Your car is more than just some thing that gets you from A to B.
It makes road trip holidays possible; gets the kids to their weekend activities; impresses first dates (...sometimes); and can make things more convenient. It can be hard to put a price on the lifestyle that a car makes available to you.
But there’s still a price — cars can be expensive things! First, there’s the upfront cost of buying the car outright or financing it. Then there are other ongoing costs to consider like fuel, servicing, repairs, maintenance and insurance.
So, what happens to your lifestyle and finances if something goes wrong and your car is damaged, destroyed, or stolen? What happens if you’re in a bingle and damage someone else’s property? Well, that’s when having comprehensive car insurance could help. If you already know what this type of insurance is, click here to get a quote on car insurance with People’s Choice. Otherwise, you can read on below for more information.
What is comprehensive car insurance?
Comprehensive car insurance is insurance to help protect your finances if you damage your car, or someone else’s car or property. It also covers you if your vehicle is damaged by fire, theft, or malicious damage caused by someone else. It’s the most extensive form of car insurance and offers more cover for more things, when compared to a basic car insurance option.
Is comprehensive car insurance mandatory?
No. The only type of mandatory car insurance is Compulsory Third Party (CTP) insurance. CTP insurance is mandatory for every Australian driver in every state and territory and provides cover if you were to cause injury or death in an accident.
Does People’s Choice offer car insurance? What’s covered?
Yes! At People’s Choice, we’ve teamed up with CGU to provide our members with three levels of car insurance cover: third-party property damage, third-party fire and theft, and comprehensive cover.
If you’re after car insurance quotes, we encourage you to understand the basic differences between the three levels of cover. These are in addition to CTP insurance:
- Third-party property damage — this provides cover if your vehicle causes damage to someone else’s vehicle or property, like their car, motorbike, or home. It doesn’t cover your own vehicle.
- Third-party fire and theft insurance — this includes everything in third-party property damage cover, plus it covers your own car if it is damaged by fire or is stolen. It doesn’t cover damage to your vehicle if you’re in a crash or collision.
- Comprehensive car insurance — this level of cover is also known as ‘full car insurance’ and includes everything in third-party fire and theft insurance; plus, it covers accidental damage to your vehicle regardless of who is at fault. It covers you and anyone else on the policy.
With each of these policies, you’ll get basic cover for costs to third-parties, with more cover for your own car as you move up through the levels.
If you’re after a full breakdown of what events are covered under each policy level, you can find detailed explanations in our Motor Vehicle Insurance Product Disclosure Statement. It’s written in plain English to make it easy to find information. If you have questions or need a hand getting through it, reach out to us for a chat or visit us at one of our branches for a one-to-one.
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What information will I need for a car insurance quote?
There are a few pieces of information that you’ll need to have on hand if you’d like to get a quote from us. The information we need to calculate a quote for comprehensive car insurance includes:
- Whether the vehicle is for personal or business use
- The registration number/number plate of the vehicle
- The vehicle’s make, model and manufacture year (to double check against the database)
- Details of any manufacturer-installed or aftermarket accessories fitted to the car
- Whether you want to insure for the market value or agreed value (more on this below)
- What suburb the vehicle is parked in overnight
- The structure, if any, that the vehicle is parked in overnight
- Details about any finance you might have against the vehicle
- Information about any young drivers, like their licence type, date of birth and any at-fault incidents they’ve been in over the last two years
Preparing this information ahead of time can help you get through the quote process much faster. When in doubt, more information is always better to get an accurate quote.
What’s the difference between market value and agreed value?
When you’re getting your quote, you’ll be asked whether you would like to insure the vehicle for its market value or agreed value. The difference between them is the time at which we decide on the value of the vehicle: when you take out the policy, or when you make a claim. Here’s a simple explanation of each:
- Agreed value: a fixed amount we agree to cover your car for during the current period of insurance. This value includes any accessories and modifications you have fitted.
- Market value: our assessment of the value of your car is based on market rates, as well as the age and condition of your car at the time of a claim.
Do I need comprehensive car insurance?
It’s up to you. Car insurance is designed to protect your finances, so your decision about any kind of car insurance policy should be based on your unique situation.
Subject to the product issuer’s underwriting rules and acceptance guidelines. Policy conditions, limitations and exclusions apply. Please read the Product Disclosure Statement (PDS) for full details. Terms, conditions and exclusions apply and are available upon application.
The information above is general advice only and does not take into consideration your personal objectives, financial situation or needs (“your personal circumstances”). Please consider the relevant Product Disclosure Statement (PDS), other Disclosure Documents and your personal circumstances before making any decision to purchase the products. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk to a consultant.
Comprehensive Car Insurance is issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance.
People’s Choice Credit Union, a trading name of Australian Central Credit Union Ltd. ABN 11 087 651 125 Australian Financial Services Licence 244310, acts under its own Australian Financial Service Licence and under an agreement with the insurer Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance.