Compare Car Insurance

Compare Car Insurance

What is car insurance?


Comprehensive car insurance can provide peace of mind by helping to cover the cost of damage that may occur to your car as a result of theft or collision. Depending on your policy, car insurance may cover all or part of the repair or replacement costs, as well as the cost of damage to a third-party car or property.


What does car insurance cover?


The property of third parties helps to cover damage to a car or other people's property. A third-party Fire and theft Company provides additional coverage that helps protect your car if it is damaged as a result of a fire or theft. Comprehensive coverage provides protection from third parties, and also helps to cover your car in case it is damaged as a result of an accident.


What types of car insurance are available in Australia?


Comprehensive

This provides a wide level of coverage. This can help cover the costs of repairing your car in case of accidental or malicious damage, theft, fire, hail, damage by third parties (regardless of the malfunction).


Third Party Property

This usually covers the damage you cause to other people's property, such as their car or property as a result of a car accident. Unlike a comprehensive one, it usually does not cover damage to your car.


Third Party Fire & Theft

This usually covers damage to other people's property and may provide limited coverage for damage to your vehicle as a result of theft or fire. As a rule, it does not cover other damage to your car.


Compulsory Third Party (CTP) or Greenslip

As the name suggests, books is the minimum mandatory insurance required for driving on roads in Australia. Depending on the state in which you live, this may be included in the cost of registering your car, or you may have to purchase it separately from the insurance company. Books helps to cover the costs of damages if you injure or kill a person in a car accident.


Your car insurance questions, answered

What is comprehensive car insurance?


Comprehensive car insurance provides peace of mind to vehicle owners. Also known as full or full coverage, it means that you can be insured against a number of circumstances, including:


  • Repair or pay insurance for your car in case of events such as theft, collision, fire, intentional damage, weather-related damage
  • Repair or payment of the cost of other vehicles that were damaged by your car as a result of an accident, as well as damage to property within the limits established by the policy


Some companies also offer a variety of additional services, ranging from windshield protection to car rental. However, it is always important to read the Product Disclosure Statement of your policy to better understand the inclusions, limitations and exclusions of the policy.


What is third party insurance?


Third-party insurance is the minimum car insurance product offered by most car insurance companies. There are three types available, namely:


  • Compulsory third party insurance: covers the death and injury of people if you have an accident. Each state and territory has different regulations regarding this coverage, so it's important that you check with your local transportation authority for more information.
  • Third-party property: covers the costs of repairing property caused by your car, within the limits set out in the policy
  • Third-party property, fire and theft: covers damage to other people's property and provides coverage in case of theft of your car or damage to your car caused by fire, within the limits set out in the policy.


Make sure you have read the Product Disclosure Statement for inclusion in the policy, limitations and exclusions.


Why is car insurance often more expensive for younger drivers?


The amount you pay for car insurance ultimately depends on how risky you are insured, in the opinion of the insurance company. A number of factors can contribute to this, including your location, driving record and age. According to the Transport Accident Commission (TAC), young drivers in Victoria are almost four times more likely to have a car accident leading to serious injury or accident than more experienced drivers. These factors can increase the insurance premium for young drivers.


What does market value and agreed value mean?


When you sign up for car insurance, you are often asked if you want to insure your car for the Agreed Value or for the market value. This is the amount of money that you will receive from your insurance company in case your car is written off. The market value takes into account depreciation and amortization, making it an accurate representation of the amount you will receive if you sell your car. The agreed cost is the amount agreed by you and the insurance company at the beginning of the validity of your policy for the insurance period. In most cases, this figure can still be reduced taking into account depreciation during the upgrade. Make sure you have read the Product Disclosure Statement for inclusion in the policy, limitations and exclusions.


How can I reduce my car insurance premium?


Although insurance companies calculate premiums differently, there are a number of things you can do to reduce the cost of your car insurance premiums. These include, but are not limited to:


  • If possible, park your car in a secure parking lot (for example, in a closed garage) to reduce the risk of theft, vandalism, flood or storm damage claims.
  • Buy a car equipped with an immobilizer or burglar alarm, or install them. This can reduce the risk of theft and claims for damages
  • Drive less often. For example, to get to work by public transport. Some insurance companies may offer lower premiums for drivers who don't use their cars as often.
  • Specify the number of drivers included in your policy, especially if they are less than 25 years old. Fewer drivers means less risk of making a claim to your insurance company
  • Choosing a higher excess means that you take most of the risk from your insurance company
  • Choose insurance at market value or at a lower agreed cost , which will reduce the amount that your insurer will have to pay in case of writing off your car.


What is a no claims discount?


If you have been insured by your service provider for an extended period of time and have not filed any claims during this period, you may be eligible for a no claims discount. This discount is usually applied to your insurance premium, partly as a reward for not filing claims, and partly out of loyalty to the fact that you stay with your provider. The right to a discount may vary depending on your insurance provider and its criteria. When reviewing the policy and providers, it can be useful to find out the discount without making claims and find out how long it should take to be eligible. In some cases, insurance companies may transfer your deductible without making claims from another provider. In some cases, the supplier may not provide a discount without making claims, but instead will provide a reduced premium based on other risk-related information.


Make sure you have read the Product Disclosure Statement for inclusion in the policy, limitations and exclusions.


Does car insurance cover unlisted drivers?


Whether your car insurance covers unregistered drivers ultimately depends on your individual insurance policy. It is important to consult with your provider to determine how to calculate a driver who is not registered in your policy. In some cases, this may increase the cost of your excess if they were driving at the time of the accident. In other cases, this may lead to a refusal of the claim. Be sure to check your insurance company's Product Disclosure Statement for information about insurance, limitations and exclusions.


What is excess in car insurance?


Like some other types of insurance, such as travel or home and property insurance, auto insurance may have an overpayment. These are the fees you pay after filing a claim for the benefits for which your policy entitles you (for example, repairing or replacing your car). Usually you only overpay if you are wrong or you cannot identify the other guilty party. Paying extra on the base, you take on a small part of the financial risk (which helps to reduce your insurance premiums). If you can identify the wrong third party, your insurance provider will contact the third party for reimbursement – or their insurance provider. Make sure you have read the Product Disclosure Statement for inclusion in the policy, limitations and exclusions.


How do I make a claim on car insurance?


How to apply depends on your insurance provider and the options they have given you. Some sellers allow you to start the claims process online or through their applications, while others ask you to contact them by phone. Important information that the service provider may request (if applicable) when making a claim may include, but is not limited to::


  • Information about any other party or interested parties, including name, telephone number, vehicle registration, address, license number and insurance details
  • Names and phone numbers of any witnesses
  • Photos of the accident site and damage to the car, if possible
  • Any reports from the police or paramedics if they are needed


Which car insurance is the best?


Unfortunately, there is no "best" car insurance, because it depends on your individual circumstances, needs, budget, lifestyle and the type of car you drive. To help determine the level of coverage you need, the Australian Securities and Investments Commission (ASIC) suggests considering the following issues:

  • If I crash into a luxury sports car, will I be able to afford to fix it?
  • Is there a chance that my car will be hacked?
  • How can I get around if my car is stolen or written off?

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