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Understanding Your Car Insurance: Glossary of Contract Terms
Home Autos & Trucks Insurance
By: Laura Ginn Email Article
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Settlement

The payout that you or somebody else received from an insurance company is referred to as the settlement.

Social Domestic and Pleasure (SD & P)

When you take out a car insurance policy, your insurer is going to want to know how you intend to use your car. They will ask whether you will be using it to get to and from work, for SD & P purposes, or for both. If you are going to be using your car to do things such as take trips, visit friends, and go shopping, then you are using it for SD & P.

Underwriter

An underwriter assesses how much of an insurance risk you are likely to present for an insurer, and how much your premiums will be. They take into account factors such as where you live, how old you are, any points on your license, what sort of car you drive, and even where your car will be parked overnight.

Voluntary Excess

A voluntary excess is how much you can agree to pay on top of your compulsory excess. If you can afford to make a bigger payment in the event of a claim, then you may benefit from lower premiums, as this will guarantee a smaller cost for your insurance company.

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Eva Kurilovaappreciates that the language used by insurance companies can be confusing and difficult to understand which is why she likes the idea of an online car insurance glossary. Visit the uSwitch.com website to use their free glossary tools and learn more about your insurance.

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