Insurance FAQs

Topics

1. Home Insurance
2. Motor Vehicle Insurance
3. Personal Insurance

1. Home Insurance

   1. What is an excess?

      When you make a claim you may need to contribute an amount towards the cost of that claim. This is called an excess.

   2. What is the level of contents insurance cover that I should have?

      In the event of a loss you will want to replace any items damaged or stolen with brand new items, so you will need to have enough insurance to cover the replacement cost of all your contents. And think about more than just your 'big ticket' items like the fridge and tv - there are a lot of items of value inside your cupboards too! Remember to add on the cost of replacing clothes, crockery, books etc.

   3. Do I need to have confirmation of ownership of my contents?

      We will ask for reasonable confirmation of ownership. This will allow us to replace your item or items with the best possible match.

      This type of confirmation can vary from item to item, or situation to situation. A combination of receipts, warranty books and photos are the preferred methods of confirming ownership.

   4. Am I covered for my personal effects away from home?

      At People's Choice Credit Union we can arrange a policy for you that covers your personal items away from home.

   5. Do I get a discount if I have an alarm?

      Yes, People's Choice Credit Union offers reduced contents premiums for homes with a local alarm and extra reductions if it's a monitored back to base alarm.

   6. How can I pay my insurance premiums?

      Your insurance premium can be deducted from an account you nominate on either a monthly or annual basis at no extra cost.

   7. Would my home and contents be covered for flood?

      From February 2012 all new and renewed policies for Home & Contents and Landlords Residential Property Insurance will automatically include flood cover. Whether it's from a river or storm water, our flood cover will protect your greatest assets with the cover you need. 

2. Motor Vehicle Insurance

   1. I'm in the process of buying and selling a new car, what happens to my insurance during this time?

      We will provide temporary cover if you permanently replace your vehicle in the period of insurance from the date of purchase for a maximum of 14 days.

      All you need to do is contact us with the full details of the replacement vehicle within 14 days of taking ownership of the vehicle. A new premium for your replacement vehicle will need to be calculated.

   2. If I have an existing insurance policy, can my no claim bonus be transferred over?

      We base our no claim bonus on your driving history not your insurance history, even if you haven't had insurance in your name in the past.

   3. Do I have a choice of either agreed or market value?

      You have a choice to insure your vehicle for either an agreed value or the market value.

   4. What is an excess?

      When you make a claim you may need to contribute an amount towards the cost of that claim. This is called an excess.

   5. What does 'market value' mean?

      The amount of money it would cost to replace your vehicle in your local area with an identical vehicle. This takes into account the condition of your vehicle. It also includes any GST and stamp duty you must pay for the transfer of ownership of the replacement vehicle.

   6. What does 'agreed value' mean?

      Agreed value is the amount we agree to insure your vehicle for and remains fixed for the term of the current policy period. It is adjusted on each renewal and shown on your current schedule. An agreed value policy means that in the unfortunate event of your vehicle being declared a total loss, you know what you'll be covered for, regardless of changes in the market. This value includes modifications, manufacturers' options and accessories that we have agreed to insure.

   7. What is the difference between Comprehensive, Third Party Fire and Theft and Third Party Property Damage Motor Vehicle Insurance?

      Comprehensive provides cover for loss or damage to your vehicle in the event of an accident, fire or theft. It also covers your legal liability for loss or damage to another person's vehicle or property.

      Third Party Fire and Theft provides cover damage to your vehicle by fire and theft only and your legal liability for loss or damage to another person's vehicle or property.

      Third Party Property Damage provides cover for your legal liability for loss or damage to another person's vehicle or property - however, it does not cover damage to your car. Find out more about People's Choice Credit Union Car Insurance.

   8. Can I get a discount if I have an alarm fitted?

      No. Our claims experience suggests theft of vehicles, and thefts from vehicles, does not differ significantly enough to warrant a further discount between vehicles with and without alarms.

   9. Why do I have to pay an age excess?

      Insurance research shows drivers under 25 have a higher likelihood of lodging a claim where they are at fault. To compensate for that, an age excess applies if you are at fault in an accident.

   10. Will I have to pay an excess if the accident was not my fault?

       If it's agreed the incident was not the fault of the driver of your vehicle, and we are provided with the contact details of the person who caused the incident, including their name, current residential address and vehicle registration, and who they are insured with, you won't need to pay your excess.

   11. Why is there so much variation in pricing between insurance providers?

       While the static item in an insurance quote is the type of car and where you live, insurers pricing includes a range of elements including what is covered in the policy and the dollar limits of each cover. Other elements affecting price are how much you drive your vehicle, and how many people drive your vehicle. Therefore it is important for you to check your insurance policy to make sure it has the level of protection that best suits your needs, and take advantage of any discounts that may be available.

   12. My child under 25 drives the car occasionally. Do they need to be listed as a nominated driver?

       If you have a Nominated Driver Motor Vehicle Insurance Policy or a Nominated Driver Low Kilometre Motor Vehicle Insurance Policy, you will need to update your policy to a standard Motor Vehicle Insurance Policy as the Nominated policies do not cover any loss, damage or liability if your vehicle is driven by someone who is under 25 years of age.

3. Personal Insurance

   1. Will I have to pay an excess for travel insurance claims?

      An 'excess' is your contribution towards the cost of a claim. We will reduce the amount we pay you for a claim for any one incident by the first $100 (the excess). Only one excess applies to each claim. You cannot remove the excess by paying a higher premium.

   2. Who can I contact regarding my travel insurance if I am overseas?

      If you have any difficulties while you are travelling, call our Emergency Assistance Hotline and speak with one of our expertly trained, multilingual staff. The numbers to call reverse charge, depending on whether you are travelling within Australia or overseas are (02) 8895 0698 (within Australia) and +61 2 8895 0698 (via the local operator while overseas).

   3. Can I apply online for travel insurance?

      Yes you can. Obtain an instant quote online and purchase your travel insurance online using your Visa card. Online discounts apply.

   4. Am I covered by life insurance outside of Australia?

      Yes. Zurich's Life policy provides you with over 24 hours a day, seven days a week, worldwide.

   5. Do waiting periods apply on Health Insurance?

      Australian Unity gives immediate cover on most benefits (see Product Disclosure Statement for a complete list). Members transferring from an equivalent level of cover with another fund will not have to re-serve qualifying periods.

   6. What is broader health cover?

      Under changes recently introduced by the Australian Federal Government, Broader Health Cover now enables private health insurers to pay claims for health services that can be delivered just as effectively at home as they can in hospital. Under charges recently introduced by the Australian Federal Government, Broader Health Cover now enables private health insurers to pay claims for health services that can be delivered just as effectively at home as they ca in hospital