Car insurance, or more broadly, vehicle insurance is personal insurance coverage for cars, motorcycles and other road vehicles.
Car insurance provides financial protection against physical damage or injury to your vehicle caused by traffic accidents and against liability that can result from incidents in a vehicle.
When it comes to car insurance, there are a lot of different factors to consider. For instance, what your insurance requirements are and the kind of coverage you need?
Comprehensive car insurance may also include extras such as a hire car if it’s stolen or there’s a fire, windscreen replacement, and replacement of personal belongings. Be sure to check with your car insurance provider to see what exactly is included in your policy.
Insuring your vehicle is simple and easy to arrange.
Your local insurance broker can help you find a policy that suits your needs. An insurance broker will work with you to decide which type of insurance is right for you, comprehensive or third party, then they’ll obtain some insurance quotes and put the wheels in motion … pardon the pun!
Truck insurance is a type of commercial vehicle insurance that provides protection for truck drivers and trucking companies in the event of an accident, theft, or other damages. Truck insurance policies cover features like comprehensive motor insurance, downtime cover, and breakdown or roadside assistance.
Truck insurance is vitally important for anyone who drives a truck or operates a truck-based transport business. There are a number of factors to consider when choosing transport industry insurance, such as the type of truck you are driving, the value of your cargo, and the amount of coverage you need.
A truck insurance broker will work with you to tailor a policy that meets your specific business insurance needs and budget. Phoenix Insurance Brokers can help you find the right cover to protect your business and minimise risk.
Organising Car and Truck Insurance Cover
It takes very little time to arrange so most people buy an insurance policy on the day they buy their car, before driving it.
All vehicles in Australia must have Compulsory Third Party (CTP) insurance before they can be registered and legally driven on the road. If the car you’re buying is already registered, the CTP insurance will be transferred to you – you won’t have to buy it for the car until the current registration expires.
You can usually choose between insuring your car for its market value (the reasonable cost to replace your car with one of the same make, model, age, mileage and overall condition) or for an agreed value (the amount for which an insurer agrees to insure a car).
Whichever way you go, getting an insurance policy for your vehicle is fairly straightforward whether it’s for a new car, trucks for your business, or if you’re transferring insurance cover from an old car to a new one.
The insurance specialists at Phoenix can help arrange all of this for you, so get in touch to organise an insurance solutions policy for your used or new vehicle.
Car Insurance FAQs
It’s simple to insure your car. Call us today to arrange one of the three main types of insurance products for your vehicle:
1. Comprehensive Car Insurance
This covers loss or damage to your car due to an accident (regardless of who’s at fault), severe weather, fire, vandalism, and theft; and your liability for accidental damage your car causes to other people’s property (e.g. property damage to their car and home). It may also include benefits such as a hire car, windscreen replacement and roadside assistance.
2. Third-Party Property Only Car Insurance
This covers your liability for accidental damage your car causes to other people’s property (e.g. their car and home). It does not cover damage to your car (unless it’s damaged in a no-fault accident with an uninsured driver, in which case your car has a limited cover).
3. Third-Party Property, Fire and Theft Car Insurance
This provides the same protection as Third Party Property Only, plus cover for loss or damage to your car if it’s stolen or catches fire.
Only Compulsory Third Party (CPT) insurance is mandatory in Australia hence the name ‘compulsory’. All the other types of car insurance are voluntary, including comprehensive cover, however, usually, if you finance or lease a car, the lender or lessor will require you to take out comprehensive cover.
All vehicles in Australia must have Compulsory Third Party (CTP) insurance before they can be registered and legally driven on the road.
If the car you’re buying is already registered, the CTP insurance will be transferred to you – you won’t have to buy CTP insurance for the car until the current registration expires.
CTP insurance does not cover loss or damage to your car or damage to other people’s property, so we advise you to arrange comprehensive vehicle insurance before you drive your new truck or car anywhere. Accidents have been known to happen when people first drive their car out of a dealer’s yard and if insurance has not been arranged, they can be left with a costly bill for repairs.
Your broker will need to know the following types of details when arranging your car insurance:
- Who will be driving the car ̶ just you or other people?
- How will your truck or car be used i.e. for business activities or personal reasons?
- Where will the car be parked at night ̶ in a garage or on the street?
- What is your driving and claims history (usually for the past five years)? This helps insurers assess their risk of insuring you and your car, and helps them to work out your premium.
An insurer will calculate a premium by looking at the following:
- Your policy, including the level of cover and excess amount.
- The drivers, especially their ages and claims history.
- The car, including its value and performance.
- Where you live as some areas are considered safer than others from an insurer’s perspective.
- How you use the vehicle i.e trucks for work or a car for personal use – as this can mean more wear and tear in some circumstances as opposed to others.
You can buy vehicle insurance before purchasing a car or truck if you know the following details:
- Dealer options and/or non-standard accessories
- Registration number
Depending upon which policy you go with, usually, you can have your car or truck insured for its market value or an agreed value.
- Market value is the reasonable cost to replace your car or truck with one of the same make, model, age, mileage and overall condition.
- Agreed value is the amount an insurer agrees to insure a car or truck for. This is usually for cars that are less than 10 years old, with no pre-existing damage; and the agreed value is within an acceptable range of the market value.