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Car Insurance

Car insurance is designed to protect your finances if you are involved in a vehicular 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 policies on our website or viewing our latest Star Ratings Report before getting a quote online.

Types of cover

  • Compulsory Third Party (CTP): Covers legal costs for injuries caused to other people in an accident. It is compulsory to have CTP in order to register your vehicle, wherever you live in Australia.
  • Third Party Property (TPP): Covers damage to other people’s property, including their vehicle.
  • Third Party, Fire and Theft: Covers damage to your own vehicle caused by fire or theft, and damage to other people’s property, including their vehicle.
  • Comprehensive: Covers damage caused to your own vehicle 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).

How to compare policies

Canstar’s Star Ratings are one factor you could use to help you compare policies before getting a quote. Our ratings process uses a sophisticated and unique methodology that compares both price and features across 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.

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 vehicle 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.


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.

 

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FAQs

Please note that these are a general explanation of the meaning of terms used in relation to this topic. Your 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 ‘Agreed value’?

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

What is ‘Comprehensive Car Insurance’?

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

What is ‘Compulsory Third Party (CTP)’?

CTP is a compulsory 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’?

Exculsions are anything that is not covered by your policy. Exclusions may vary between providers, so it is a wise idea to read policy documents carefully when obtaining any quotes.

What are ‘Inclusions’?

Inclusions are 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 vehicle would be worth on the market, or what 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 vehicle 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 cover, under certain conditions.

What is a ‘Nominated driver’?

When you sign up for a policy, you must advise the insurer who will be listed on your policy as being allowed to drive your vehicle (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 vehicle.

What is a ‘Premium’?

The premium is the amount you pay for the cover your 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 a ‘Third Party Property’ policy?

This is a policy that covers the cost to repair damage caused by your vehicle 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’ policy?

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

Canstar enables consumers to compare providers and narrow their search for policies before seeking a quote. As premiums are based on your personal circumstances, you can generally obtain a more accurate quote for a policy premium by contacting the provider or using an online quote form.

With dozens of 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 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 premium will be based on a number of factors, including your age, your gender, the model of your vehicle, the type of policy you choose (such as comprehensive, third party or third party fire and theft) and where the vehicle will be garaged. The 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 vehicle availability during repairs. Some providers offer sign-up bonuses or discounts on premiums for people who fulfill particular criteria, so when obtaining quotes from providers, it could be worth asking if you’re eligible for any deals.

Canstar’s 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 products that have been assessed and determined to offer value, prior to seeking a quote.