Collingwood Insurance Jargon Buster
Learning to drive and getting insurance can be a confusing time with so many new words and terms thrown at you at every turn. We have put together this helpful jargon buster to help you understand key terms relating to your policy.
Telematics is often referred to as Black Box Insurance. This is a type of insurance where you car has a box that tracks your driving to ensure safe driving.
Third Party Insurance (TPO) is the minimum amount of cover you can get. It only covers damages for other vehicles, properties and people in an event of an accident that was deemed to be your fault. Your passengers will also be covered.
Third party fire and theft insurance (TPF&T) covers you for any damage caused to a third party or their property if you are involved in an incident. It also covers your own car if it’s damaged by fire or stolen.
If there has been an accident of incident your car could be a total loss or write-off. This means it either cannot be repaired or would cost more to repair than to replace.