Insurance Glossary

When used in relation to your car, it is the maximum amount the insurer will pay for loss or damage to your car caused by an incident less any deductions that apply, unless the insurer says otherwise in your policy. It includes the value of any accessories or modifications. The amount covered includes GST.

For Comprehensive cover, your amount covered will be shown on your certificate of insurance.

For Fire, Theft & Third Party Property Damage cover, your amount covered will be the market value of your car or the limit shown on your certificate of insurance, whichever is less.

Authorised repairs

Where the insurer has an arrangement with a repairer to conduct the repairs to your car.

Car

Your car is described on your certificate of insurance. It includes the standard manufacturer’s options and any options, accessories and modifications that have been fitted to your car.

Certificate of insurance

This means the latest certificate of insurance, including the insurance account, the insurer has given you. It is an important document as it shows the covers you have chosen and other policy details.

Excess

An excess is the amount you have to pay for each incident when you make a claim. For example, if the rear and front of your car have been damaged in two separate incidents, then you have to make 2 claims and pay the excesses that apply for each claim.

The total excess you are required to pay is determined by the circumstances of your claim. You might have to pay more than one type of excess when you claim.

Incident or event

Is a single occurrence which you did not intend or expect to happen.

Limit

The most you can claim for any one incident. It includes GST.

Listed driver

The person or people shown on your certificate of insurance as listed drivers.

Market value

The amount the insurer calculates the market would pay for your car. It takes into account the age, make, model, kilometres travelled and condition of your car immediately before the incident. The insurer might use recognised industry publications to calculate the amount.

Original equipment parts

Means parts that are manufactured anywhere in the world by, on behalf of, under licence from or with the consent (whether direct or indirect) of:

a) the manufacturer or supplier of your car;

b) the manufacturer or supplier of the part originally supplied with your car at the time of the car’s purchase;

c) any member of the domestic or international corporate group of which the manufacturer or supplier of your car or the manufacturer or supplier of the part is a member or affiliated with (including affiliation by common use of trade marks); or

d) any affiliate, licensee, sub-licensee, related body corporate or affiliate of any entity in a) or b) or c) of this definition;

whether or not the parts or the packaging of the parts bears the trade mark or trade marks of any of the entities contemplated by a), b), c) or d) of this definition.

Period of insurance

When your policy starts to when it ends. It is shown on your certificate of insurance.

Policy

Your insurance contract.

Total loss

Your car is a total loss if it is stolen and unrecovered after 14 days or when the insurer decides it is uneconomical, impractical or unsafe to repair.

Uninsured driver

A driver is an uninsured driver if neither the driver nor the vehicle owner has motor insurance or they have insurance but it does not cover damage to your vehicle at the time of the incident.

You, your

The person or people shown as the insured on your certificate of insurance.