The availability of policies may change from time to time. *iSelect does not compare all car insurers or policies in the market. Loss or damage to your car due to fire or theftĭamage to your car due to a traffic accident. The table below shows a broad outline of what each type of insurance covers to help you decide which policy to take out. Third Party Property can be a good fit if you can afford to repair or replace your car if necessary or can manage to get around without it for a while. Likewise, if your car is your livelihood, and you can’t afford to replace it, Comprehensive Insurance may be an option. Unlike Third Party Property Insurance, Third Party Fire and Theft covers theft of your vehicle and from your vehicle. If you live in an area with a lot of car theft, you may want to consider Third Party Fire and Theft Insurance. Can I afford to repair or replace my own car? If not, can I get around without a car until I can replace it?.Can I afford paying for any other damage to someone else’s property?.Can I afford repairs on another person’s car?.To get a better idea of whether third party property is suitable for you, here are some questions to consider: (If you have a cheaper car, for example, and you don’t think it would be worth the cost of repairs.)īut even if you do have a less-than-luxurious car, there are times that Comprehensive Insurance or third party fire and theft could still be a more appropriate choice. Third-party property insurance could be an option worth considering if you’re more concerned about covering repairs on someone else’s car rather than your own. The Product Disclosure Statement (PDS)that comes with your policy will spell out the whole list of exclusions. Finally, if you don’t pay your premium or renewal and then try to claim outside of any period of grace, you’re generally not insured. ![]() Age of driver : If you’ve saved money by restricting the drivers on your policy to be over a certain age, 10 you won’t be covered if someone younger is driving your car and has an accident.So hiring out your car, using it as rideshare or taxi, or using it as a race car (even as an amateur), all require you to apply for special cover. Application purposes: You typically won’t be covered if you use your car for any purpose you didn’t list on your insurance application.Tyre maintenance: If you’re driving on damaged tyres or tyres that don’t meet the minimum legal tread limit in Australia (1.5mm), 9 an insurer would be unlikely to cover your claim if you had an accident.Unsurprisingly, this applies to all car insurance types, even comprehensive. Under the influence: Third-party property insurance won’t cover you driving while breaking the law, which includes being under the influence of drugs or over the legal alcohol limit.It also won’t cover any of your property if it’s stolen from your car or damaged in an accident. Damage to your vehicle: Third-party property insurance won’t cover damage to your own car in the event of an accident.Some examples of exclusions on a third party policy may include These are spelt out in detail in the product disclosure statement with each policy-this can be quite a list, so be sure to read them carefully. ![]() But this doesn’t always equal to a discount on your premium, so it’s worth shopping around.Īs with all insurance policies, there are other exclusions you should be aware of when taking out Third Party Property Insurance. ![]() Insurers sometimes offer a no-claim bonus, which rewards you for maintaining a claim-free driving history. 4Ī safe driving record may give you a discount on your premium, 5 as insurers often see less risk in insuring you. Keeping your car standard by avoiding modifications may help you save money on your insurance – particularly if you’re opting for an uninsured motorist extension on your third party property policy. Otherwise, you may find yourself with a nasty bill if you have an accident that’s your fault. It can be tempting to opt for the highest level of excess to reduce your premium as much as possible, but make sure you’ll be able to afford the excess payment if you ever need it. By choosing a higher excess, you’ll pay more in the case of a claim, but your premium is usually lower. You can choose to opt for different levels of excess. Ways to save on Third Party Property Insurance Knowing and understanding these factors could help you save money by making choices that can positively influence your premiums. How are Third Party Property insurance premiums calculated?Īs with all insurance policies, insurers consider a range of factors to determine your third-party property premium.
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