Guide to insurance speak
We want to help you make sense of the jargon and abbreviations you will find when insurance is being discussed. To do this we have put together the following 'Guide to Insurance-speak', which should help you when you're going through your quotes or policy documents.
The person who has taken out the insurance
Bennetts is an intermediary, so we search the market to help find the best deal for you. Therefore on your schedule you will not see Bennetts as the insurer. Instead you will see the name of the insurance company with whom we have placed your insurance.
Details of policy cover. What you are covered for and what you are not
Evidence required by law. You need this to prove you have got insurance
Changes in the terms of the policy (will be shown in the schedule)
No Claims Discount
Protected No Claims Discount
This means you can pay an extra amount to protect your no claims discount. You may be limited to two claims in any 3 year period
I.P.T. Insurance Premium Tax.
Compulsory tax levied by the government on all insurance premiums
Compulsory Basic Training for motorcycles
Even when you are insured, if you have an accident you may have to pay some of the claim. The amount of excess you are liable for is outlined in your schedule