Golden Car Insurance Tips

You will find that there are various types of car insurance. They are listed here for your conveniance

• Compulsory third party (AKA CTP / green slip insurance) is the minimal cover that every car must have by law. It provides essential cover against claims for compensation if you injure or kill someone in a motor accident.If you believe your car is not worth much, you may wish to take out compulsory 3rd party insurance only. Keep in mind that it doesn’t cover you for damage caused to other people’s property. like if you’re unlucky enough to run into a Ferarri.
• Third party property is the least expensive option. It covers you for the damage you may cause to another car and may include limited cover for damage caused to your car by an uninsured driver.
• Third party property, fire and theft also covers you if your car is stolen or burnt.
• Comprehensive car insurance is the best cover option but also the most expensive. It includes the cost of crash repairs or replacing your car, even if you’re at fault.

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How to save $$$ on car insurance

You can easily save hundreds of dollars by shopping around for comprehensive car insurance.

• $250 for claim-free adult drivers
• $460 if you’ve made a claim
• $870 for a family with a young driver
• $1650 for a young driver alone
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Other than shopping around, there are ways to save on the premium:

• Choose a higher excess
• A no claim bonus (NCB) can get you a discount of up to 70%. You need up to six claim-free years to be entitled to the maximum NCB
• Nominating drivers or restricting the use of your car to drivers over a certain age (usually 25)
• Discounts – for example if you have another policy with the same company, you’re a long-term customer or if your car has an immobiliser

Tip: Save on CTP in NSW & QLDIn all states but NSW and Queensland, compulsory third party insurance is provided by only one state-owned or government-licensed insurer. In NSW and Queensland it’s offered by a number of insurers and it pays to shop around. For an online price guide go to:

• NSW — www.maa.nsw.gov.au or phone 1300 137 600
• QLD — www.maic.qld.gov.au or phone 1300 735 404

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If you have an accident

Don’t Panic! You’ll need to let the insurance company know immediately. You might also be required to contact the police. Most insurers leave your no-claim bonus intact if they agree you’re not at fault, provided you can identify the person responsible.