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A car is traditionally one of the most significant purchases an individual will make, up there with a new home or apartment., so taking out a car insurance policy is essential for protecting this asset and finding the right insurance solution can take time.
The first step is to choose the type of car insurance you need. Generally there are three different car insurance policies available. They are commonly referred to as “Comprehensive”, “Third Party, Fire & Theft” and “Third Party Property Damage”
Comprehensive Car Insurance
Comprehensive Motor Vehicle Insurance is the most popular type of insurance available for your vehicle.
- The cost of repairing damage to your own vehicle,
- cost of repairing damage to someone else’s vehicle or property damage,
- Theft cover is also included.
Most policies are arranged on a “market value” basis. This means that if your vehicle is stolen and not recovered or damaged beyond repair, the insurer pays the current market value of the vehicle at the time of the claim. Alternatively you may elect to insured your vehicle for “agreed value” which is a fixed amount that your car is insured for, which would be paid in the event of your vehicle being stolen and not recovered or damaged beyond repair. In most cases the premium is higher than for a market value policy. Insurers will usually limit Agreed Value sums insured to a max of 10% above the current market value.
Premiums for comprehensive insurance are based on a number of factors, including:
- Type of car – including any modifications and accessories
- Age of the youngest regular driver
- Driving record of the nominated drivers
- Claims history
- Usage of Vehicle – whether it be for private or business use
Third Party, Fire & Theft
This alternative type of policy, as the name suggests, covers fire damage or theft of your vehicle, and third party property damage only. It does not cover your vehicle for damage under any other circumstances.
Third Party Property Damage Insurance
This type of policy only covers damage that you cause to another person’s vehicle or property. It does not provide any cover for damage to your own vehicle.
Third Party Injury Insurance
Dependant on which state you live in, this policy is either included in your registration or must be taken separately (also known as a Green Slip or CTP). It is compulsory in all states and territories of Australia to have Third Party Injury Insurance. As the name suggests, it only covers injury resulting from a motor vehicle accident.
MKW will help you select the right Motor Vehicle Insurance solution to meet your needs so please contact us to discuss further.