Best Way to Different Types of Car Insurance

In addition to the Compulsory Third Party Insurance, there are three different types of non-compulsory covers available.

Third party property damage

After the CTP this is seen the minimal non-compulsory policy. It will cover you for the damage caused by your car to other people’s property. Even if you do not think that your car is worthy of insuring taking out this policy will cover you for the damages bill if you collided with a luxury car, a bill potentially worth thousands.

Third Party Fire and theft Cover

This policy will cover the damage to your car as a result of fire or theft as well as provide coverage for damages caused by your car to other people’s property.

Comprehensive Car Insurance

Comprehensive car insurance is an insurer’s most extensive policy. It is also the most commonly held policy in Australia. It covers you for most damages done to your car as a result of collision, flood, fire, storm and theft. It also includes cover for damages to other people’s car and property as a result of a collision involving your car.

General Exclusions for most insurance coverage

These are only general exclusions while an insurer may have many more. For more details please refer to the policy PDS.

• Tyre damage not resulting from an accident
• Mechanical, structural, electronic or electric failures or breakdowns
• Loss resulting from not being able to use your car such as your income.
• Depreciation, corrosion, or wear and tear
• Loss or damaged caused intentionally by you or by someone acting for you