Private and Commercial Motor Insurance

Coverage Inclusions & Details

Motor vehicle insurance is a widely used method for protecting yourself against significant financial losses resulting from accidents. Australian insurers offer a range of motor vehicle policies, each with various optional extras.

The three main types of coverage we provide are:

Comprehensive Insurance

This policy covers accidental damage to your own vehicle as well as any damage your vehicle may cause to other people’s property during the insurance period.

Third Party Property

This insurance covers damage you cause to someone else’s vehicle or property. However, it does not cover repairs to your own vehicle if you are at fault in the accident.

Third Party Fire and Theft

This policy provides protection if your vehicle is stolen or damaged by fire during the period of insurance.

Excess or Deductible

Both terms refer to the amount you must pay out-of-pocket when making a claim. The standard excess may be higher if you are under 25 years old or have held your license for less than two years. If the accident was not your fault and you can identify the responsible third party, your insurer may waive or refund your excess once they recover the costs.

No Claim Bonus (NCB)

Comprehensive insurance policies often reward you with a no claim bonus, which increases for each year you don’t make a claim, up to a maximum (typically after six years). If you make a claim, your NCB may decrease, unless the incident wasn’t your fault. Some insurers offer the option to pay extra to protect your top bonus rating, even after an at-fault claim. Note: you must be listed as a driver or policyholder to start earning a rating, and the minimum age to reach rating 1 is 22.

Market Value vs. Agreed Value

Most policies settle total loss claims based on the market value of your vehicle-meaning the amount needed to buy a similar car of the same make, model, age, and condition. For newer vehicles, some insurers may replace your car with a new one. Alternatively, agreed value policies lock in a specific payout amount at the start of your policy, which is especially beneficial for classic or high-value vehicles. Premiums for agreed value cover are usually higher.

Optional Extras

Excess-Free Windscreen Cover: For an additional premium, you can claim for a windscreen replacement without paying an excess or affecting your no claim bonus.
Hire Car Cover: By paying extra, you can receive a hire car (up to a set limit and number of days) if your vehicle is stolen or being repaired after an accident.
Restricted Driver Options: You may reduce your premium by specifying certain drivers or restricting cover to drivers over a certain age (e.g., over 30). Premiums are also influenced by factors such as the type of vehicle, driver’s age and experience, occupation, location, and how the vehicle is used.

Choosing the right motor vehicle insurance policy and options can help you manage risk and protect your financial wellbeing in the event of an accident or loss.

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