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Glossary
Agreed Value
Your vehicle's agreed value is set at the beginning of each period of cover. It is based on the fair value given then for your vehicle's make and model. The agreed value doesn't change for the period of cover.
Together we work out what your vehicle is worth, so you know exactly what we’ll pay if it’s written off or stolen. The Agreed Value of your vehicle is written on your policy schedule.
Accident
When something sudden and unexpected happens which causes damage or loss to your property.
Accessories
Things which have been added to your car like stereos, mag wheels and navigation systems. Accessories can increase your car’s value, but also often increase the chance that your car will be broken into or stolen.
Guaranteed No Claims Bonus For Life
Once you have our Guaranteed No Claims Bonus For Life, you can never lose it, even if you have an accident. This means that your premiums will never go up as a result of a claim.
To qualify for Guaranteed No Claims Bonus For Life, you need to have had no accidents in the last five years in which you were at fault, and you also need to have held a restricted or full NZ driver's license (or equivalent overseas licence) for the last five years.
Use our Guaranteed No Claims Bonus For Life calculator to find out if you qualify!
Personal Customer Manager
Your personal contact at AA Insurance who looks after you when you make a claim. They’ll keep you fully informed, making sure things stay on track and hassle-free.
Guaranteed No Claims Bonus For Life
Once you have our Guaranteed No Claims Bonus For Life, you can never lose it, even if you have an accident. This means that your premiums will never go up as a result of a claim.
To qualify for Guaranteed No Claims Bonus For Life, you need to have had no accidents in the last five years in which you were at fault, and you also need to have held a restricted or full NZ driver's license (or equivalent overseas licence) for the last five years.
Use our Guaranteed No Claims Bonus For Life calculator to find out if you qualify!
Defined events cover
Insurance for your home against fire, explosion, lightening, storm, flood, earthquake, landslip, electrical burnout, freezing, collision, burglary and vandalism. What defined events doesn’t cover is accidental damage – for example, if you drop your TV when moving it to another room.
Cover
The monetary value we provide to you when something has been accidently lost or damaged. This could be in cash, such as the Agreed Value, under RoadCover Plus, if your car is written off. Or, with New For Old under ContentsCover, it could mean we replace your stolen five year old TV with a brand new one. Under HomeCover, it could mean we’d completely rebuild your house if it was destroyed in a fire.
Claim free year
Every complete year in which you hold a restricted or full driver's licence and don’t make any claims (we don’t count claims for windscreens or incidents where someone else was at fault).
Claim
When you tell us about the accidental damage to or loss of your insured property (your car, house or possessions) and you ask us to reimburse you for it. You pay an excess – we pay the rest.
Uninsured driver
A driver who damages your vehicle or property and doesn’t have insurance of their own. If you have Third Party or Third Party, Fire and Theft insurance, we’ll cover you up to $4,000 for damage an uninsured driver does to your car if you can provide their contact details.
Policy document
The document that sets out what is and isn’t covered under your policy. Read this together with your policy schedule as these two documents make up your policy with us.
Other driver
The driver of the other vehicle in the accident.
Depreciation
Taking age, use and condition into account when figuring out what something is worth when it is lost or damaged. For instance, a ten-year-old pair of jeans is going to be in a different condition than a brand new pair. Under ContentsCover we only depreciate clothing, footwear, toiletries and cosmetics.
Defined events cover
Insurance for your home against fire, explosion, lightening, storm, flood, earthquake, landslip, electrical burnout, freezing, collision, burglary and vandalism. What defined events doesn’t cover is accidental damage – for example, if you drop your TV when moving it to another room.
No fault, no excess
If you’re in an accident that wasn’t your fault and you can identify whose fault it was, you won’t have to pay any excess and it won’t affect your no claims bonus.
Exclusion
A provision in a policy that means we won’t cover certain circumstances, such as deliberate damage or recklessness.
Excess
When you make a claim, you pay a small part of the cost and we pay the rest. Your part is called the excess. You pay an excess only when you make a claim. There are different types of excesses – see the FAQs for more information.
Defined events cover
Insurance for your home against fire, explosion, lightening, storm, flood, earthquake, landslip, electrical burnout, freezing, collision, burglary and vandalism. What defined events doesn’t cover is accidental damage – for example, if you drop your TV when moving it to another room.
Full Replacement
If your house is damaged beyond repair, we’ll arrange to rebuild it as new, to the same size, with the same or similar materials and construction – regardless of the cost.
No fault, no excess
If you’re in an accident that wasn’t your fault and you can identify whose fault it was, you won’t have to pay any excess and it won’t affect your no claims bonus.
