Motor Insurance Glossary

28 Jun 2017 Car
Motor Insurance Glossary

Policy - 

A contract of agreement issued by the insurance company to the insured or policy holder. A policy grants the insured/client insurance protection as per mutually agreed upon terms set by the insurer. 

The Insurer -

The company which the insured/client chose to buy. Usually clients go through brokers and the insurer would be the company that the insurance policy came from. 

The Insured -

The insured is the client or the policy holder who bought the insurance for his or her car. 

Claim Amount -

The claim amount are monetary values of claims, limits are specified in the insurance policy. The claim amount is dependent on the damage done to the car or other people involved.

Premium -

Amount the insured or client paid to the insurance company or broker. 

Sum Insured -

The maximum amount insured for the car and other beneficiary

The Beneficiary -

The beneficiary will be receiving the claim amount, as per limits specified in the agreement. Usually this person is the next of kin should the insured be involved in a fatal accident.

Deductible -

Excess or Deductible is the amount the insured needs to pay before the insurer pays for the insurance coverage. 

These are the simple terms that you should on for motor insurance, including Car Insurance Thailand and also Motorbike insurance thailand. You can compare and get instant quotes from there!

Happy comparing and buying insurance :)

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Mister Prakan