Main driver - The main driver is the person who uses the
vehicle the most.
Market value - The cost of replacing your car with one of
a similar make, model, year, mileage and condition, based on market
prices at the time of the loss.
Material fact - Information that would affect an insurance
company's willingness to accept a policy, or the premium it would
charge, such as previous driving convictions. Failing to disclose
a material fact could invalidate a policy.
Mechanical breakdown insurance - MBI policies are better-known
as extended warranties for cars. They are not really warranties
at all, but insurance policies that pay out if certain faults arise
with a car.
MIB - Acronym for the Motor Insurers' Bureau, a body funded
by motor insurance companies, which deals with claims for injury
compensation when the driver at fault is not insured, or cannot
be traced.
Motor schedule A motor schedule is a document that shows
details of your policy, excesses, endorsements and premium that
is specific to your insurance and should be read in conjunction
with your insurer's policy wording.
Mutual - An insurance company that is owned by its policyholders.
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