Guaranteed No Claims Bonus For Life
Once you have our Guaranteed No Claims Bonus For Life, you can never lose it, even if you have an accident. This means that your premiums will never go up as a result of a claim.
To qualify for Guaranteed No Claims Bonus For Life, you need to have had no accidents in the last five years in which you were at fault, and you also need to have held a restricted or full NZ driver's license (or equivalent overseas licence) for the last five years.
Use our Guaranteed No Claims Bonus For Life calculator to find out if you qualify!
Insured
The person named on the insurance policy. This is the person who owns the property which we will insure.
Total loss
When your vehicle has been damaged so badly that we don’t think it can be economically or safely repaired, or been stolen and isn’t likely to be found. Either way, with RoadCover Plus a Total Loss means we’ll pay you the Agreed Value of your car.
Liability
The legal responsibility for damaging someone else’s property. If you drive into someone’s fence, you are liable for the cost of repairing the fence.
Personal Customer Manager
Your personal contact at AA Insurance who looks after you when you make a claim. They’ll keep you fully informed, making sure things stay on track and hassle-free.
Modification
Things which have been added to your car to improve its performance like a turbo upgrade, blow-off valves or upgraded mufflers.
Market Value
The market value of your vehicle is the fair price it would have been sold for, in its then current condition immediately before the event.
This means if your car is written off or stolen, you’ll receive what the car was worth that day, not what it would cost to replace.
No fault, no excess
If you’re in an accident that wasn’t your fault and you can identify whose fault it was, you won’t have to pay any excess and it won’t affect your no claims bonus.
New For Old
If something you own is stolen, lost or damaged beyond repair, we’ll replace it with a brand new one, regardless of the age of the original. So if your five year-old TV is stolen, we’ll replace it with a brand new TV.
Guaranteed No Claims Bonus For Life
Once you have our Guaranteed No Claims Bonus For Life, you can never lose it, even if you have an accident. This means that your premiums will never go up as a result of a claim.
To qualify for Guaranteed No Claims Bonus For Life, you need to have had no accidents in the last five years in which you were at fault, and you also need to have held a restricted or full NZ driver's license (or equivalent overseas licence) for the last five years.
Use our Guaranteed No Claims Bonus For Life calculator to find out if you qualify!
Other driver
The driver of the other vehicle in the accident.
New For Old
If something you own is stolen, lost or damaged beyond repair, we’ll replace it with a brand new one, regardless of the age of the original. So if your five year-old TV is stolen, we’ll replace it with a brand new TV.
Third Party
The other person involved in the accident.
Premium
The amount you pay for insurance. What you pay depends on the type of insurance you want and the likely risk of damage or loss to your possessions.
Policy schedule
Personalised information about the policy you have with us. It includes your contact details, level of cover, excess and details of special things that you’ve insured. Read this with your policy document, because together these make up your policy with us. And remember to let us know when any information needs to be updated.
Policy document
The document that sets out what is and isn’t covered under your policy. Read this together with your policy schedule as these two documents make up your policy with us.
Policy
The formal agreement between you and AA Insurance. It details our agreement to reimburse you if your property is lost or damaged or someone else should you be liable for the loss or damage.
Personal Customer Manager
Your personal contact at AA Insurance who looks after you when you make a claim. They’ll keep you fully informed, making sure things stay on track and hassle-free.
Full Replacement
If your house is damaged beyond repair, we’ll arrange to rebuild it as new, to the same size, with the same or similar materials and construction – regardless of the cost.
Renewal
Because insurance generally covers a 12 month period, we’ll send you a notice with updated details (such as your Sum Insured, Agreed Value, excess and so on). Paying your renewal premium means you’ve accepted this new agreement for the year.
Policy schedule
Personalised information about the policy you have with us. It includes your contact details, level of cover, excess and details of special things that you’ve insured. Read this with your policy document, because together these make up your policy with us. And remember to let us know when any information needs to be updated.
Total loss
When your vehicle has been damaged so badly that we don’t think it can be economically or safely repaired, or been stolen and isn’t likely to be found. Either way, with RoadCover Plus a Total Loss means we’ll pay you the Agreed Value of your car.
Third Party
The other person involved in the accident.
Uninsured driver
A driver who damages your vehicle or property and doesn’t have insurance of their own. If you have Third Party or Third Party, Fire and Theft insurance, we’ll cover you up to $4,000 for damage an uninsured driver does to your car if you can provide their contact details.
Market Value
The market value of your vehicle is the fair price it would have been sold for, in its then current condition immediately before the event.
This means if your car is written off or stolen, you’ll receive what the car was worth that day, not what it would cost to replace.
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