Whether you have just bought a new or secondhand car and need a new policy, or if you simply want to check if there is a better priced insurer out there for your existing vehicle; FINWEB can assist with a free no-obligation quote.

 

Types of cover
Generally there are three main types of car insurance available which means that you can choose the type of cover that’s right for you and your vehicle:

 

Comprehensive – this is the highest type of cover you can purchase and protects you against any accidental loss or damage to your vehicle or another person’s property, no matter who was at fault.

 

Third Party – covers you against damage you cause to other people’s property in an accident. This means that if the accident is your fault, you will have to cover the expenses and repairs to your vehicle. You may also be able to ‘upgrade’ your Third Party cover to protect you against damage or loss to your vehicle caused by fire, theft or third party theft.

 

Compulsory Third Party (CTP) – in most states you must have CTP Insurance in order to get a vehicle registered. It protects vehicle owners and drivers against claims of personal injury caused by you to another person.

 

How car insurance premiums are calculated

Insurance underwriters generally calculate premiums based on a level of risk they associate with the driver and the car. A number of factors may be considered when working out the level of risk such as:

• age and gender
• driving and accident history
• the type of car you drive and any modifications it’s had
• your youngest nominated driver

Note: All car insurance policies have terms, conditions and exclusions. Always make sure that you read the Product Disclosure Statement (PDS) before buying an insurance product