Motorhome Insurance Glossary Of Terms
Some common motorhome insurance policy items and glossary of terms:
Agreed value: If you have added lots of accessories or worked hard on major modifications to your motorhome, you may wish to have the insured value of your vehicle reflect it's true worth. Sureterm Direct Insurance can include an Agreed Value upon request at no additional cost on most motorhomes.
Approved repairer: A repairer we have approved and authorised to repair your motorhome following a claim.
Betterment: Where the results of repairs or replacement due to the loss of your motorhome results in the insured receiving something better than he had before the loss. The difference is known as "betterment." In most instances, this difference is discussed before the repairs or replacement is made and the insured has agreed to an appropriate figure as to his contribution for this "betterment." This is also referred to as "new for old."
Compulsory Excess: If you make an insurance claim, this is the amount you agree to pay yourself to repair your motorhome.
European Use / Green Card: If you drive your motorhome abroad, this is insurance designed to make it unnecessary to apply for insurance at the border of each country. It confirms that you have at least the minimum legal insurance cover.
Insurance is the transfer of risk by an individual, such as yourself, for your motorhome, or an organisation, such as your business, to the insurance company. You or your organisation will thus be known as the policy holder for the motorhome. The insurance company receives payment in the form of a premium and will compensate you in the event of losses or damages sustained by you or your motorhome.
Legal Expenses Insurance: Legal Expenses Insurance is there to meet legal and recovery costs for your “uninsured losses” resulting from an accident. For example, you may need to sue the Third Party for recovery of your out of pocket excess after an accident involving your motorhome. You may also have had to hire a motorhome or may need to obtain compensation for an injury arising from an accident, which was not your fault. Such things are not always covered under your motorhome insurance policy itself. A legal expenses policy to meet those legal costs is a must - you get £100,000 with Sureterm included.
Limited mileage: If you do not drive excessive miles in your motorhome, Sureterm Direct Insurance allows you to have a cheaper premium based upon an agreed maximum annual mileage.
No-Claims Bonus: You get a discount on your insurance premium if you drive your motorhome without making a claim on its insurance. It is sometimes possible to pay extra to protect your bonus in the event of a claim.
Personal effects Cover: A massive £2 Million with Sureterm for you. Liability coverage pays when you are legally obligated for damages that occurred as the result of something that happened in your or by your motorhome (someone slipped and fell on your entryway rug, for instance, or someone split there head open on an open window whilst walking past). This coverage would pay the claims as well as a lawyer to defend you in the event of a lawsuit.
Salvage retention: Your motorhome may be declared a write-off. Sureterm Direct Insurance allows as standard a buy back option to buy back the wreckage in the event of a major accident. In some cases however, the motorhome is so badly damaged that the insurance company is required by law to have the vehicle destroyed.
Voluntary excess: You can sometimes get a cheaper insurance premium on your motorhome by arranging to pay an agreed sum in the event of a claim.
Windscreen Cover: Windscreens are only covered under Comprehensive policies through Sureterm Direct Insurance and are subject to different excesses than the main policy. A damaged windscreen on your motorhome (i.e. scratched) may not have any excess if repaired by the approved Insurers Windscreen Company. Windscreen claims never affect the no claims bonus with Sureterm.