Insurance glossary

M

Main driver

The person who uses a vehicle the most.

Market value

This is the cost of replacing a car based on the market price at the time of the loss.

Material fact

A material fact is information that would affect what an insurance company's attitude may be to insuring something, or the premium it would charge. Failing to disclose a material fact could invalidate a policy and is the responsibility of the client.

Motor schedule

This is a document which contains the details of your policy including any excesses and endorsements that is specific to your insurance. It should be read in conjunction with a policy document.