Swinton Specialist Vehicle Glossary of terms
What do we mean by…?
Here are the meanings of some of the words and phrases used on this website. This
glossary is here as a general guideline designed to help you with terms that you
might not be familiar with. If you need to understand the term in detail and how
it applies to you, then have a look at the policy wording.
Click on the relevant letter to jump to the section you need:
Comprehensive Cover:
The widest ranging vehicle insurance cover. In addition to the cover provided by
Third Party, Fire and Theft insurance, this also covers your car
or motorbike against any damage caused by an accident or someone else, whether you are at fault or not. Terms, conditions, exclusions and excesses
apply. Please refer to relevant policy wording for full details.
Compulsory Excess:
The amount of any claim which the Insurer insists you pay in the
event of a claim.
Cosmetic Modification:
Alterations to a vehicle which affect its appearance but not its performance such
as customised paintwork.
Deductible:
see Excess.
Excess:
The amount of any claim which you agree to pay if your vehicle is stolen or damaged,
irrespective of fault. You are entitled to seek recovery from a responsible
party in the event of an accident which was not your fault.
Grey Import:
A Grey import is a vehicle designed and built for sale outside the EU, and imported
into the UK. As such a vehicle was not originally intended for sale here, it may
not be manufactured to European specification and may not have undergone European
approval. See also Parallel Import.
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High Group Rated Cars:
This relates to the rating assigned to a specific vehicle by insurance companies.
Please see Motor Insurance Groups.
Immobiliser:
This is an electronic anti-theft device that is usually activated when the ignition
key is removed and largely prevents unauthorised starting of the engine. Generally
these are now factory fitted by the manufacturer, however it is also possible to
have an immobiliser fitted by a garage or specialist who would supply a certificate
of installation, detailing the exact model of immobiliser.
Indemnity:
This ensures that following a claim you are restored to the same financial position
that you were in immediately before the insured loss. Account is taken for age,
wear and tear and depreciation.
Inexperienced driver:
A person who has not held a full United Kingdom or European driving licence for
the last 12 months.
Insurer:
An organisation which issues an Insurance Policy in exchange for
a premium and pays any eligible claims arising.
Insurance Schedule:
The document that describes details of the cover you have and information that you
have supplied to your insurer.
Insured:
The person who is, or whose vehicle is, insured. Also known as the Policyholder
or Proposer.
Legal Liability:
The obligation to recompense others because of your negligence.
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Market Value:
For motor insurance, the cost of replacing a car or motorbike with one of similar
make, model and condition at the time of the loss or damage.
Medical Examiner’s Report (MER):
A report by a doctor, given at the request of the Insurer. The
cost is usually paid by the Insurer.
Terms, conditions, exclusions and excesses apply. Please refer to relevant policy
wording for full details.
Modification:
Alterations to a vehicle which affect either its appearance and/or performance.
Motoring Convictions:
Offences such as speeding which are detailed on your driving licence. You will need
to notify Swinton of any motoring convictions in the last 5 years, even though these
may have been removed form your licence.
Motor Insurance Groups:
Cars are usually rated by insurance companies on a scale of 1 to 20; 20 being the
highest. This relates to a group of factors including the vehicle's performance,
cost of replacement parts and the cars desirability to thieves.
Negligence:
The legal definition of negligence is the failure to exercise the care towards others
which a reasonable or prudent person would do in the circumstances, or taking action
which such a reasonable person would not.
No Claims Bonus:
A discount offered as a reward for you not making a claim on your insurance for
a number of years.
Parallel import:
Vehicles imported from abroad and sold within the UK by the manufacturer, but usually
at a higher price than a standard model. See also Grey Import.
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Personal Liability:
see Legal Liability
Policy:
The document which details what is covered and outlines the circumstances under
which a claim will be paid and the Conditions governing any payment. A policy is
a contract which is binding on both the customer and the Insurer.
Policyholder:
see Insured.
Premium:
The amount you will need to pay to an Insurer to be covered by
the insurance.
Proposer:
See Insured.
Protected No-Claims Bonus:
If you have 4 or more years no claims bonus, you may be able to
pay an extra amount, so you may not necessarily lose your no claims bonus
if you make a claim. You can usually make two claims before your bonus is affected.
Terms, conditions, exclusions and excesses apply. Please refer to relevant policy
wording for full details.
Responsible Party:
This is a term used to describe the person who is responsible for causing any losses
or damage.
Schedule:
The document that describes details of the cover you have and information that you
have supplied to your insurer.
Swinton:
A UK insurance intermediary who searches leading insurers to get
you a great deal. The paperwork sent out to you will show the name
of the insurer with whom we have arranged your insurance.
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Third Party Only Cover:
The minimum level of insurance cover for a car or motorbike which is required by
law. Third Party only covers your liability for death or bodily injury to anyone
else and your liability for damage to someone else’s property. It does not cover
any damage to your vehicle. Terms, conditions, exclusions and excesses apply. Please
refer to relevant policy wording for full details.
Third Party, Fire & Theft:
In addition to the cover provided by Third Party Only Cover insurance,
this also pays you compensation if your vehicle is stolen or destroyed by fire (subject
to Policy terms).
Terms, conditions, exclusions and excesses apply. Please refer to relevant policy
wording for full details.
Voluntary Excess:
An additional amount you may wish to pay in the event of a claim above any
compulsory excess insisted upon by the Insurer. You can
decide this sum at the point you take out a policy. Doing this will usually help
to lower your Premium.
You:
See Insured