Insurance Glossary

A

Accident Damage Cover

Protection that pays for repairs to your vehicle if it is damaged in a collision with another car or object.

Agreed Value

A value for your vehicle that you and the insurer decide on when the policy starts. If the car is written off or stolen, the insurer pays this agreed amount rather than the market value.

B

Beneficiary

The person or people you choose to receive the life insurance payout when you pass away.

C

Courtesy Car

A temporary replacement vehicle provided by the insurer or repairer while your insured car is being repaired after an approved claim.

E

Excess Protector

An optional add-on that allows you to claim for damage without paying the standard excess amount on certain claims.

F

Funeral Cover

A type of life insurance designed to pay for funeral and burial costs when the insured person passes away.

G

Glass Cover

Insurance that specifically covers repair or replacement of your vehicle’s windscreen, windows, or sunroof without affecting your main claim history.

K

Key Replacement Cover

Cover that pays for replacing lost or stolen car keys and reprogramming locks or immobilisers if needed.

M

Mechanical Breakdown Cover

Optional protection that helps pay for certain unexpected mechanical failures in your vehicle after the manufacturer’s warranty has expired.

P

Premium Waiver

A policy feature where the insurer continues your cover without requiring premium payments if you become disabled or unable to work.

T

Term Life Insurance

A type of life insurance that provides cover for a fixed period (for example 10, 20, or 30 years). If you pass away during the term, the policy pays out.

W

Waiting Period

A period at the start of a policy during which certain claims (such as natural death) may not be paid out.

Whole Life Insurance

A life insurance policy that provides cover for your entire lifetime and may include a savings or investment component.