited to age and gender of drivers, use of the vehicle and suburb where it is kept.
Safety rating
The insurance company’s valuation of how risky a policy-holder you are based on the number of claims or at-fault accidents you have been involved in.
Use/purpose
This refers to the dominant use/ purposes of your vehicle and it may be private and or business.
Write-off or total loss
Where the vehicle has been damaged to the point where repairs are not possible or are uneconomical to undertake it is said to be a total loss or write-off.
Review online quote estimates from participating providers (though not all may be listed for every quote):
Budget Direct, Virgin Money, Ozicare, 1stforWomen, ibuyeco, Cashback, Retirease and AI Insurance.
Disclaimer
Nothing in this car insurance comparison service should be taken as constituting personal advice. It has been prepared without taking account of your objectives, financial situation or needs. Before you buy a car insurance policy you should consider whether it is right for you. Whilst policy features are listed here, it is only a summary and does not describe all policy details. Be sure to read the insurer's Financial Services Guide and Product Disclosure Statement before deciding to buy. Quotes are estimates of premiums of our participating providers. As with all insurance premiums, these are subject to underwriting and may change. See InfoChoice's Financial Service Guide. InfoChoice Ltd ABN 93 061 105 735 AFSL No. 349445