There’s a chance you’ve heard murmurings or even read theories online about how car colour affects insurance. A quick Google search on the subject will bring up lots of articles, reports and questions on how a splash of paint could make your wheels more or less likely to be stolen or involved in an accident.
You’ve probably heard the term “write-off” in relation to car insurance before. But unless your car has been awarded that unfortunate title, you might not know exactly what the classification means. Basically, your car can be written-off after an accident or damages if it’s deemed irreparable and unsafe to drive, or uneconomical to repair. If you have cover which includes a pay-out or replacement after a write-off, you may receive a sum from your insurer up to the agreed or market value of the car, or a new comparable vehicle.If you only have third party property car insurance or are not covered beyond Compulsory Third Party (CTP) insurance, this might not be an option. But if your wheels are deemed a write-off, you may be able to salvage some cash by selling functional parts or the whole lot for scrap.
Many Australians are struggling to afford their car insurance right now, according to Mozo’s 2020 car insurance report.Survey data informing the report shows 32% of motorists consider their car insurance a financial strain, with one in five drivers thinking about cancelling their policy.Another 25% of respondents said they had already cut their cover.
Insurance is a vital product, but despite its importance it is an area that Aussies sometimes avoid. Choosing the right insurance can be a complicated process, and once you've picked a policy It involves forking out cash just in case you find yourself, your belongings or your loved ones in an emergency situation.
Most drivers will take out car insurance to protect their vehicle and finances in the event of an accident or emergency.So, while you want to make sure you’re getting a good value deal on your premium, you should also know what kind of payout you’ll get if you need to make a claim.The Australian Prudential Regulation Authority’s (APRA) most recent data on car insurance claims shows the average payout in 2019 was $3,362. This excludes claims made under CTP insurance, but covers all voluntary domestic motor vehicle insurance claims, from third party car insurance claims to cover under comprehensive policies.If APRA only assessed comprehensive policies, it’s likely this number would be much higher. This is because third party cover only insures drivers for a limited amount of damage they cause to other people’s cars and property (often only up to $5,000 as standard) and not to their own.
When it comes to car insurance, Victorians pay on average $229 more than the rest of Australia. That’s according to Mozo’s 2020 Car Insurance Report. The same report also revealed that 74% of drivers in the garden state are using their wheels less than this time last year.
While 1 in 4 Australian drivers think their car insurance is too expensive, a third aren’t looking for better value policies, according to Mozo’s 2020 Car Insurance Report.Data from the report shows this is having a significant impact on motorists’ budgets. Around 32% of survey respondents cited car insurance as a major financial strain, and another 8% said they could no longer afford their policy.So, why aren’t Aussies shopping around for the cheapest comprehensive car insurance quote? The report highlights friend and family recommendations as a key choice-driver, swaying the views of a third of respondents. Recognising an insurance brand and staying loyal to the same provider was another major factor, influencing a quarter of drivers.Mozo’s data team calculated that drivers could be overpaying on their annual premium by approximately $902 by not comparing comprehensive quotes and finding the best value offer.
As with most things insurance-related, the answer as to whether rentals are covered under car insurance is not simple. Yes comprehensive car insurance does usually offer some cover for hire car costs. However, only in certain circumstances.