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Car Insurance

Car InsuranceCar insurance is designed to protect your finances if you are involved in a car accident. Choosing the policy that’s right for you could depend in part on what you can comfortably afford, so it may be worth considering the type of cover that suits your needs and your budget.

You can start your search by comparing comprehensive car insurance policies on our website or viewing our latest Car Insurance Star Ratings Report before getting a quote online.

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Types of car insurance cover

  • Compulsory Third Party (CTP): Covers legal costs for injuries caused to other people in an accident. It is compulsory to have CTP insurance in order to register your vehicle, wherever you live in Australia.
  • Third Party Property (TPP): Covers damage to other people’s property, including their car.
  • Third Party, Fire and Theft: Covers damage to your own car caused by fire or theft, and damage to other people’s property, including their car.
  • Comprehensive: Covers damage caused to your own car in accidents and a wide range of insured events (e.g. natural disasters, fire and theft), and damage to other people’s property (including their car).

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Canstar’s Car Insurance Star Ratings use a sophisticated and unique ratings methodology that compares both price and features across comprehensive car insurance products on our database.

Canstar’s Star Ratings represent a shortlist of products, enabling consumers to narrow their search to products that have been assessed and ranked. The results are reflected in a consumer-friendly one to five-star system, with a 5-Star Rating representing outstanding value to the consumer. Star Ratings are one factor you could use to help you compare policies before getting a quote.

Some of the features Canstar compares and considers in its Star Ratings are:

  • After-accident care – towing, taxi fares, and emergency accommodation cover
  • Repairs conditions – excess charged, choice of repairer, and cover for replacement parts
  • Windscreen cover
  • Rental car availability during repairs (and whether this is complimentary)
  • Roadside assistance available (complimentary)
  • Exclusions

You can read the full Star Ratings report or compare policies yourself, based on your own requirements, using the comparison selector tool at the top of the page before proceeding to get a quote.

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Author: Nina Tovey

nina.tovey

Nina is the Editor-in-Chief of Canstar, Australia’s biggest financial comparison site. She is responsible for leading the editorial strategy, and works with a team of journalists and SEO specialists to drive traffic through delivering compelling and insightful content to consumers looking for support with their finances. You can follow her on Instagram or Twitter.


 

Car Insurance FAQs

Please note that these are a general explanation of the meaning of terms used in relation to car insurance. Your insurance provider may use different wording and you should read the terms and conditions of your policy carefully to understand what you are and are not covered for. Refer to the product disclosure statement (PDS) from your provider.

What is Account-keeping fee / Ongoing fee?

It is a monthly account-keeping fee that is charged by the lender to cover the administration cost of maintaining your car insurance policy. Alternatively, you may be charged an annual fee rather than an ongoing account-keeping fee.

What is Agreed value?

The Agreed Value is the sum for which your car is insured, which has been fixed by agreement between the insurer and the car owner. The option for your sum insured is to insure your car for the market value (see ‘Market value’ below).

What is Comprehensive Car Insurance?

Comprehensive Car Insurance is the highest level of insurance policy, which covers your car for damage to other people, damage to the property of others, damage to your own car if it is damaged or lost because of fire or theft, and accidental damage to your own car, regardless of who caused the damage. Comprehensive car insurance also has a range of optional extras, including complimentary replacement vehicles while you can’t drive your own car, and no-excess windscreen replacement if you have a crash.

What is Compulsory Third Party (CTP) Insurance?

CTP Insurance is a compulsory insurance policy that covers you if you injure or kill someone in a motor vehicle accident. The specific conditions on this type of cover are different from state to state, but it is compulsory to hold CTP in order to register your vehicle.

What is Excess?

The excess is an amount that you pay towards the cost of your claim. Different excesses might apply to different types of claim, so you should check your policy for details. You may be able to pay a lower premium if you have a higher excess, but you need to be sure that you could afford to pay the excess unexpectedly in an emergency.

What are Exclusions with Car Insurance?

Exculsions is anything that is not covered by your policy. Exclusions may vary between providers, but find out the common exclusions here.

What are Inclusions with Car Insurance?

Inclusions is anything that is covered by your policy. When a particular event is listed as being included in your policy, the insurer will cover the whole expense or a listed percentage of the cost involved.

What is Market value?

Market Value is what your car would be worth on the market, or it would cost to replace your vehicle with one of the same make, model, age, and condition as your vehicle was in before the loss or damage. This is one option for your sum insured; the other option is to insure your car for an agreed amount (see ‘Agreed value’ above).

What is a No claim bonus?

A No Claims Bonus is a discount on your premium for drivers who have not made any claims so far on their policy. Some providers have a ‘protected no claim bonus option’, where they will let you keep your no claim bonus after you make your first claim in any one period of insurance, under certain conditions.

What is Nominated driver when it comes to Car Insurance?

When you sign up for insurance, you must advise the insurer who will be listed on your policy as being allowed to drive your car (usually yourself and someone else). These people are the nominated drivers. Other people who drive your car but are not nominated drivers would be required to pay an additional excess if they were in an accident while driving your car.

What is a Premium?

The premium is the amount you pay for the cover your insurance policy provides, and may be paid once annually or more frequently (e.g. monthly, fortnightly). Your premium must be paid on time for your car to remain covered.

What is Third Party Property Insurance?

This is a policy that covers the cost to repair damage caused by your car to other people’s property. It will also cover your legal costs if they sue you over that damage.

What is Third Party, Fire and Theft Insurance?

This is an insurance policy that covers damage to the property of others, and some limited cover for your own car if it is damaged or lost because of fire or theft.

Car insurance quotes

Canstar enables consumers to compare providers and narrow their search for

car insurance

policies before seeking a quote. As premiums are based on your personal circumstances, you can generally obtain a more accurate quote for a

car insurance

policy premium by contacting the provider or using an online quote form.

With dozens of

car insurance

providers offering a range of products, it is often a good idea to have a clear understanding of the cover you require before you seek quotes. This can help you save time by narrowing your search and receiving quotes specific to products that may be more suited to your needs. Keep in mind that there are a number of factors to consider when selecting a

car insurance

product, and that the policy that quotes the cheapest premium may not necessarily offer the best value for your circumstances. Aside from the quoted premium, you may also want to consider factors such as what is included (and not included) in the cover, how much the excess is and the quality of customer service on offer.

The quote you receive for the cost of your car insurance premium will be based on a number of factors, including your age, your gender, the model of your car, the type of policy you choose (such as comprehensive, third party or third party fire and theft) and where the car will be garaged. The insurance provider will typically ask for this information when you are requesting a quote. You can also request a quote for optional features such as windscreen cover, roadside assistance and rental car availability during repairs. Some providers offer sign-up bonuses or discounts on premiums for people who fulfill particular criteria, so when obtaining quotes from car insurance providers, it could be worth asking if you’re eligible for any deals.

Canstar’s Car Insurance Star Ratings take into consideration costs as well as features to determine the overall value of each product we rate. This is presented in a 5-Star format, identifying products that offer outstanding value with a 5-Star Rating. This can help consumers narrow their search to comprehensive car insurance products that have been assessed and determined to offer value, prior to seeking a quote.