Whether you’re buying your first car or just a new, shiny car, it’s important to take out the right car insurance. Car insurance protects both you and other road users in case of a prang.
There’s 4 types of car insurance in Australia: compulsory third party, third party property damage, third party fire and theft, and comprehensive.
Compulsory Third Party
CTP insurance is a minimum requirement to drive in Australia. CTP provides insurance for other people who get injured in an accident. CTP applies when you are at fault.
Third Party Property
Third Party Property covers other people’s property and cars, but not your car. For example, if you hit a parked car, their damage will be covered but not yours.
Third Party Fire and Theft
Third Party Fire and Theft does exactly what it sounds like… covers your car if it is stolen or damaged in a fire. Depending on the policy, you may be able to agree on a value for the car or it may just be market value.
Comprehensive Car Insurance
Comprehensive is a package which covers everything, including your car, the other person’s car, property damage and fire and theft.
Each policy is different, and the cheapest may not be the best solution. Usually, cheap policies are cheap for a reason. Take the time to research different companies and policies before deciding on the right one for your car to avoid unwelcome surprises later if you need to make a claim.
Looking for insurance for your new wheels?
RIBPL offers Personal Insurance which can protect your most important assets. Our Personal Insurance packages can cover cars, boats, caravans, home contents, home buildings, and personal valuables. Talk to our team of insurance experts and get a free quote today.Your blog post content here…