Hot Topics
A feature in some auto insurance policies that prevents your premium from increasing after your first at-fault accident.
The value of your car at the time of a loss, taking depreciation into account.
A professional who analyses financial risks using mathematics, statistics, and financial theory, often working for insurance companies.
This refers to the insurance company of the other party involved in an incident or claim. For instance, if you’re in a car accident, the adverse carrier is the insurer of the other driver.
A person who represents an insurance company by selling and maintaining insurance policies.
A modification or addition to an existing insurance policy that changes its terms, benefits, or coverage.
Equipment installed in a vehicle to reduce the risk of theft, which can sometimes lower insurance premiums.
The party responsible for an undesirable situation or event, particularly in the context of accidents or incidents.
A coverage in auto insurance policies that provides funds to pay for bail if the policyholder or any person driving the insured vehicle is arrested after an accident.
The individual or organisation designated to receive benefits from an insurance policy.
This insurance coverage handles medical expenses, lost wages, and legal costs for others injured in an accident where you are at fault. It’s a component of liability coverage in auto insurance policies.
An insurance professional representing the insured rather than the insurer, helping clients find the best policies for their needs.
A fee charged by a broker for arranging insurance coverage.
The process of ending an insurance policy before its scheduled expiration date.
A contract between the policyholder and an insurance company that provides financial protection against losses resulting from accidents, theft, or other damage to the vehicle.
A classification system used by insurers to determine insurance costs based on factors like performance, repair costs, parts prices, and safety features. For instance, car group 5 includes small sedans and eco cars, which are cost-effective with small engines and readily available parts.
A compulsory fee that car owners must pay annually. This is a payment to maintain the transportation system and related sectors.
A significant event causing extensive damage or suffering, such as a natural disaster or a major accident.
A request submitted by the policyholder to the insurance company for payment of benefits under the policy.
A professional who evaluates insurance claims to verify their validity and completeness. They investigate the details, consult with legal experts if needed, and decide the payout amount.
The process of paying out a claim to the policyholder.
The person making a claim under an insurance policy.
Insurance that covers damage to your vehicle resulting from a collision with another vehicle or object.
Insurance that protects your car from damage caused by events other than collisions. This includes incidents like theft, fire, vandalism, and natural disasters such as floods or storms.
Insurance that is required by law, such as Por Ror Bor insurance for vehicles in Thailand.
The maximum amount an insurance company will pay for a covered claim under a policy. This limit is explicitly stated in the policy and can apply per incident or over the policy term. Often used interchangeably with “policy limit” and “sum insured”.
A vehicle that has been modified to enhance its performance or appearance according to the owner’s preferences.
A section of an insurance policy that outlines key details about the policyholder, the insured property or individuals, the coverage amounts, and the policy period, summarising the essential aspects of the insurance contract.
The amount the insured must pay out-of-pocket before the insurance company will cover a claim.
The decrease in a vehicle’s value over time due to wear and tear, age, and other factors.
A modification or addition to an existing insurance policy that alters the terms or coverage of the original policy.
The amount the insured must pay out of pocket before the insurance company pays the remaining costs of a claim. It is similar to a deductible and is specified in the insurance policy.
Specific conditions or situations that are not covered by an insurance policy. These are explicitly stated in the policy and outline what the insurer will not pay for.
The final date on which a product or service remains effective or safe to use. After this date, the product may no longer be reliable.
The initial report you provide to your insurer about a loss, theft, or damage to an insured item. This starts the claims process, allowing the insurer to assess and respond.
A designated period during which a new policyholder can cancel their insurance policy without penalties and receive a full refund of the premium paid. This period typically ranges from 10 to 30 days, depending on the insurer and local regulations.
The additional time allowed for the payment of a premium after the due date without cancelling the policy.
A formal contract between an insurance company and the insured, detailing the terms and conditions under which the insurer will provide financial protection or reimbursement for specified losses. This document outlines the coverage, exclusions, premiums, and the responsibilities of both parties.
The individual or entity that is covered by an insurance policy. This is the individual or organization that receives the benefits or protection provided by the insurance.
The insurance company that provides coverage and protection to the insured. The insurer is responsible for paying claims and managing the policy according to its terms and conditions.
The cancellation of an insurance policy due to missed premium payments, leading to a loss of coverage and benefits.
The person who uses the vehicle most frequently and is primarily responsible for its use. This individual is usually the registered owner, or the person named on the insurance policy.
Coverage for actual medical expenses of any driver and/or any passenger, who is in or driving or entering or alighting from the insured vehicle.
An individual who is listed on an insurance policy and is authorized to drive the insured vehicle. This person enjoys the same level of coverage as the primary driver. Named drivers are often added to a policy to allow multiple people to drive the same vehicle.
A discount applied to your insurance premium for each year you do not make a claim. This bonus accumulates over time, rewarding safe and claim-free drivers by reducing the cost of your insurance.
Compensation for loss of life, loss of organs, permanent disability, and temporary disability of any driver and/or any passenger, who is in or driving or entering or alighting from the insured vehicle.
The individual who owns the insurance policy. This person has the authority to exercise the rights stated in the insurance policy contract, including the right to control the policy.
The maximum amount an insurance company will pay for a covered loss under a policy. The term “sum insured” is often used interchangeably, but in motor insurance, the “policy limit” refers to broader coverage, including third-party liability.
The amount paid for an insurance policy, typically on a monthly or annual basis.
The option to pay an insurance premium in regular, fixed intervals (e.g., monthly, quarterly) instead of a lump sum, allowing policyholders to spread out the cost over time.
The destruction inflicted on someone’s property due to another person’s negligence, intentional actions, or natural events. This can include damage to real property (like a house or land) or personal property (like a car or bicycle).
An estimate of the cost for an insurance policy or service. It can also refer to the process of providing such an estimate.
The continuation of an existing insurance policy for another term, typically annually, to avoid a lapse in coverage.
The expenses associated with fixing damage to a vehicle or property. This can include parts, labour, and any additional fees.
A service that helps you if your car breaks down, including towing, tyre changes, and jump-starts.
The highest amount an insurer will cover for a claim under a specific policy. The term “policy limit” is often used interchangeably, but in motor insurance, the “sum insured” specifically covers the insured vehicle and applies solely to damages incurred by the insured vehicle itself.
An extra fee added to the standard cost of a service or product, often due to additional expenses or special services provided.
Any individual or entity that is not involved in the insurance contract but may be affected by the actions of the insured.
Insurance coverage that protects you against claims from another person for injury or damage.
The process used by insurers to evaluate the risk of insuring a person or entity.
An assessment of a vehicle’s condition to determine insurability and identify any pre-existing damage.
Optional insurance coverage that a policyholder can choose to add for extra protection beyond the mandatory requirements.
The time that must pass before some or all your insurance coverage can begin.
