We have made every effort to keep our website free of jargon, but realise that some expressions might need further explanation. This glossary is intended to help you understand some of the terms used in the insurance, investment and financial services business.
Association of British Insurers. This is a trade association of which most British Insurers are members.
Unexpected or unintended damage or harm to a person or property.
Where the cost of repairing the Insured property (e.g a car) is not financially viable. Also known as a “Total Loss” or “write off”.
Many Insurance companies sell their services through brokers or intermediaries. Brokers have access to a number of companies so can provide competitive rates.
The person making a claim.
This means making a claim on your insurance policy.
Covers Accidental Damage to the driver’s own car in addition to Third Party, Fire & Theft cover.
A temporary vehicle provided to you by the garage whilst repairs are completed on your vehicle. They are often included as part of your insurance contract depending on the level of cover.
Credit Hire is when a temporary replacement vehicle is provided by One Call Claims in the event of a non-fault road traffic accident. One Call Claims funds the car hire whilst your vehicle is being repaired. The hire charges are then recovered from the at-fault insurer.
Repairs funded by One Call Claims who then claim this money back from the third party insurer.
The person defending a claim.
The fall in value of something over time such as a vehicle.
It will state on the certificate of Insurance if this cover is included and the specific terms. It only applies to the driver and will only provide TPO cover.
Your pre-agreed contribution to the overall cost of an insurance claim.
This is what is given when doing a quote for repairs.
The terms fault and non-fault can be confusing. A non-fault claim is simply a claim where ALL costs are recovered from someone else. If ALL costs can’t be recovered, then the claim is considered fault – even if the insured party didn’t cause the claim to happen.
This means the start of something.
This is the main principle of Insurance. Insurance exists to replace something that has been lost or damaged, and an indemnity seeks to restore the Insured person to the same financial position after the loss as immediately before.
Being liable or not liable for the accident.
To file a charge against someone or bring a case to court.
Motor Insurance Bureau – This is a body which the government of every European country has to establish and it is funded by UK Insurers as an Insurer of last resort. The MIB will handle claims that you are involved in where the Third Party is not Insured.
Taking action to avoid or reduce costs.
Failure to take proper care.
This is the figure that represents what your car was worth immediately prior to being involved in an accident.
The renewal of a policy.
This is the possibility that something may occur.
The value of an insured item on which a claim has been paid.
The value of the damaged vehicle.
This term refers to anyone affected by an accident, other than yourself. It may include drivers and passengers of other cars or owners of property.
The Insurer of another vehicle involved in an accident.
Covers any claim made by a Third Party but not damage to the Driver’s own car.
Covers Fire and Theft of the Drivers car in addition to Third Party Only cover.
See beyond economic repair.
Losses that are not insured through the Policy such as earnings.
This is the valuation of your vehicle after an inspection by an engineer.
This means the policy has been cancelled for some reason such as undeclared claims or not meeting the criteria.
Damage to an item or property over time.
See beyond economic repair.
A term used usually in an attempt to settle a dispute (in liability) without actually admitting fault by the person/company that use them.
One Call Group
You can bring it back any time from the accessibility link in the footer.
To discuss your existing policy you can speak to us on live chat Monday to Friday 9am – 8pm, Saturday and Sunday 9am – 4pm.