Car insurance is a must-have for anyone driving on the roads across Australia. Beyond legal requirements, it’s providing you with peace of mind in the event you do find yourself having to make a claim on your auto insurance coverage. However, there are important things to consider to not only find an insurance policy that suits your needs but also isn’t costing you a ridiculous amount of money each month.
Green Slip Insurance
Throughout Australia, you are legally required to have compulsory third-party auto insurance coverage, also known as a green slip policy. Green slip, or CTP, insurance protects the driver of a vehicle from any financial liability if they were to injure or kill another person in an automobile accident. For most drivers in New South Wales, there’s the option of a 6-month or a 12-month policy. You must buy a new green slip policy before your current policy expires. If you fail to renew, you’re legally not allowed on the road and could face significant fines.
The green slip is a bare minimum auto insurance policy. It does cover the cost of injuries to others involved in the wreck, as well as yourself in certain circumstances. It does cover any property damage done to your vehicle or others in a car accident. Depending on the amount of time you spend on the road, this could be sufficient, but if you drive regularly, you’ll want more comprehensive car insurance.
Consider your driving history.
Your driving history will be in play for auto insurers who are offering up quotes. If you’ve made little to no claims on your policy in the past, insurance companies will offer up reduced premiums for reasonable limits. Insurance premiums will also be impacted by who is protected under the coverage. Deductibles and premiums may be higher for new drivers, specifically teenagers, as well as senior drivers who are considered a greater risk behind the wheel.
If you’re in New South Wales and find yourself looking up “car insurance NSW“, be sure to remember that more lines of coverage will result in a higher insurance premium. Third-party property damage car insurance can cover damage to other people’s cars or property caused by you in an automobile accident.
Comprehensive car insurance, usually the highest level you can get in NSW. It protects your own vehicle from accidental damage, fire and theft, and damage to other vehicles and property. This line of coverage is best for a policyholder who is very active on the road or has several family members and their cars under their auto policy.
Shop for discounts on coverage.
As mentioned, car insurance companies love safe drivers and often will reward their driving habits with reduced premiums. However, there is a litany of discounts that may accommodate different drivers behind the wheel. Even though student drivers are considered high risk, some insurance companies will reward teens for good grades, helping their parents cash in on savings. There are also discounted rates for senior drivers, including for taking defensive driving courses.
Some insurance companies provide more than just coverage for your car. Insurers may recommend an umbrella policy that could include life insurance, homeowners insurance, or other lines of coverage. This also can later result in a loyalty reward depending on how long you are insured by that particular provider. Discounts are even available for going paperless with your auto policy, or if you pay your premiums upfront at the time of purchase. Your line of work can even get you a rebate on your car insurance, commonly provided for educators and emergency workers. Be sure to even check if your employer has discounted auto coverage.