Car Insurance Types Explained Australia
Fire and theft only is a limited form of insurance that only covers for fire damage to and theft of vehicles.
Car insurance types explained australia. 5 types of car insurance coverage explained. It indemnifies drivers who are legally liable for personal injury to another party in the event of a car accident. It protects any person that you might injure while you are driving. The two main categories of car insurance are comprehensive and third party.
What is comprehensive car insurance. Third party property only provides cover for vehicles damaged by the policyholder s vehicle. Types of car insurance. It does not provide cover for the policyholder s own vehicle.
There is no one product that is appropriate for everyone. Comprehensive car insurance is the policy that insures your car across numerous categories rather than just one. There are 4 different types of car insurance in australia below i explain each of the different types of car insurance and help you decide what type of insurance you can consider. Here s a quick rundown of the most common policy types and what they do.
Compulsory third party ctp mandatory motor vehicle accident personal injuries insurance required by each state and territory. Share this page on another site. This can include other drivers passengers cyclists and pedestrians each state has a different process for ctp and registration. It is generally the recommended policy since it can help protect the consumer across almost all unforeseen circumstances.
Key insurance terms explained. Compulsory third party insurance ctp. Car insurance policy types explained share. As the name implies comprehensive car insurance is the most extensive and all inclusive form of car insurance available in australia.
However it s also normally the most expensive form of car insurance if all other things are equal with annual premiums exceeding 2 000 for some drivers. It does not cover collision damage to vehicles. If car insurance sounds like gobbledygook to you it does to me watch our video below or read our blog post on the need to know terms. The six main forms of general insurance are.
There are many insurance companies offering n number of products for customers. Home and contents insurance motor vehicle insurance business insurance mortgage loss insurance lender s mortgage insurance mortgage protection insurance workers compensation and travel insurance. Figuring out which level of cover suits you can be a headache. The following will explain what each type covers as well as the main differences between the two.
If you own and operate a private motor vehicle in australia there are four main types of general motor vehicle insurance you need to be aware of. Otherwise known as green slip insurance ctp is required of every registered driver in australia. If you are buying the car insurance policy for the first time it will be an overwhelming experience. It is not an alternative to taking out a motor policy to cover your financial liabilities such as damage to another vehicle.
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