Here's how to ensure you and your motor vehicle are covered, for your peace of mind.
- There are two main types of car insurance
- Your agreed car value could influence your premium
- Your driving experience could influence your premium
- Look for features that provide value and flexibility
- A BankVic insurance consultant can guide you through your choices
Choosing the right car insurance can save you major stress (and money!) in the event of an accident, whether you're at fault or not.
Here's how to choose between the different types of car insurance available.
Step 1. What do you want to be covered for?
These are two main types of car insurance.
- Comprehensive covers damage to your car and the other car if you are involved in an accident. It will also cover your car for theft, vandalism, fire and storm damage.
- Third party property (also known as Third party only) covers damage to someone else’s car or property and not damage to your vehicle.
Step 2. Your car
Choosing an agreed value for your car is the next step, and may influence your premium. Was your car expensive? Is it the only way you can get to your place of work or education? Could you afford to replace it? These are important questions to help you decide whether you need comprehensive cover. If your car is older, was not particularly expensive and is not essential to your daily life, you may be comfortable with third party coverage only.
Step 3. Your experience
If you're a new driver, your upfront insurance costs may be higher at first. Your premium generally decreases for each year of experience (without claim) and therefore you may be eligible for lower premiums.
Step 4. Fees versus coverage
Make sure you understand what your insurance will cover and what excess you will be required to pay if you do make a claim. You need to find a balance between the coverage you need and a premium you can afford. Claims support is also a consideration.
Step 5. Features
Finally, consider what features come with your car insurance. Some of the benefits you can look for include flexible payment options, the choice of your own repairer and car hire if your car is stolen.
At BankVic we have a range of car insurance options to protect you and your family on the road. Call us on 13 63 73 or visit BankVic car insurance for an obligation free quote.