5 Things to Know Before Choosing Car Insurance

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5 Things to Know Before Choosing Car Insurance
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• So, it is a well-known fact that Australia is the
  home for a lot of cars, but did you know that the
  estimated number of cars that Aussies own is a
  whopping 18 million. I mean that is a LOT! It
  just shows how big of a country Australia is. We
  all know that driving is an integral part of a
  normal Aussies life, so isnt it important to
  ensure the car that drives us around and helps
  our day-to-day life?
• When it comes to cars, no one can is a cent
  percent sure of what would happen when traveling
  on road. You might be an excellent driver but
  accidents happening cannot be your fault but
  still be something which would give you losses.
  This is a thing that is completely out of your
  control.
• Ensuring your car is the best way to protect
  yourself from things that happen in an unexpected
  way. But, there are a few important things you
  need to understand before you sign the dotted
  line, and those important things are listed
  below.

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• Be in terms with the important terms
• Here are some of the important terms listed with
  the car insurance policies
• Accident An event that is unexpected or
  unforeseeable.
• Agreed value The amount your car is covered for
  over the length of a policy this is an amount
  thats agreed on between both you and the
  insurer. However, some providers dont offer this
  as an option.
• Claim Any application you make to your insurer
  after an accident, so long as its covered under
  your policy.
• Comprehensive cover Coverage for the cost of
  damage either to you or caused by you after
  an accident. Youll probably still have to pay an
  excess, but at least your repairs will be covered
  whether you were at fault or someone else was.
• CTP Compulsory third-party (CTP) insurance is
  the minimum cover that every driver in Australia
  needs. Its illegal to not have it. It covers you
  in the event someone is injured during an
  accident youre responsible for.

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• Excess When you make a claim and youre at
  fault, you usually have to pay an agreed excess
  before your claim can be processed.
• Premium Your on-going payment (either
  fortnightly, monthly, or annually) to maintain
  your car insurance policy.
• Risk The likelihood of you making a claim that
  the insurer will have to pay out on. This may be
  different between a number of providers.
• Write-off When the cost of your cars repairs is
  considered too expensive to be worth fixing. If
  you have comprehensive coverage you could be paid
  out a specified amount or given a similar vehicle.

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• Read the PDS
• Here is something which the people dont follow
  at all, mainly because of how a chore it is. But
  it is really important to read the Product
  Disclosure Statement (PDS) as it will help you
  understand what youre getting covered and for
  what youre not.
• Under Australian law, your insurer must include
  all the terms and conditions of the policy in the
  PDS or a policy document included with the PDS.
  The details are explained in plain English so you
  dont need any kind of prior experience to go
  through this.
• Also, an important pointer to keep in mind, the
  PDS is not customized or specified for your
  personal needs and financial situation. So we
  surely recommend you to read the PDS from your
  car insurers without fail. This will help you
  make the best decision according to your
  circumstances.

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• If you still feel that you are confused you have
  insurance brokers Perth like us, who will help
  you find the best insurer there is based on your
  needs and make sure that the insurance that you
  take up is the best you can get for your car.

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• Figure out how often you drive
• These days, drivers are lucky enough to have a
  wealth of car insurance options at their feet.
  And one alternative policy thats on the rise is
  Pay as You Drive (PAYD) insurance.
• Drivers these days are lucky to have the luxury
  of car insurance options right at their feet.
  There is also an alternative in this which is the
  Pay as You Drive (PAYD) insurance option.
• PAYD is defined by The Australian Securities and
  Investments Commission as The premium is based
  on the number of kilometers you expect to drive
  in the coming year. If during the year, you think
  you will drive further than planned, you can 'top
  up' your kilometers for an additional cost.
  However, if you exceed your elected kilometers
  and don't tell the insurer, your level of cover
  may be reduced.

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• Thus if you have a fairly good idea of how much
  you would drive in the upcoming year then you
  have good chances of ending up with a lower
  premium when choosing this option.

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• Comprehensive or third party cover - Decide
• Aside from PAYD, the car insurers offer you three
  different levels of covers. But obviously the
  higher the coverage you want, the more youll pay
  in premiums. Heres how they stack up
• Comprehensive The gold-standard of car
  insurance! It will cover the cost of damage to
  your vehicle and any others involved in an
  accident, as well as fire and theft cover.
• Third-party property, fire, and theft Covers any
  damage to other peoples vehicles if youre
  responsible for the accident, but it doesnt
  cover damage to your own car. However, you will
  be covered in the event your car is stolen,
  damaged by fire, or is maliciously damaged.
• Third-party property damage This is a step above
  the mandatory CTP insurance, covering the cost of
  repairs to property damage you cause. Its
  usually the most affordable option but remembers
  your own car damage wont be covered if youre at
  fault.

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• Compare the quotes
• Okay here is a reality check there is no
  one-stop-fit-all approach for your car insurance.
  So it is important for you to browse different
  places so that you can find the best place which
  would suit you and your current lifestyle.
• Not all the car insurance products are equal, as
  each of them provides something different on the
  basis of comprehensive, third party property
  damage and third party property, etc., these will
  not have the same inclusions across the board.
• So it is absolutely crucial for you to have
  insurance brokers like Millpoint Insurance who
  help you find the right provider and help you
  even with the PDS.

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• Our trained brokers will help you break down
  complex policies and allow you to get easy info
  that will cover everything from premium to a
  value that you will agree to. Being through with
  you every step of the way and indicating pointers
  that would help you find the right insurer based
  on your needs is what we are there for.
• We all know how important cars are in our life,
  right from managing grocery shopping, to school
  drop-offs and heading home after work, a car
  helps through all of that. Having the right car
  insurance can help you get back on the road
  faster after an accident, and will give you
  financial peace of mind knowing that a portion of
  the cost of repairs is covered.
• So if you want to get covered properly then
  Millpoint is the best place for you and your
  family.

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