The language of casco quotes looks like a foreign language at first glance – yet fifteen terms unlock almost all of it. Here's the crash course: each term in a sentence or two, with a link to the fuller article.
- These 15 terms make 90% of casco quotes understandable – worth reading through once.
- The full A-Z glossary lives in a separate article: every term, one sentence each.
- If an unfamiliar word turns up in a quote, feel free to ask – a good broker translates it.
The parties and framework of the contract
Policyholder: whoever takes out and pays for the insurance. Keeper: whoever operates the vehicle according to the registration certificate – roles explained here. Sum insured / insured value: the ceiling up to which the insurer is liable. Territorial scope: which countries the cover applies in – worth checking before a trip abroad. Start of cover: from when protection applies – details here.
The core financial terms
Deductible: the part of the claim that stays with you – typically a percentage AND a minimum amount together: deductible logic. Depreciation: an age-based deduction on certain parts: depreciation in depth. Total loss: when repair isn't economical or isn't possible. Salvage value: the value of the damaged vehicle, which may be deducted from the payout: total loss and salvage value. Market value at the time of loss: the car's value right before the claim event.
The words of claims handling
Loss mitigation: your duty to stop the damage from getting worse. Inspection: the insurer's expert assessment – try not to alter the damaged state beforehand. Invoice-based or agreed-sum settlement: repairs are compensated against an invoice or an agreed amount: details here. Assistance: on-the-spot roadside help. Assignment: with a financed car, the payout may (in part) go to the lender – the credit/lease article.
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