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QUOTE DECODER

Understand your insurance quote before you commit.

Not sure what premium, excess, levies, exclusions or waiting periods mean? Use the Quote Decoder to break the language down simply.

Clear guidance.
Tailored cover.
P

Premium

The price charged for the selected period of cover.

E

Excess

The amount you may contribute when an insured claim occurs.

T

Training Levy

A statutory levy commonly shown on general insurance quotations.

P

Policyholders Compensation Fund

A statutory contribution shown on relevant quotations.

S

Stamp Duty

A fixed statutory charge that may appear on the policy.

O

Optional Benefits

Extensions such as PVT, excess protector or windscreen cover.

E

Exclusions

Events or circumstances the policy does not cover.

S

Sum Insured

The value stated as the basis of cover.

C

Comprehensive vs Third Party

Comprehensive generally includes own damage; third party primarily addresses liability to others.

U

Underwriting

The insurer’s assessment of risk before confirming terms.

Common terms clients ask about +

A quotation is not confirmation of cover. Check the insurer, policy period, premium, excesses, limits, exclusions, optional extensions and required documents before accepting.

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