Buying insurance can seem like a taxing process, regardless of what type of insurance policy you may be looking to purchase. However, a little research and some sound advice can get you to the policy you’re seeking sooner rather than later.
When it comes to car insurance, there are a few things you need to know to safely hit the road in Australia, before locking down to a plan that leaves you unprotected.
Auto Insurance Requirements
While there are certain aspects of a car insurance policy that are the same nationwide, some states have requirements for their auto insurance before drivers can get behind the wheel. In the case of car insurance qld, drivers are required to have compulsory third-party insurance or CTP.
CTP keeps drivers from being held financially responsible if they were to injure another driver, passenger, or pedestrian in an accident. This also works in the opposite direction where you can make a claim under CTP policies to access medical treatment or compensation.
The price for this policy, also referred to as a green slip, is regulated in Queensland by the Motor Accident Insurance Commission. Whether you are looking for a new car or a buyer’s guide for used cars, CTP insurance is often affordable, considering its mandate. Insurers may take into account things like the driver’s age, driving history, claims history, and type of new or used vehicle for additional policies.
Additional Coverage
Beyond the required green slip, multiple other forms of auto insurance coverage can keep a driver protected in just about any scenario. Comprehensive coverage is usually considered by drivers as the best way to not only guaranteed the CTP safety net but help with the cost of repairs or even the replacement of your vehicle regardless of fault. A comprehensive car insurance policy will also cover the cost of emergency repairs, transportation, and damage caused by other drivers.
There is also third-party property coverage that will cover any damage you, as a driver, cause to another vehicle or someone else’s property in a car accident. This form of insurance will include handling legal costs, claims service, and limited damage by uninsured drivers. However, this third-party car insurance cover doesn’t cover the cost of the damage to your own vehicle. Third-party fire and theft coverage is needed in that case. This also protects you in the event your car or motorcycle catches fire.
Comprehensive insurance is available through various car insurance companies, with insurance premiums varying based on the type of collision coverage or additional policies. Premiums and excess will depend on a litany of factors and circumstances, including how often in the past you have made insurance claims.
What May Be Missing
Regardless of how much car insurance coverage you purchase, it is important to pay close attention to your policies, and know what is covered and what are common car insurance exclusions. Most policies include a specific limit on claims, usually separated between bodily injury and property damage.
However, common car insurance policies can exclude medical expenses for you, as a driver, if you get into a wreck and injure yourself. While bodily injury usually comes under personal injury policies, it doesn’t count towards insurance claims that happen on your property.
As mentioned, car insurance companies will take into account the use of the entire vehicle for premiums and deductibles. For example, if a car is being utilized by an employee, you’ll need to find proper collision coverage to assure coverage as opposed to a plan for a vehicle used solely for personal purposes. Normally, workers’ compensation policies will take care of this, so auto insurance policies exclude job-related incidents. Be sure to consult with your insurance agent to make sure where your protections lie for any of your plans.
An avid traveler, Douglas Scott has been to over 50 countries. He has an extensive background in tourism and hospitality management, along with a degree in Hospitality Management from the University of Nevada Las Vegas. Douglas is very knowledgeable about travel-related topics – they are always up to date on the latest deals for flights, hotels, and other adventures around the world.
