Compare car insurance offers
Compare current car insurance offers & how much car insurance could cost
- Last updated on 30 Oct 2020
To help you make a choice about Car Insurance, here are some options you can consider. These are some examples of what’s available in the marketplace from selected providers.
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Comprehensive Car Insurance
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Comprehensive Car Insurance
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Comprehensive Car Insurance
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Comprehensive Car Insurance
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What is car insurance?
A car insurance policy covers the insured person’s liability in case they are responsible for a motor vehicle accident. Anyone driving a vehicle is expected to carry basic car insurance, also known as compulsory third party (CTP) insurance.
Even if you are a responsible driver, car insurance is a necessity on the chance that you will be involved in a road accident at some point. If you end up causing an accident, your car insurance policy can help pay for any expenses needed by the other driver, be it hospital payments or covering car repairs. Your insurance may also cover damage to property, as well as accidental damage to your car from natural disasters.
The incidents and damages covered by your car insurance policy depend on the type of car insurance you purchase, ranging from the CTP insurance every driver is required to possess, to comprehensive car insurance which covers most kinds of accidental damage. The amount you have to pay for this policy will depend on the type of insurance, the make and model of your car, your driving experience, and where you live.
Comparing car insurance quotes online before buying or renewing your insurance policy can help you understand better the kinds of coverage Australia’s top insurers offer. It may also help to read through the insurer’s Product Disclosure Statement (PDS) to understand the exact limits and exclusions. You should check if your car insurance policy’s coverage applies even if someone else is driving your car, such as a family member. This can impact your driving profile and, as a result, what you potentially pay for the insurance policy. To be safe, always see that your car is only driven by those you know will drive responsibly.
What types of car insurance do providers offer?
You typically have to buy a car insurance policy before you can register your vehicle. In some Australian states, compulsory third party (CTP) car insurance policy is included in the registration. Also called a green slip, this is the minimum level of insurance mandated by law and covers injuries to other people involved in a road accident if you are the “at-fault” driver. Your injuries are usually not covered by a CTP insurance policy, although some insurers may offer optional coverage. In some cases, compulsory third party insurance may compensate you for hiring a cab and for income lost after the accident. Only a few insurers mandated by the Insurance Regulatory Authorities are authorised to offer green slip insurance.
If you want a policy that also covers damage to the car or, possibly, to the property you might have hit, in addition to CTP you can go for a Third Party Property Damage insurance policy. This won’t cover injuries to you or damage to your car, but some insurers may let you add fire damage and theft coverage to your car insurance, giving you a third party fire and theft car insurance policy. Such an extended policy may also offer limited coverage for any injuries or damage you suffer in accidents caused by other drivers.
What is comprehensive car insurance?
A comprehensive car insurance policy is the most exhaustive and usually the most expensive type of insurance. It fully covers injuries and damages to you and the other person involved in an accident if you are at fault. Besides, damage to your car from extreme weather events including floods, storms, and bushfires is also covered, similar to how home insurance can protect homes from similar disasters.
Comprehensive car insurance policies should include, within limits, coverage for any of your personal or work-related items that may have been damaged while in the car at the time of an accident. Glass breakage and emergency repairs, or ridesharing costs may also be covered in some policies.
Besides these preset types of insurance, insurers may offer coverage for a few other incidents, some of which you may want to consider. For instance, insurance with roadside assistance can be helpful in the event you need a jump start or a tire change. You may also be able to choose which car mechanic to take your car to, rather than go with the one recommended by your insurer.
How much does car insurance cost?
How much you pay for your car insurance policy largely depends on the policy you select, as well as your background. For instance, even if you and a friend are the same age and drive similar cars, you may be paying a higher car insurance premium, thanks in part to where you drive, the distances you drive, and your independent driving history.
Younger drivers will typically pay higher premiums because road accidents tend to involve inexperienced drivers, and on average, car insurance tends to be more expensive for drivers in their twenties, with men paying more than women.
People who regularly drive high-end cars typically opt for a more comprehensive car insurance policy, as repairing these cars can incur a considerably larger cost. For the average driver, a third party fire and theft car insurance may suffice.
The age of your vehicle may also impact your car insurance premiums. The rule of thumb is that the newer your car, the higher the cost of car insurance. Insurance providers can also account for the distances you drive on average, so. if you only use your car occasionally and don’t rack up too many kilometres in a year, you may have to pay less for your car insurance policy overall.
You can also try to keep your car insurance premium low by minimising optional coverage items or by agreeing to a higher excess. As long as your insurer is convinced that you're a responsible driver who might only rarely file a claim, you may get to pay a lower premium. Having a solid driving record can also persuade insurers to offer you discounts, especially if you have a “no claims” record. Taking extra precautions can also help, such as by adding car security features, always parking in known safe spots, and avoiding excessive modifications to the car.
Ensuring that your car is driven by you alone is another way of reducing the risk of accidents or damage, and only allowing drivers you trust to handle your car.
Insurers also like to sell multiple policies to the same person. You can check if your home insurance provider offers your preferred type of car insurance and, depending on your history with the provider, you may also get a discount even if the policy is purchased online.
Choosing a car insurance policy offered by a top Australian insurer based solely on how much it costs may not be the best choice. However, you need to ensure you can pay your car insurance premiums on time regularly. You should also review your insurance policy periodically, if possible every time your car insurance comes up for renewal. This will help you make sure you are still adequately covered at affordable rates with a policy you're comfortable with, and whether you need to switch your insurance provider as needed.
How do I compare car insurance quotes?
Before you start looking for the ideal car insurance policy, you'll want to figure out what kind of coverage you need. For example, if you have an expensive car, you may want to consider comprehensive car insurance to cover any possible damage to your car. Comprehensive car insurance can be purchased for either the market value of your car or on an “agreed” value. You’ll likely have to pay a lower insurance premium if you insure your car at market value, but you can’t predict what you will get for your car if it is damaged beyond repair.
Buying insurance for an agreed value is wise if you're paying off a car loan, but you will likely have to pay a higher premium. Since you can negotiate this sum with your insurer, it offers some leeway in terms of the amount you'll be insuring your car for. The car insurance premium you have to pay also varies based on where you live and drive, as well as your age, gender, driving experience, and history of past insurance claims. Your insurer will also want to know what you might be able to pay as excess, essentially how much you're comfortable to be out of pocket for in case of an accident.
Reading the insurer’s product disclosure statement (PDS) can help you understand some of the technicalities you may encounter, such as coverage limits for accidental damage, how to schedule premium payments and other important aspects. This can help you understand your options more clearly when you compare car insurance quotes online. Sometimes, the suggestions offered may not be the right type of car insurance policy, and getting a more accurate quote may also depend on sharing your personal information. Ideally, you should be able to get a quick insurance quote without sharing details such as your name, phone number or email address.
Depending on how you much you value flexibility, it can be a smart move to check with your insurer to find out whether they offer a no excess option. It's typically worthwhile to look up reviews of insurance providers to see how the insurer handles claims, and how satisfied other customers are with both their policies as well as the claim settlement process.