BimaKavach Insurance

 Third party liability car insurance is cover for damage to a third party’s vehicle or property where you’re at fault in the accident. This type of insurance doesn’t cover any damages to your car unless the accident is caused by an uninsured third party driver.

 You can also purchase fire, theft and third party liability car insurance, which covers damage caused by fire, theft or attempted theft and damage from an accident if it is caused by an uninsured third party.

 CTP insurance is a type of mandatory insurance that covers the cost of compensation claims made by anyone involved in an accident who is not at fault.

 It covers unlimited liability for personal injury caused by, through or in connection with the use of an insured motor vehicle in incidents to which the Motor Accident Insurance Act 1994 (MAI Act) applies.

 CTP covers anyone affected by an accident that was not their fault that caused them significant mental or physical injury.

 In Queensland, CTP is paid when you register your vehicle or renew your vehicle’s registration, and it is illegal to drive a car that doesn’t have CTP cover.

 The main difference between comprehensive car insurance and third party liability car insurance is that comprehensive car insurance offers cover for both your vehicle and any damage done to other cars and property. Third party liability car insurance, on the other hand, only offers cover for damage you cause to other cars and property involved, and will only cover your own car in very limited circumstances where an uninsured third party causes the accident.

 Because it offers this extra cover, comprehensive car insurance will usually be more expensive than third party liability car insurance. To find out what a comprehensive or third party policy covers, check out its Product Disclosure Statement (PDS), any Supplementary PDS and the Target Market Determination.

 CTP is part of your vehicle registration and is paid every year or 6-month period. It does not cover property or vehicle damage. Third party liability car insurance is for the cost to repair any vehicles or property you hit and are liable for.

 Asking what car insurance covers is a bit like asking, “How long is a piece of string?”. Not only do different types of car insurance policies cover different incidents, but the level of cover a specific type of policy offers will depend on who you’re buying the insurance from. The best way to see what a car insurance policy covers is to read the Product Disclosure Statement (PDS), any applicable Supplementary PDS and Target Market Determinations. Note: CTP policies don’t have a PDS, SPDS or Target Market Determination.

 Whether your car insurance policy will cover unlisted drivers depends on the insurer and policy you choose. Some insurers require you to list all drivers you want covered other insurers will cover any licensed driver. They may, however, still ask you to list all drivers.

 It’s easy to list a partner, friend or family member on your policy. Simply call your insurer or check if you can update your policy online, and make sure you have the person’s driving and criminal history handy, as you’ll need to provide this information.

 Whether your car insurance policy will cover theft or attempted theft of your vehicle depends on the type of policy you have.

 When it comes to protecting your vehicle from theft, it pays to read the Product Disclosure Statement (PDS), any applicable Supplementary PDS and Target Market Determinations. For example, comprehensive car insurance policies may offer policyholders a benefit that provides them with a hire car after a theft has occurred, some policies may exclude theft of personal property from a vehicle.

 Queensland is prone to severe weather events. No matter how prepared for storm season you are, when you compare car insurance it’s important to make sure your policy covers the unique risks in your area.

 Usually, comprehensive car insurance can cover hail and storm damage, whereas third party liability car insurance typically won’t include this cover.

 It’s a good idea to check your insurer’s definitions of hail and storm damage, as these may vary from insurer to insurer. You’ll find this and other useful information in the Product Disclosure Statement (PDS), any applicable Supplementary PDS and Target Market Determinations.

 Whether your car insurance covers vandalism will depend on the type of cover you have and the circumstances surrounding the damage.

 If you have fire, theft and third party liability insurance, you may be covered for damage that’s related to a theft or fire. For example, if a vandal sets your vehicle alight or damages it while attempting to steal it, you may be covered.

General Liability Contractor Insurance

 If you have comprehensive car insurance, you can be covered for acts of vandalism, depending on the circumstances surrounding the incident.

 Check the Product Disclosure Statement (PDS), any applicable Supplementary PDS and Target Market Determinations for more information on what’s covered, what’s excluded, and any limitations that apply to the car insurance policy you’re considering.

 Your excess is the amount you pay towards each claim you make. Increasing your excess may help reduce the cost of your premiums. You may be able to nominate an excess that suits your individual needs:

 Your Certificate of Insurance shows the types and amounts of excesses that may apply to your policy. More than one excess may apply to a single claim.

 Who to pay any excesses to – you may be asked to pay an excess to your insurer or a third party like a repairer or supplier on their behalf

 Unless you’ve purchased a ‘no excess’ insurance policy or you’re making a CTP claim, you should be prepared to pay at least a basic excess on any car insurance claim you make. How much your excess(es) will cost depends on several factors, including whether:

 All cars registered in Queensland must have compulsory third party (CTP) insurance, which you purchase when you register your car or renew your registration.

 All cars registered in Queensland must have compulsory third party (CTP) insurance, which you purchase when you register your car or renew your registration.

 Queensland’s CTP insurance scheme is regulated by the Motor Accident Insurance Commission (MAIC). To find out more about CTP or to calculate your CTP premium, visit the MAIC website.

 As CTP insurance only covers not at-fault people who are injured in an accident and doesn’t cover vehicle or property damage, you may wish to purchase extra insurance.

 The cost of car insurance: While it is tempting to buy car insurance solely based on the price of premiums, it’s important to think about the costs you may incur in an accident. If you have a low level of cover or a high excess, you’ll likely be more out of pocket at claim time.

 The value of your car: If your car isn’t worth very much and you could live without it after an accident, you may only need cover in limited circumstances. If you can’t live without your car or you can’t afford to foot a repair bill, comprehensive insurance might be a better option.

 Policy inclusions: Make sure your policy includes cover for events you want to be protected against. For example, if you live in an area with frequent hail, you might want to ensure you’ve got hail and storm cover included.

 Vehicle type: Not all insurers provide cover for all types of vehicles. For example, if you drive a unique vehicle, you may want to contact the insurer to explain your modifications and check if they will provide cover.

 To find out more information on a car insurance policy, read the Product Disclosure Statement (PDS), any applicable Supplementary PDS and Target Market Determinations. Note: CTP policies don’t have a PDS, SPDS or Target Market Determination.

 When researching car insurance for young drivers, you’ll notice the options are the same as those available to older drivers. If you’re under 25, you’ll still have to purchase mandatory CTP insurance, and you can still get additional insurance like comprehensive or third party liability cover.

 Younger drivers may, however, pay more for their car insurance regardless of the type of car insurance they buy. This is because they have less experience than other drivers on the road and statistically they are at a greater risk of having an accident than some other drivers.