Car Insurance, what cover to choose?
Unsure what the difference is between Comprehensive Car Insurance and Third Party Property Damage Car Insurance? Read on to find out the differences.
Unsure what the difference is between Comprehensive Car Insurance and Third Party Property Damage Car Insurance? Unsure which cover suits you best? Here we outline the differences to help make the decision simpler.
Comprehensive car insurance The highest level of cover we offer for your vehicle which provides cover for fire, theft, accidents and malicious damage. It also covers your legal liability for loss or damage to someone else’s property caused by a motor vehicle accident which is partly or fully your fault.
Third–party property damage car insurance covers your legal liability for loss or damage to someone else’s property caused by a motor vehicle accident which is partly or fully your fault.
Below is a summary of the two different types of car insurance cover.
This is a summary only. For the standard terms, conditions, limits and exclusions of cover, please refer to the Product Disclosure Statement.
Third Party Property Damage
|Cover for accidental loss of or damage to your vehicle|
|New for old replacement of a new vehicle after a total loss, if:|
|· you purchased your vehicle new (or as a demonstrator model) from the manufacturer or their dealer;|
|· your vehicle is less than 2 years old from its first registration at the time it is declared a total loss;|
|· where relevant, your financier has given its written consent; and|
|· a new replacement vehicle is available in Australia.|
|Cover for your legal liability for loss or damage to other people’s property and legal liability for supplementary bodily injury– up to $20 million for any one event or series of related events|
|Cover for loss or damage to your vehicle arising from an accident caused by the driver of an uninsured vehicle – up to $5,000, provided that:|
|· you did not contribute to the cause of the accident;|
|· you can provide the name and address of the person responsible for the accident; and|
|· you can provide the registration number of the other vehicle.|
|Approved legal costs arising from a claim for liability covered by the policy|
|Cost of emergency repairs after a covered accident – up to $500 for any one incident|
|Rental car after theft of your vehicle – $100 per day limit, up to 30 days|
|Reasonable cost of towing after a covered incident|
|Temporary cover on replacement vehicle – 14 days|
|Trailer and caravan cover – $1,000 or market value of the trailer or caravan, whichever is the lesser|
|Legal liability cover when using a substitute vehicle|
|Cover for personal items in your vehicle – up to $1,000 for any one incident|
|Cover for reasonable additional accommodation and travelling expenses after a covered accident, provided that your vehicle was more than 100km from where it is normally parked at night – up to $1,000 for any one incident|
|Cover for transportation costs if your vehicle cannot be safely driven home after a covered accident – up to $500 for any one incident|
|Lock re-keying / re-coding if the keys to your vehicle are stolen – up to $1,000 for any one incident|
|Cover for child seat / baby capsule in your vehicle after a covered accident – up to $500 for any one incident|
|Optional benefits you can add|
|Rental car following accident, where available – $100 per day limit, up to 30 days|
|Removal of basic excess for windscreen claims if the broken windscreen is the only damage to your vehicle – 1 replacement and 2 repairs in any period of insurance|
|Cover for tools of trade – up to $3,000 for any one incident|
|Options you can select to decrease your premium|
|Named driver option|
This comparison table can be viewed online here www.cota.com.au/products/car/
For a quote on either comprehensive or third party property damage car insurance please visit our website on www.cota.com.au/products/car/ or call 1300 1300 50 and speak to one of our friendly consultants who will be more than happy to help.
Insurance and Membership Services Limited ABN 59 057 159 743, AR No 246235 trading as COTA Insurance (COTA, we, or us), arranges these insurances as agent of the insurer Allianz Australia Insurance Limited (Allianz) ABN 15 000 122 850, AFSL No. 234708 (except Travel, Boat, Pet & Life insurance). For travel insurance, COTA is an authorised representative (AR No 246235) for nib Travel Services (Australia) Pty Limited ABN 81 115 932 173, AFS Licence No. 308461. This insurance is underwritten by XL Insurance company SE, Australia branch (ABN 36 083 570 441). Any advice here does not take into consideration your objectives, financial situation or needs, which you should consider before acting on our recommendations. Policy terms, conditions and exclusions apply. You should read and consider the relevant Product Disclosure Statement available on the website before deciding whether to acquire any product mentioned. We receive commission on these insurance products as a percentage of the premium paid for each policy ranging from 0.3% to 30%. Allianz also pays us a percentage of the profit which exceeds the agreed profit threshold for Home (excluding flood), Landlord (excluding flood), Motor and Caravan and Trailer policies arranged by us or renewed with Allianz in each calendar year, provided that the agreed premium threshold is met for these products. Additionally, we receive a marketing allowance from Allianz every 2 months, which is a percentage of the total premium earned on these policies in the previous 2 months. Ask us for more details before we provide you with services.