Car insurance is mandatory for all registered cars on Australian roads. Protecting your car with car insurance is essential, but often expensive.
At a minimum, all cars require Compulsory Third-Party insurance (CTP), this covers the other parties damage and injuries if you're involved in an accident where you're at fault.
There are four types of car insurance:
- Third Party Fire & Theft
- Third Party Property Damage
- Compulsory Third Party Insurance
Over the past few years, we've seen exponential increases in car prices, particularly used car prices. It's important to keep this in mind when considering your car insurance policy.
Here are a few tips to save while sourcing insurance:
Park your car in the garage
When storing your car in a garage, it is protected from risky events including theft, vandalism, careless third-party driving, and elemental damage.
Bonus: When keeping your car parked in a garage, it keeps your car in pristine condition and you'll most likely be able to sell it for more when upgrading into a new car!
Complete an advance driver training course
This signals to the insurer that you're a safer and lower risk driver.
This translates into the insurer looking more favorably upon you when determining your insurance premiums, potentially leaving you with a discount.
Fit anti-theft devices to your car
Fitting anti-theft devices to your car such as an alarm or an aftermarket steering wheel lock. Insurers do reward policyholders that have anti-theft devices/software fitted to their vehicle.
Shop around for insurance
There are a number of policies out there for your vehicle, it's important to do your research to find the best one for you. There are sites, such as iSelect or Compare the Market, that provide online comparisons of selected policies.
Another option is to have Remunerator source your insurance for you. We have worked with QBE and Eric Insurance to offer our customers insurance policies, eliminating the need for you to shop around.
Avoid high-performance/sports cars
Sportscars and high-performance vehicles are charged much high insurance premiums. These types of vehicles are at a higher risk of theft.
High-performance modifications that have been improperly fitted, can potentially damage the vehicle.
For more information on how you can save on your new car, our novated leasing experts are here to help guide you through the car-buying process. Get in touch with them here.