Getting the right insurance is like finding the perfect pair of shoes – do your research, shop around, decide which one suits you best, compare prices, bag the deal, then go home with the insurance policy that's right for you. Not exactly sure which one that is? Here's where we clue you in on all your options...
Covers damage to your car (we're talking millions), and any you cause with your car to other people and their property (e.g. car, fence, house, etc.) – even if you caused the accident! It also covers damage caused by fire and theft.
Third party property damage
Covers damage to other people and their property, but doesn't cover damage to your car. If an uninsured driver hits your car and it's their fault, your insurance company may pay the agreed amount (set in your contract) of the repairs if you can identify the driver to the insurance company.
Third party fire and theft
Covers the same things as third party property damage but you're also covered for fire, theft and any damage caused while the car is stolen.
Compulsory third party personal injury (CTP)
This is included in your registration fee in all states of Australia except NSW and QLD (where you buy the CTP 'green slip' before you can register your car). It financially covers you and those driving your car for medical fees if you cause an accident where someone gets injured or dies. Visit www.greenslips.com.au for more information.
Not all the same
Each insurance company is different and has different perks... some policies may include windscreen shield cover, hire car cover, no-claim discount protection, accidental death benefit, towing, road-side help, etc., while you might have to pay extra for them with others. Some companies also offer special policies for people under 25 and also 50+. Make sure you check out all the fine details of the policy before you sign the dotted line!