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MOTORCYCLE INSURANCE GLOSSARY |
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> Glossary of motorcycle insurance terms |
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Third Party Cover only
This is basic insurance cover and covers your liability for death or
bodily injury to a third party including other pillion passengers and your
liability for damage to third party property.
Third Party Fire and Theft Cover
This covers third party risks as described in 1 above plus covers your
motorcycle if stolen, subject policy terms.
Comprehensive Cover
This includes the cover described in 1 and 2 above, as well as loss of or
damage to your motorcycle caused by accidental or malicious damage.
Schedule
Details of policy cover. What you are covered for and what you are not. Any
changes in the terms of the policy (endorsements) will be shown in the
schedule.
I.P.T.
Insurance Premium Tax. Compulsory tax levied by the government on all
insurance premiums
Excess
Even when you are insured, if you have an accident you may have to pay some
of the claim. The amount of excess you are liable for is outlined in your
schedule. This is the first part of each and every claim, which you (not
your insurer) must pay. There are two types of excess:
Compulsory excess - This is excess that has been applied as a
requirement by your insurer and will vary according to your personal
circumstances and the terms of cover provided. Compulsory excess will also
apply to fire or theft claims.
Voluntary excess - This will apply where you agree with your insurer
to pay a greater part of each claim than the compulsory excess.
Social, Domestic and Pleasure Use Including Commuting
This includes commuting to and from one place of work. 'Excluding commuting'
means your motorcycle can be used for social, domestic and pleasure purposes
only.
Business Use
This is when the policyholder uses their motorcycle for their own business
to travel to more than one place of work and between places of work. |
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No Coverage
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