Motor Insurance Glossary of Terms
Note: The following is a guide only. Please refer to the Product Disclosure Statement for the standard terms, conditions, limits and exclusions of the cover.
With Allianz comprehensive Motor Insurance, you can choose to insure your car for an Agreed Value .The Agreed Value is the amount Allianz agrees to insure your vehicle up to as shown in your policy schedule. There are conditions to Agreed value – vehicle needs to be over $10,000 and less than 10 years old.
A safety feature fitted to your car to prevent theft, such as alarms, immobilisers, keyless entry systems or motion detectors. Adding an anti-theft device may lower your comprehensive insurance premium.
A request for compensation / indemnification under the terms of your insurance policy. You will need to notify Allianz of the event which gives rise to your claim and supply supporting evidence such as repair / replacement reports on cause of loss or damage and quotations, proof of ownership, police reports and any other documentation (can include photos) which the insurer may require to support your claim (where applicable).
Repairs made to your vehicle which are covered as part of a claim made under your insurance policy.
Comprehensive Car Insurance
Insurance that provides you with cover for accidental loss of or damage to your car, as well as cover for your legal liability for loss of or damage to other people’s property caused by a car accident which is partly or fully your fault. Allianz comprehensive policies also provide a range of other benefits.
The period of time from the date your policy is issued during which you can cancel your policy and receive a refund of premiums you have paid, provided you have not made or an event has not occurred that could give rise to a claim. Allianz Motor Insurance policies have a 14-day cooling off period.
The insurance cover applying to your vehicle as shown on your policy schedule.
Duty of Disclosure
Before you buy insurance, you have a legal duty of disclosure to tell the insurer anything you know and that a reasonable person in the circumstances would include in their answer to any questions the insurer asks that are relevant to their decision to insure you and on what terms. The duty applies until the insurer agrees to insure you. If you don’t comply, the insurer may cancel your contract, reduce the amount they pay for a claim, or both. If your failure is fraudulent, the insurer can refuse a claim and treat the contract as if it never existed.
The date when your insurance cover first starts, as shown on your policy schedule.
The amount(s) shown in the policy schedule which you must pay when you make a claim under your policy, unless your policy documentation states that an excess does not apply.
Circumstances in which you will not be covered under your insurance policy and for which you are not able to claim any benefit. For example, you may not be able to make a claim if your car is involved in an accident while a declined driver or an unlicensed person is driving it.
The date and time upon which your policy ends, as shown on your policy schedule. However, your policy may end earlier in accordance with the policy or law.
Fire and Theft Cover
Cover for accidental loss of or damage to your car caused by fire or theft, up to the limit specified in the policy.
With Allianz comprehensive Motor Insurance, you can choose to insure your car for its Market Value. This is the cost Allianz determines to replace your vehicle with one of the same make, model, age and condition as your vehicle immediately prior to the loss or damage. This does not include charges for vehicle registration, compulsory third party insurance, stamp duty, transfer, dealer warranty costs or transfer fees or dealer delivery.
Any alteration to your vehicle’s standard engine, exhaust system, body, suspension, wheels or paintwork. You will not be covered for the additional value of any modifications which have been made to your car unless Allianz has agreed to cover them in your insurance policy.
No Claim Bonus (NCB)/Rating Level
A reward on your comprehensive car insurance policy in the form of a discount for not making a claim. If you purchase your car insurance through us, your No Claim Bonus/Rating level will be calculated based on:
- the number of years you and any other covered drivers have been driving for; and
- the claims and insurance history of you and any other covered drivers
Each additional consecutive claim free year of driving entitles you to an increased No Claim Bonus /Rating level up to a maximum amount.
No Claim Bonus Protection
An optional benefit which may be available if you purchase Allianz comprehensive motor insurance. When your policy schedule shows that the protected No Claim Bonus applies, Allianz will not reduce your maximum 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.
Not At Fault Accident
An accident where it can be determined that the driver of another vehicle was entirely at fault, and you are able to provide us with their full name, residential address and vehicle registration number.
Period of Insurance
The period of time commencing on the effective date stated in the policy schedule and ending on the expiry date stated in the policy schedule (unless the policy ends earlier in accordance with the policy or law) during which Allianz will provide cover under the policy.
A policy document which shows your policy number, details of your cover, period of insurance, any options you have and additional excesses you must pay in the event of a claim. It is part of your policy and should be read in conjunction with the other documents that form your policy.
The amount you pay or agree to pay in return for the insurance cover you have chosen. Your premium is based on the likelihood of a claim being made on your policy during the period of insurance. When Allianz determines your premium, they look at a number of factors that have over time been shown to be a good determinate of the likelihood of a claim being made. Some of these factors include; the type of vehicle you have insured and where you keep it; the age of the people likely to drive the vehicle; and the way you use your vehicle – for example, private or business use.
Product Disclosure Statement (PDS)
Policy document setting out the standard terms, conditions, limits and exclusions of an insurance product. It is important that you read and understand the PDS before taking out any form of insurance. You can download the Product Disclosure Statement for Allianz Motor Insurance here.
Removal of Basic Excess for Windscreen Claims
An optional benefit available if you purchase Allianz comprehensive motor insurance. When your policy schedule shows that the removal of basic excess for windscreen claims option applies, if the windscreen or window glass in your vehicle is accidentally broken or damaged and it is the only damage to your vehicle, an excess will not be applied to your claim. With this option, you can remove the excess on one windscreen or window glass replacement and two windscreen/window glass repairs within a period of insurance.
Your No Claim Bonus will not be affected if your claim is only for the cost of repairing or replacing the windscreen or window glass in your vehicle and it is accidentally broken or damaged.
Rental Car Following an Accident
An optional benefit available if you purchase Allianz comprehensive motor insurance. When your policy schedule shows that the rental car following an accident option applies and a claim for accidental damage to your vehicle is accepted, Allianz will provide you with a rental car or if a rental car is not available, pay you a daily travel allowance while your car is undergoing repairs for a maximum period of 30 days.
A vehicle similar to your vehicle which has been hired or borrowed because your vehicle is being repaired, serviced or is not drivable due to a mechanical breakdown.
Third Party Property Damage Car Insurance
Insurance that covers your legal liability for loss of or damage to other people’s property caused by a motor vehicle accident which is partly or fully your fault.
When, in Allianz’s opinion, the car is so badly damaged that it would not be safe or it is uneconomical for Allianz to repair, or when it has not been found within 14 days of you reporting its theft to Allianz.
If you have a comprehensive motor insurance policy with Allianz and Allianz considers your car to be a total loss, then Allianz will pay you the agreed or market value of your car, subject to excess and outstanding premiums.
1300 Insurance Pty Ltd ABN 50 124 845 727 AR Number 327609 is authorised to refer you to the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL No. 234708 (Allianz) and to provide written general advice on this insurance as the insurer’s agent. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision, please consider the Product Disclosure Statement available here.
If you purchase this insurance, we will receive a commission that is a percentage of the premium. We will also receive a percentage of the profit which exceeds the profit threshold on Home (excluding flood), Landlord (excluding flood), Motor, Caravan and Trailer and Commercial policies referred by us to Allianz (or renewed with Allianz) in each calendar year, provided that the relevant premium threshold is met. From 1 September 2018, we will also receive an annual marketing allowance from Allianz for promoting its products. This is calculated as a percentage of the premium on Home, Landlord, Motor, Caravan and Trailer and Commercial policies referred by us to Allianz in the previous 12-month period. Ask us for more details before we provide you with services.