Motor - A-Z Motorbike Insurance Glossary

 

 

 

Accessory Coverage

Insurance which covers equipment, devices, enhancements, and changes, other than those which the original manufacturer installed, which alter the appearance or performance of a covered motorcycle.

 

Bodily Injury Liability

Insurance which covers your legal liability for bodily injury caused to others due to your own negligence.

 

Certificate of Insurance

The certificate is a document that proves you have valid insurance for your motorcycle. It includes who can ride the bike and what it can be used for.

 

Claim

This is the formal application you make to your insurer for payment under your policy.

 

Compulsory Excess

The compulsory excess is the amount your insurer requires you to pay towards each claim.

 

Collision Coverage

Insurance for your own motorcycle damage resulting from the striking of another object or vehicle.

 

Comprehensive Coverage

Insurance for your own motorcycle damage, including theft, resulting from an occurrence other than collision with another object or vehicle.

 

Cover

The risks your motorcycle insurance policy protects you against.

 

Cover Note

A document issued when you take out motorcycle insurance as temporary evidence that your bike is covered by the insurance.

 

Cover Type

Third party, third party, fire and theft or fully comprehensive.

 

Exclusion

An event or circumstance in which the insurance company does not have to pay out under the policy.

 

Fully comprehensive insurance 

The most inclusive motorcycle cover available which, as well protecting you from liability to other people and their property, covers the cost of repairing or replacing your motorbike whether you are at fault or not.

 

Immobilizer

An electronic anti-theft device activated when the ignition key is removed.

 

Insurance schedule

The insurance schedule is a document that gives details of the cover you have and information that you have supplied to your insurer.

 

Insured

The person whose motorcycle is insured, also called the policyholder .

 

Insurer 

The organization that issues the insurance policy and pays any claims in exchange for an insurance premium.

 

Market value

The cost of replacing your motorbike with another of the same make and model and of a similar age and condition at the time of the accident or loss.

 

No-claims bonus / discount 

A discount on your premium if you have ridden a bike for a length of time without making a claim on your insurance.

 

No-claims Discount

The way a no claim bonus commonly works is that in return for not having to submit a claim against your insurance policy for a given period (typically a year), you receive a discount on future premiums. This discount begins to apply from the anniversary of the policy.

 

Policy 

The document setting out the legal rights and obligations of you and your insurer.

 

Policy holder

The person whose motorcycle is insured.

 

Premium 

The amount you pay for your insurance.

 

Property Damage Liability

“Third party” insurance covering your legal liability for damage to property of others caused by your own negligence.

 

Renewal Notice

The notice sent by the insurer to you as the policyholder inviting you to renew your policy.

 

Safety Apparel

Safety apparel specifically designed to minimize injury from a motorcycle accident, including, but not limited to, helmets, leathers, riding boots, riding gloves, and protective eyewear.

 

Sum Insured

The total amount for which the motorcycle is insured.

 

Third Party Insurance

The basic motorcycle insurance. Third party only covers your liability for death or injury to someone else and your liability for damage to someone else's property.

 

Third party, fire and theft insurance 

Similar to third party insurance but third party, fire and theft also pays compensation if your motorcycle is damaged by fire or is stolen.

 

Voluntary excess
An additional amount you can opt to pay towards a claim in order to cut the cost of your premium.

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