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Types of Car Insurance

It’s no secret that Aussies prefer to travel by car. That’s why buying a new automobile is exciting. But, it’s also essential to get the appropriate level of insurance to give you peace of mind in the event of a road accident. If you get involved in a motor accident, the right insurance would offer financial protection for personal injuries and/or property damage.

Different Types of Car Insurance

 

We compare the different types of car insurance in Australia. See how CTP insurance compare (NSW) with other types of car insurance.

 

1. Compulsory Third-Party Insurance (CTP)

 

CTP insurance is also known as a Green slip in New South Wales. Every driver in Australia needs to have CTP insurance. It provides compensation for people injured or killed in a vehicular accident. 

 

Every Australian state has a different procedure for CTP registration. For instance, at a minimum, you need to get a green slip first before renewing your vehicle registration in NSW. Get CTP insurance comparison here.

 

2. Comprehensive Cover

 

This type of insurance covers the cost of your vehicle’s repairs or replacement, regardless if you’re at fault or not. Plus, it also provides compensation for emergency repairs and transportation if needed. This cover, by its very name (comprehensive), covers the cost of the other party’s vehicle repairs or replacement should you be at fault in an accident.

 

3. Third-Party Fire & Theft Cover

 

This type of coverage compensates you for the loss or damages to your car but only if it’s stolen or catches fire. Also, it covers damages to other people’s property.

 

4. Third-Party Cover

 

This insurance coverage reimburses the damages you caused to another person’s property. But, your insurer won’t compensate you for any damage to your vehicle.

 

5 Additional Coverage Options

 

Some insurers offer additional benefits besides your standard coverage. It may include a new car replacement feature and protected No Claim Bonus. Look at each of your policies to know more about the benefits that you can take out.

 

Things to Consider Before Getting A Car Insurance

 

Before you pay annual premiums for your car insurance, make sure you understand certain aspects such as:

 

  • Coverage: Know what’s included in the insurance policy before purchasing. Be familiar with the terms and conditions, so you know what to do when you need to claim.

 

  • Insurance Brand: Research each insurance company and distinguish one from the other. Pick a brand that you can trust for your car insurance.

 

  • Payment Option: Most people prefer paying monthly increments than paying for an annual lump sum. Learn what works best for you to ensure the payment matches your current situation. 


  • Insurer’s Track Record: Check the reputation and information of the insurance companies online. Compare their monthly rates for different types of coverage, customer service, and payment plans.

 

Insurance policies help reduce the financial burden if you get involved in a road accident. If you’re a driver in a car accident, your car insurance protects you from any potential financial burden. Find out your needs first before getting insurance, so you have peace of mind when you drive. Then, ask questions to ensure that you understand your policy’s terms.

 

Check out how different quotes for CTP insurance (NSW) compare here.

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