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When buying car insurance, it is important to do your research and make sure you are picking a policy that suits you. Car insurance policies can vary quite a bit depending on the level of cover you choose and which insurer you decide to go with.
Most insurers will offer different levels of cover for you to choose from when taking out car insurance. These normally range from the most basic coverage to the more comprehensive covers.
When deciding what type of coverage suits you, ask yourself a few questions. Can I live without my car if it is written off? Or even stolen? Am I able to afford the cost of repairing someone else’s car in an accident? Will I be able to afford the cost of repairing my car in an accident? Answering these questions will help you pick the cover that suits your needs.
The most common types of car insurance offered by most insurers are as follows: comprehensive, third party fire and theft, third party property damage and compulsory third party (CTP). CTP insurance, also called green slip insurance, covers injuries or deaths because of a road accident that you are at fault for. This level of insurance is required for all cars and is included in your car registration costs (except for in New South Wales, where you buy it separately).
Third party property damage insurance covers damage to other people’s property and cars due to a road accident that is your fault. However, this level of cover does not cover any damage done to your car in the same situation.
Third party fire and theft insurance along with covering damage to other people’s property for at-fault accidents, this policy also covers your car only in the instance that it is damaged by fire or stolen. Similarly, with third party property damage, this level of cover doesn’t cover damages to your car, whether it is at-fault or not.
As comprehensive insurance provides the highest level of cover as far as car insurance policies go, it also tends to be the more expensive insurance policy compared to the others. Comprehensive insurance not only covers damage done to other people’s property and car in at-fault incidents but also covers your car against a range of situations regardless of who is at fault.
It is important if you are getting comprehensive cover to compare what different insurers offer as part of their comprehensive cover as this can vary from insurer to insurer.
The level of cover that is right for you is only something you can decide for yourself. Even though we try our best to be safe on the roads, accidents can happen and sometimes are very difficult to avoid. Knowing that you are covered for the unexpected can give you the added peace of mind on the road. That’s why we’ve partnered with CGU, one of Australia’s leading insurers, to offer you market-leading insurance.