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Terms Your Insurance Vendor Might Use

Author : Dakota Lindal

Vehicle insurance is as much part of our daily lives as eating and breathing. The physical conditions our roads are in together with the increase in traffic volume and the volume of careless drivers on the road, make driving without having motor insurance nothing less than irresponsible!

In order to obtain motor insurance quotations from an insurance company, there are numerous of phrases and terms that you need to familiarize yourself with. This will make sure that you choose the best solution for your needs and requirements, and secondly that you do not fall for clever sales talk and end up spending a great deal more than you originally anticipated.

Motor insurance is classified as general insurance. Basically any insurance cover that isn't a long-term policy is classified as general insurance. In terms of general insurance or short-term insurance, your insurance provider will use the word "gross" often. Don't despair, they are not talking about something negative, gross in insurance terms can be used as follows:

Gross negligence is when you attempt to claim from your insurance following any sort of accident that you caused, and it can be proved that you were driving recklessly or intoxicated by alcohol or drugs. Your behavior is not only reckless, but additionally unlawful in many cases and for that reason your insurance provider has the full right to refuse to pay out a single cent.

Gross claim amounts are the amount that an insurance company will have to pay before any credits have been provided for. These credits can be by means of subrogation or repairs.

Insurance companies will also have to proclaim their gross premium income when their financial year comes to an end. This term refers to all the money that the insurance company has received from the total number of contracts they have on their books, before re-insurance cost has been deducted.

Your insurance company might also tell you that they are issuing you with a reasonable estimation or insurance quote. This basically suggests that they are estimating what your monthly insurance premium is going to be. An exact insurance quote can only be given once you've supplied the insurance company with the following information: Your age, gender and details of the car, the car value, security measures and even the address where the motor vehicle will be kept at night. All these information must be validated before the insurance cover can be put into place.

Should you hear the term rider in car insurance lingo, the insurance company is not talking about the driver of the car, but to a change to one or more aspects of a policy.

Obtaining insurance can be quite a daunting task. For this reason it's important to become acquainted with the terms and phrases as used by insurance companies. If you're not completely certain what you are being offered, do not hesitate to get a 2nd and even a third opinion. Insurance is one aspect of our daily lives where we should not take any shortcuts!

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Submitted : 2011-03-15    Word Count : 870    Times Viewed: 326