Home Finance Things to Understand about Car Insurance

Things to Understand about Car Insurance

Car insurance is bought to provide financial protection for accidental damage to your car, theft or loss from natural occurrences. Car insurance is compulsory if you have a car. You have to pay a premium to the insurance company to avail car insurance. Financial loss because of an accident can be very high. However, with the right car insurance policy you can protect yourself from such losses.

Before finalizing car insurance, you must find out about the various kinds of policies available. The most common ones are Comprehensive cover, Third Party Fire and Theft cover, Third Party Property cover, Compulsory Third -Party Insurance.

Comprehensive Cover includes protection against collisions, emergency repairs, and transportation cost. Third Party Fire and Theft protects against theft, damage caused by fire and also the damage caused by your car to other people’s property. Third Party Property Cover includes damage caused by you to someone else’s property or car but it does not cover the cost of repair of your own car.

Compulsory Third Party Insurance or Green Slip Insurance is required for every registered driver. It provides compensation for everyone whether a driver, passenger, cyclist or a pedestrian who gets affected if your car is involved in an accident. It is mandatory all over Australia, but works differently in each state. You can also opt for additional coverage options such as New Car replacement, choice of repairer and more.

You must buy Car Insurance Online.

There is a wide choice of car policies, so you must shop around to select the one for your needs. Checking policies online will save a lot of your time and energy. You can check the pricing with various car insurance brokers in Melbourne while at home. Also buying a policy online is simpler and faster.

Be sure not to take only the price of the policy in consideration. Assess your requirements and know your priorities before determining the insurance product. Look for a company that offers great coverage at affordable price, easy to understand claim process and quick processing of claims. Read the policy document thoroughly and clarify any doubts you have before signing the documents.

The car insurance premium depends on many factors like age, location or gender. As you age you have to pay a smaller premium. Insurance premium vary on the type of car you drive, like a high performing or expensive vehicle are associated with more accidents so result in higher premium. Insuring vintage cars is even more expensive. Lastly the type of insurance you select has a direct impact on your premium.

You must compare various car policies in minutes on iSelect, an online website which is partnered with leading insurance providers. You just need to make an account and enter your details and requirements. Their trained experts compare various policies side-by-side so that you can make the right decision. Unlike other comparison websites they are not owned by any insurance company which ensures that you get an unbiased comparison every time and the best thing is that is free.

Shop for the perfect car insurance policy on iSelect and save your time, money and effort.

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