Glossary: Common car and car insurance jargon explained
Car insurance helps you secure your motor vehicle investment. If your car is damaged by accident or theft, insurance can cover repairs or compensate you for your loss. To help you understand both the insurance and repair process better we have prepared a concise glossary of some common terms below.
Car Insurance Terms
Comprehensive car insurance covers damage to your own vehicle or someone else's property.
A Schedule is issued by your insurance company and sets out who is insured, the cover(s) selected, the period of insurance, the sums insured, excesses and other important information.
Excess is an amount which you must pay towards the claim. The amount of the excess is set out in your current schedule. Browse through the Allianz car insurance cover options to find out more about excess variations.
Market value is the cost to replace your vehicle with one of the same make, model, age and condition as your vehicle immediately prior to the loss or damage.
A no claim bonus is a financial reward for drivers who have managed to stay claim-free during their insurance policy period. However, for those holding a maximum no claim bonus rating, Allianz can reward you further. With the Allianz protected no claim bonus option, Allianz will not reduce your current no claim bonus entitlement for the first claim in any one period of insurance which is your fault or where the responsible party cannot be identified.
A nominated driver is someone who you have advised us will drive your vehicle. Drivers who have not been nominated may still be required to pay additional excess applicable to the policy.
Personal effects stand for personal items owned by you that are worn or carried on your body. Depending on your policy, this may exclude money, cheques, credit cards or negotiable instruments, firearms, personal music devices, portable Global Positioning Systems (GPS) and more.
Third party property insurance provides financial security against liability for loss or damage caused by your car to property owned by a third party.
Anti-lock brake system (ABS) - also referred to as anti-skid brake system - is a safety system that prevents the wheels from locking up while braking. For cars with an ABS, upon braking, the wheels will continue to interact with the road surface and decrease the risk of skidding.
A car battery provides power to start the engine, lights, and other car accessories.
Brake fluid is a hydraulic liquid used to transfer the force applied by the brake pedal into pressure against the brake discs to slow down or stop your car.
A drive belt, also called a 'serpentine belt' is important for the operation of devices such as the water pump and air conditioning compressor. A well maintained drive belt ensures your car's mechanical efficiency.
A fan belt operates a fan that helps keep the car engine cool.
Power steering reduces the force required to turn the steering wheel. The power steering fluid needs to be checked regularly.
The radiator is part of the engine cooling system. In automobiles, radiators and coolants help prevent your car engine from over-heating. As outlined in our holiday trip preparation tips, don't forget to check your coolant level before you go on a long trip.
Thermostat refers to a temperature-operated valve installed within the engine cooling system. The thermostat regulates and maintains the engine temperature.
Transmission fluid acts as a lubricant for the moving parts inside your transmission.
The water pump pushes the coolant through the engine cooling system. An impaired water pump might lead to overheating which can cause severe damage to the engine.
Wheel bearings allow the vehicle wheels to rotate with very little friction. Vibration, humming or growling noise are common indicators for impaired wheel bearingsi.
i Samarins.com, Car dictionary: automotive terms, http://www.samarins.com/glossary/page2.html#wheel-bearing