ABI - Association of British Insurers
The ABI is the governing trade body of which most insurance companies are members. All ABI members have to follow the association's code of practice at all times. The ABI has established a protocol which is referred to as the GTA (see below) and this regulates the way in which members of our industry and the insurance industry negotiate compensation for accident claim victims.
Most insurance companies use approved repairers for all their insurance claims. The benefits this gives insurers is that they can drive the cost of repairs down by directing large volumes of work to a limited number of body repair shops often by allowing the body repairer to only recover a set hourly rate and limited commission on the parts that it supplies.
Your priorities may be different to an insurer in that you want your car repaired to the standard determined by the manufacturer so as not to threaten the residual value when you come to sell it. You have the absolute choice as to who you select to repair your damaged vehicle irrespective of who insurers your car. If you are concerned about the quality of repair it falls to the insurer to negotiate separately with the repairer to agree the repair cost.
Beyond Economical Repair
This is a different way of saying that the vehicle is a "write off" or “total loss”. Either phrase means that it is not financially viable to repair the damaged vehicle and most insurers will wish to make an offer to recompense you for the loss you have suffered by agreeing a pre-accident value for the damaged vehicle.
This is a free car provided by the repairing garage. It is usually an A group car such as a Nissan Micra or Ford Ka. Many people believe they have an automatic entitlement to a courtesy car following an accident but they do not unless they have paid an additional premium when they took out their insurance policy. Even then, the car may only be provided if you use the insurer approved repair shop and then only for a limited period of time.
If you are offered a courtesy car and it is not sufficient for your needs – too small, under powered or not acceptable – then you are not obliged to accept it.
GTA - General Terms of Agreement
This is an agreed protocol between the insurance industry and the industry of which Broker Assistance Ltd is a member. It regulates how we do business, how we manage claims, the charges we can recover on your behalf and the way insurers must behave in respect to settling your claim.
Motor Insurance Bureau
This is a body which the government in every European country has to establish and it is funded by all UK insurers as an insurer of last resort. If you are involved in an accident where the third party is not insured then the Motor Insurance Bureau becomes their adopted insurer and the people who will settle claims for damages through the negligence of that uninsured third party driver.
Non Fault Credit Hire
Broker Assistance provides bespoke, first class Non Fault Claims services to some major names within the Insurance World.
Subject to the circumstances of the accident, Our Non Fault Claims service ensures that your customers or drivers that are involved in road traffic incidents, where they are not at fault, can remain mobile while their own vehicle is being repaired without the need to pay for hire charges in advance.
We hire a replacement vehicle to the driver whilst we organise, manage and, at our discretion and if requested by them, fund the repairs to their vehicle on their behalf. When the hire vehicle is returned to us, we pass the bill for our hire charges and any repair charges funded by us to the insurance company of the at fault driver.
To reduce the level of your motor insurance premium you may have agreed to a £100 policy excess on your policy. This means that if you make a claim for damages following an incident that you will have to pay the first £100 of any claim. Insurers like the policy excess because it makes drivers share their pain and helps prevent people from claiming for minor damage.
This is a figure which represents what a car was worth before it was involved in an accident. If the potential repair cost is more than 50% of the pre-accident value then your car will probably be deemed beyond economical repair.
This term refers to anyone affected by an accident, other than yourself. It can include drivers and passengers of other cars, or owners of property (for example if you hit a wall).
Third Party Insurer
The insurance company of the other person involved in an accident.
Third Party Fire & Theft
Surroundingconcept Ltd t/a Broker Assistance Insurance Services (BAIS) is authorised and regulated by the Financial Conduct Authority, FCA Register number is 593361.
You may check this on the FCA’s register by visiting the FCA's website, www.fca.org.uk/register/ or by contacting the FCA on 0845 606 1234.
Surroundingconcept Ltd t/a Broker Assistance Insurance Services (BAIS) is authorised and regulated by the Ministry of Justice under reference number CRM28760.