Motorcycle Insurance Jargon Explained:
At thebikeinsurer.co.uk we aim to take the hassle out of buying motorcycle insurance and our mission statement is to find the best deal for the customer in the quickest time. We’ve put together the guide below to help you understand what the insurance companies mean when they refer to certain terms either in the quote or in the motorcycle insurance policy wording.
The Policyholder: The person who has taken out the insurance.
We/Us/The Company: This is either the broker that has provided your insurance policy on behalf of the insurance company, or in certain cases you may be insured directly by the insurance company with no broker involved.
Schedule: Details of the cover your insurance policy provides, basically what you are covered for and what you are not.
Certificate: Evidence required by law. You need this to prove you have got insurance, for example if you are required to produce your documents at a police station.
Endorsement: Changes in the terms of the policy (this will be shown in the schedule.)
NCB/NCD: No Claims Bonus/No Claims Discount, this varies according to how many years you have had insurance without making a claim.
Protected Bonus: This means you can pay an extra amount to protect your no claims bonus so that if you do claim you will still be able to keep your No Claims Bonus.
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 to make a claim on your insurance policy you will usually have to pay the first portion of the claim, this is known as your excess. If your claim is non-fault ie you have an accident and it is proven to be another drivers fault then you may be able to recover your excess from their insurance company. The amount of excess you are liable for is outlined in your schedule.
C.B.T.: Compulsory Basic Training.