Car Insurance Jargon

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Main driver - The main driver is the person who uses the vehicle the most.

Market value - The cost of replacing your car with one of a similar make, model, year, mileage and condition, based on market prices at the time of the loss.

Material fact - Information that would affect an insurance company's willingness to accept a policy, or the premium it would charge, such as previous driving convictions. Failing to disclose a material fact could invalidate a policy.

Mechanical breakdown insurance - MBI policies are better-known as extended warranties for cars. They are not really warranties at all, but insurance policies that pay out if certain faults arise with a car.

MIB - Acronym for the Motor Insurers' Bureau, a body funded by motor insurance companies, which deals with claims for injury compensation when the driver at fault is not insured, or cannot be traced.

Motor schedule A motor schedule is a document that shows details of your policy, excesses, endorsements and premium that is specific to your insurance and should be read in conjunction with your insurer's policy wording.

Mutual - An insurance company that is owned by its policyholders.