Main driver - The main driver is the person who uses the
vehicle the most.
Market value - The cost of replacing your motorbike 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 motorbike.
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.
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