Choosing car insurance can be a daunting task with all the different types of insurance providers, insurance types and insurance lingo to contend with.
To prevent a mistake that may cost you thousands of dollars should you get into an accident, it is important to understand a few basic concepts of car insurance.
Firstly, there are a few different types of car insurance. The most common type of car insurance is called Comprehensive car insurance, and as the name suggests, this insurance is the most complete. It will cover the cost of repairs to your car and other peoples car or property if you get into an accident which is your fault. Comprehensive also often gives you the option to add extras like emergency repairs, hire cars and more.
The next type of insurance is Third Party Fire and Theft. This type of insurance will only cover damage to your if it is stolen or catches fire. You are also covered for damage to other peoples car or property.
The next type of insurance is Third party property cover. This will cover damage to other peoples cars and property only. Your car is not covered.
CTP insurance or Green slip insurance is compulsory insurance required by all drivers. It covers liability caused by personal injury.
When you purchase comprehensive insurance, you can choose between agreed value and market value. Agreed value means that you can specify your insurance to cover an agreed amount. Market value means your insurance will cover the market value of your car at the time.
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