The importance of vehicle insurance

Vehicle insurance is crucial for any private or commercial vehicle in Australia. While insurance can be expensive, if you do the research you can get a better deal on your policies. An accident is a worrying thought, so it’s important to be properly covered so that in the event that something happens, you’re prepared.

Compulsory insurance
Every registered vehicle in Australia, whether it's a car, truck, or a motorcycle is required to have compulsory third party (CTP) insurance. What the CTP insurance policy covers can vary state by state. However, generally speaking, CTP provides compensation for people who are killed or injured in a motor vehicle accident, but not damage to other vehicles or property.
For example, in New South Wales, a CTP insurance policy is also called a Green Slip. For vehicles registered in New South Wales, the Motor Accidents Authority of NSW has a Green Slip Calculator you can use to compare prices.
In South Australia, the sole claims manager for all claims is Allianz Insurance, which acts on behalf of the Motor Accident Commission.

Cover damage to property and other vehicles
Comprehensive insurance covers you in the event of damage to other vehicles. It is not compulsory, but it is a sensible purchase, particularly in situations where the accident is your fault. Prices can vary as a number of different insurance providers sell comprehensive car insurance policies, so do your research before buying one.

You can find information, get quotes for and buy different insurance policies online at the insurance providers’ websites.
Before settling on any type of insurance policy, whether it’s vehicle insurance, home and contents insurance, life insurance, or even travel insurance, be sure to read the product disclosure statement (PDS). Sure, it can be long, but it explains to you what your rights are with the insurance policy. If you were to have an accident and need to make a claim, you don’t want any nasty surprises.

If you need assistance with insurance you can speak with a trusted financial adviser, or directly with an insurance company.

Be aware that with any type of product recommended by a financial adviser, there can be a conflict of interest. An adviser may recommend a product because it pays a higher commission rather than being suited to your needs. That’s why it’s important to do the research on insurance products before choosing one.
It’s important you are prepared when it comes to vehicle insurance.

  • Do research before settling on an insurance policy.
  • Comprehensive car insurance is not compulsory, but you consider should buying it consider to ensure you are covered in case of an accident which is your fault.
  • Before settling on any type of insurance, ensure you read the product disclosure statement (PDS) carefully.
  • Consider speaking with a trusted financial adviser for advice on vehicle insurance.
For advice you can trust book a complimentary first appointment with Switzer Financial Services today.
Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.


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