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Car Insurance Glossary Index

The terms used in the insurance industry can sometimes be confusing. Here are some of the key explanations of the more common insurance terms you might read or hear about:

Additional Insured:

This term refers to an extra driver, which is added on to the policy. The primary person and this ADDITIONAL person would now both be covered under the car insurance policy.

Car Insurance:

Car insurance is used to describe when a client pay a monthly premium to a car insurance company. In the event that you car is damaged or stolen you will be financially remunerated according to the terms and conditions of your car insurance policy.


This indicates the amount that is paid to the broker from you monthly premium for their services.

Effective Date or Inception Date:

This is the date from which you will be insured under the terms and conditions of your policy.


All policies have an excess. This is the amount you must pay before the insurance company will pay the claim up to specified limits of the policy.

Limited Liability:

Within your policy, the amount that the insurance company will pay to the policyholder in the event of a claim is limited to a certain amount. Limits are different according to the type of claim i.e. car hire up to the limit of R2000 or Towing up to the limit of R500. These limits are stated clearly in the policy.

No-Claim Bonus:

Many insurance companies offer reward programs which incentivizes the policyholder not to claim for a stated period. The reward or "no-claim' bonus is then paid out in accordance with the stated percentage or amount.


Legal Document between an insurance company and a client for a specific insurance type such as car insurance, where the insurer will provided financial remuneration if a client's insured item is damaged or stolen in accordance with the policy. In return the client will pay a monthly premium for this service. All terms and conditions are stated in the POLICY.

Policy Term:

Your policy has a defined period in which you are insured-this is known as your policy term.


This is the amount the insurer pays to the insurance company on a monthly basis to be insured for a specific policy.

Waiver of Excess:

A waiver of excess would negate you paying an excess if you make a claim on your policy. Instead, you would pay a higher monthly premium in order.


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