No two insurance policies are ever the same, so it’s important you know what cover suits your needs and your car.
There are three common types of motor vehicle insurance in Australia and National Insurance Brokers has products and solutions to suit all of them. It’s important you understand the differences as the costs vary for each solution.
● Comprehensive – Comprehensive car insurance covers the damage incurred to your own vehicle and the other person’s vehicle or property. Comprehensive car insurance also covers you for theft and legal costs. When choosing a comprehensive car insurance policy there are many extras and options to choose from. However, the two we recommend most for everyone looking at comprehensive car insurance are Windscreen Cover & a Hire Car option to get you out of trouble when you need it.
● Third Party Property – Third Party Property Insurance covers the damage incurred to other people’s property and the legal costs associated, but does not cover the damage to your own vehicle.
● Third Party Fire and Theft –Third party fire and theft cover is essentially Third Party Property cover with some add-on features that cover your vehicle against possible fire or theft.
When choosing your insurance solution, you will be asked if you wish to insure for Market Value or Agreed Value.
● Market Value is where the insurance provider determines the value of your vehicle at the time of experiencing a loss. In doing this they usually take into account the condition of the vehicle, its age and other factors.
● Agreed Value is where the insurance provider and the owner agree on the value of the vehicle at the time of taking out the policy. This value doesn’t change throughout the policy period unlike the Market Value option.
Insurance premiums are calculated in many different ways. When calculating your premium your insurer may take into account some or all of the following factors:
● Coverage Type
● Excess chosen
● Where your car is stored during the day and night
● The age of all drivers
● The driving record and insurance history of all drivers
● The type of vehicle being insured (make, model, year)
● Intended use of the vehicle
● Modifications/Accessories added by the manufacturer or aftermarket