This is based on your car’s make, model, mileage, age, variant, and overall status at the time of the incident.Ī type of coverage that provides financial assistance for legal fees in case you get into an accident that will be taken to court.Ī type of coverage that provides transportation allowance while your car is being repaired. The amount the insurance provider will pay if your car gets totaled or stolen. This is only applicable to vehicles older than 3 years and is not applicable to total vehicle loss. The amount will depend on the value of the new parts when it was damaged or lost compared to its value when the vehicle was purchased. You can increase your deductible fee if you want to lower your insurance premium.Ī type of participation fee for your car’s damaged or lost parts due to an accident or loss. Some policies don’t include deductibles and for those that do, it should follow the Motor Tariff’s minimum deductible fee. It’s also one of the most important because this serves as proof that your car is insured.Ī request filed by the insured and sent to the insurer to cover or reimburse expenses from damages or loss of your car or other coverages as stated in your insurance policy.Ī type of participation fee that involves a car accident or loss and an investigation proves that you’re at fault. One of the documents you’ll receive as part of your motor insurance policy. This is a fixed amount that you and the provider have agreed on at the start of your motor insurance policy term.
This is a fixed amount that you and the provider have agreed on at the start of your policy term. A good example would be bystander/s and/or person/s in the other car/s involved, or your passengers that aren’t your relatives or employees. This refers to the other person/people involved in the accident that’s not the 1st party, the 2nd party, or relatives or employees of the 1st party. This is the insurance company where you applied for car insurance. This is the owner of the vehicle and the insurance policy.Īlso called Insurer. Below is a list of commonly used car insurance terms you’ll encounter:Īlso called the Assured. It might also be hard to recall your car insurance agent’s explanation of the terms but we’re here to refresh your memory. It’s easy to get lost in a sea of unfamiliar words when you first read your motor insurance policy.
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