Superquote Terms: Quote / Quotation

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A quote / quotation is simply the amount of premium that an insurer needs to provide cover and adequately underwrite the risk.

The quotation is calculated from the risk information provided including the material fact (s) which is supplied by the policyholder.

It is not true that quotes are legally binding.  An insurer may still refuse to make cover available and are entitled also to make quotes conditional.  For example an insurer may offer a quotation for car insurance but may provide the quotation on the condition of a number of items.  In the case of a Q plate car insurance quote, the insurer may insist on an engineers report for example.  Here are some of the common things insurers may insist upon on offer of a quotation:

Home Insurance: Receipts for valuables

Drink Drive Insurance: Copy of driving licence

Pass Plus Insurance: Evidence of completion of the pass plus course