Car Insurance Types Explained Australia

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Car insurance types explained australia. Compulsory third party ctp mandatory motor vehicle accident personal injuries insurance required by each state and territory. It does not cover collision damage to vehicles. Car insurance policy types explained share. It is generally the recommended policy since it can help protect the consumer across almost all unforeseen circumstances.

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. Figuring out which level of cover suits you can be a headache. There are many insurance companies offering n number of products for customers. The following will explain what each type covers as well as the main differences between the two.

Anyone who drives a car is required by law to have their car insured. The two main categories of car insurance are comprehensive and third party. If you are buying the car insurance policy for the first time it will be an overwhelming experience. Third party property only provides cover for vehicles damaged by the policyholder s vehicle.

Failing to do so could land you with. It protects any person that you might injure while you are driving. It indemnifies drivers who are legally liable for personal injury to another party in the event of a car accident. What is comprehensive car insurance.

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. Comprehensive car insurance is the policy that insures your car across numerous categories rather than just one. 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. 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.

It is not an alternative to taking out a motor policy to cover your financial liabilities such as damage to another vehicle. 5 types of car insurance coverage explained. Otherwise known as green slip insurance ctp is required of every registered driver in australia. The six main forms of general insurance are.

It does not provide cover for the policyholder s own vehicle. Share this page on another site. Fire and theft only is a limited form of insurance that only covers for fire damage to and theft of vehicles. As the name implies comprehensive car insurance is the most extensive and all inclusive form of car insurance available in australia.

Compulsory third party insurance ctp. Here s a quick rundown of the most common policy types and what they do. 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. There is no one product that is appropriate for everyone.