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Glossary of Insurance Terms
A
B
Bike
Your motorcycle
C
Capacity
Cubic Capacity or CC of your car, bike, scooter, van or taxi
Car
Your motorcar
CBT
For bike and scooters only, Compulsory Basic Training
Company Name
The name of your insurance company
Comprehensive Insurance
This covers claims made by other people against you. This also covers your vehicle if stolen or damaged by fire, accidental damage or malicious damage
Convictions
Driving convictions or convictions pending, e.g. SP30, DR10, IN10
Cover
The level of insurance cover you have purchased
D
Drivers
Named person or people who will drive your car, van or taxi
E
Engine Size
Cubic Capacity or CC of your car, bike, scooter, van or taxi
Excess
The amount you pay in the event of a claim
Excess Compulsory
The amount you pay in the event of a claim
Excess Voluntary
The amount you choose to increase your excess by, this may reduce your insurance premium.
F
FSA
Financial Services Authority
G
H
I
Insurer
Your insurance company
IPT
Governments Insurance Premium Tax charged at 5% on your insurance premium.
J
K
L
Licence
The type of driving licence you currently hold
M
MCE Insurance
M. C. Edwards (Insurance Brokers) Ltd.
Modification
Any modification, engine, performance or cosmetic that has been carried out to your vehicle.
N
No Claims Bonus
Proven No Claims Bonus.
Non-motoring convictions
Criminal convictions or prosecutions pending.
O
P
Postcode
The postcode of where you will be keeping your car, bike, scooter, van or taxi. If this is not your home address, you must notify MCE's Customer Service department immediately
Premium
The amount you pay for your insurance.
Q
R
Riders
Named person or people who will be riding your bike or scooter
S
T
Taxi
Your taxi, minibus or cab
Third Party Fire & Theft Insurance
This covers claims made by other people against you and if your vehicle is stolen or damaged by fire.
Third Party Only Insurance
This covers claims made by other people against you.
U
Use Class 1
Business use as defined in your policy booklet
Use Class 2
Business use as defined in your policy booklet
Use SDP
Vehicle used for Social Domestic and Pleasure Only
Use SDP+C
Vehicle used for Social Domestic and Pleasure and Commuting Only
V
Van
Your commercial vehicle
W
X
Y
Z
Your Insurance Policy
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MCE Insurance is a division of M C Edwards (Insurance Brokers) Ltd. Authorised and regulated by the Financial Services Authority(FSA). Members of the British Insurance Brokers' Association(BIBA) and Members of the Motor Cycle Industry Association(MCIA). Registered in England No.1232753
