So you’ve splurged your summer holiday fund on a snazzy weekend ride. You may not be able to fly off overseas this year, but at least you can take your new super sleek sports car or jazzy jetski out for a spin, right?
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From 1 December, home and motor vehicle insurer Youi will be offering New South Wales drivers compulsory third party (CTP) insurance, otherwise known as green slip insurance.
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All manner of things can impact your car insurance, from your driving history to your age and even where you park your car. As you might expect, a big factor is the kind of car you drive.
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Methods for calculating car insurance costs are complicated. Every insurer can approach it as they choose, applying different weights to various factors.
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As the holiday season approaches, you might be thinking about packing up the car and scooting off for some much needed R&R. The last thing you probably want to be pondering as you get behind the wheel is demerit points. However, as the Christmas break equals ‘double demerits’ in the ACT, NSW, QLD and WA, it is worth knowing exactly what they are and whether or not they affect your car insurance.
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Remember pre-pandemic commuting? Trains and buses were packed Monday to Friday, morning and night, in cities all across the country.
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So, you’ve got an advert up on Gumtree, a piece of paper in the windscreen with the price and your eye on a shiny new set of wheels. The time has almost come to say goodbye to your old car ... almost. You still have to sort out your car insurance.
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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.
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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.
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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.
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