Car Insurance Types Explained Australia
Types of car insurance.
Car insurance types explained australia. 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. 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. Compulsory third party insurance ctp. It does not cover collision damage to vehicles.
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. 5 types of car insurance coverage explained. The six main forms of general insurance are. Fire and theft only is a limited form of insurance that only covers for fire damage to and theft of vehicles.
Here s a quick rundown of the most common policy types and what they do. The two main categories of car insurance are comprehensive and third party. Third party property only provides cover for vehicles damaged by the policyholder s vehicle. As the name implies comprehensive car insurance is the most extensive and all inclusive form of car insurance available in australia.
It is generally the recommended policy since it can help protect the consumer across almost all unforeseen circumstances. It does not provide cover for the policyholder s own vehicle. It protects any person that you might injure while you are driving. Comprehensive car insurance is the policy that insures your car across numerous categories rather than just one.
It indemnifies drivers who are legally liable for personal injury to another party in the event of a car accident. Otherwise known as green slip insurance ctp is required of every registered driver in australia. There is no one product that is appropriate for everyone. 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. It is not an alternative to taking out a motor policy to cover your financial liabilities such as damage to another vehicle. Home and contents insurance motor vehicle insurance business insurance mortgage loss insurance lender s mortgage insurance mortgage protection insurance workers compensation and travel insurance. You should choose the best policy to cover your vehicle specific driving conditions specific driver specific and third party specific needs in a very efficient.
Compulsory third party ctp mandatory motor vehicle accident personal injuries insurance required by each state and territory. Failing to do so could land you with. There are many insurance companies offering n number of products for customers. This can include other drivers passengers cyclists and pedestrians each state has a different process for ctp and registration.
Key insurance terms explained. Share this page on another site. Car insurance policy types explained share. Anyone who drives a car is required by law to have their car insured.
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