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.

Repairs made with the approval of your insurer. This may often affect whether the repairs made will be guaranteed by the insurer.

An official document verifying the existence of your insurance policy, its effective date and the type of policy you hold with an insurance company.

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 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.

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 [..]

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 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.

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.

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.