If you are looking to buy a car in NSW, you must purchase Compulsory Third Party (CTP) insurance when registering your new vehicle. However, this mandatory policy covers only your liability for people injured or who have suffered a fatality in a car collision when you are at fault or anyone who drives your vehicle is at fault. As you see, this policy protects only the third party and doesn’t cover your vehicle damages, which is why you need to purchase additional car insurance.
There are several best car insurance policies that you can research online. All you must do is reflect on your vehicle needs and your budget then purchase a suitable policy. You may choose the most basic coverage like third-party property damage or a moderate one like third party fire and theft that may cost you less, or opt for a wide coverage through a comprehensive car insurance policy. The comprehensive plan is the only policy that covers damage done to your vehicle in a car accident, so weigh your needs carefully before purchasing.
We have some tips for vehicle owners who want to expand the level of coverage at affordable costs. If you are a person trying to get your hands on a reasonable car insurance policy, then start by exploring a plan that covers the essential things plus provides you with great deals and discounts.
Choose the right coverage!
Third-Party Property Damage – A policy that covers your liability for damage to other people’s vehicles or property when you are at fault.
Third-Party Fire and Theft – A policy that covers damages to your car in the event of fire or theft as well as covering damage you accidentally cause to other people’s cars or property
Comprehensive Car Insurance – A policy that covers third party liability as well as damage to your vehicle caused by road or other accidents for wide-ranging reasons, whether you are at fault or not.
Agreed Value v/s Market Value!
Choose what will determine your car’s value when your vehicle is deemed to be a total loss after a fire, theft, or an accident event. Agreed value policies benefit vehicle owners in that the compensation amount is mutually agreed upon at the time of policy purchase. Market value policies depend on the current worth of your car in the market (replacement value less depreciation). You need to note that agreed value policies are usually cost more compared to market value policies.
Vehicle owners have plenty of options to explore before they purchase car insurance in NSW. If you want to buy a policy to cover your vehicle damages in a range of events, then comprehensive car insurance best suits your needs. However, you may still compare comprehensive car insurance quotes from several providers to avail the most economical comprehensive policy.