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Buying a car is one of the biggest purchases us Aussies will make in our lives. There’s no way around it, but there are ways to minimise insurance costs and still get what you need. There is no single right answer when it comes to insurance. This is because everyone’s budget and situation is different. That’s why it’s important you do your research and compare car insurance. You should aim to choose a product that suits your individual and financial circumstances. This guide should teach you the basics of car insurance to help you make an informed decision on which ones are best for you.  

Different types of car insurance?

There are several different types of insurance options available in Australia. While Compulsory Third Party Insurance (CTP) is mandatory, you don’t have to take out additional Comprehensive or Third Party cover, even though it is highly recommended. However, not having additional insurance could leave you financially vulnerable if you were involved in an accident, even if you’re not at fault. It is up to you if it is worth the risk, and you need to consider your individual needs and financial capabilities. To help you to compare car insurance and make an informed decision, we’ve provided the different types of car insurance below:

Compulsory Third Party insurance (CTP)

CTP protects drivers who are legally responsible for personal injury to another party in the event of a car accident. This can include other drivers, passengers, cyclists and pedestrians. Each state in Australia has a different process for CTP and Registration. See your State Government for details. 

Third Party Property cover

Covers damage that you have caused to another person’s vehicle or property. It does not cover the cost of damage to your own car. It usually includes legal costs, limited damage by uninsured drivers and claims service.

Third Party Fire & Theft cover

Third Party, Fire and Theft cover you for loss or damage to your car if it is stolen or catches fire in addition to your liability for damage caused by your car to other people’s property.

Comprehensive cover

This insurance covers the cost of repairs to or replacement of your own vehicle and property whether it is your fault or not. It can also cover the cost of emergency repairs, transportation costs and damage caused by other road users.

Additional coverage options

Besides the standard cover provided, some Insurers will have additional features available. They may include benefits like New car replacement, protected No Claim Bonus and choice of repairer. You should look at each policy and see that the features and benefits are what you are looking for in insurance depending on your needs. 

Car Gap insurance

Car gap insurance, also known as Motor Equity Insurance (MEI) is a type of insurance that should be considered when you compare car insurance. It covers the gap between what is owed on a loan and the payout amount if the car is stolen or written off during its insurance coverage period. This type of insurance could be helpful in some situations. For example, if you need a car for work purposes and you end up with outstanding debt after getting into an accident. You might find that it is a lot harder to try and get the right financing needed to get a replacement car. 

What car insurance is best for me?

Regardless of what type of car insurance you plan to buy, it’s important to always pay close attention to its terms and conditions that would be stated in the contract. This is something you need to keep in mind when you compare car insurance options. Some essential basic tips for buying car insurance is to first establish what coverage you require. It can be very helpful to know your vehicle and your driving history. You can also compare the coverage quotes on different comparison sites by providing your license plate number to explore your options that may suit your vehicle best. 

Car insurance is essential to protect you, your family and your finances. It is important to understand the benefits of car insurance. However, the price point is also an important factor when buying insurance to determine what you can afford. Prices on insurance vary from company to company and from the type of insurance. You can call companies directly or access information on the internet. Compare the price quotes of the insurances you are considering. 

To find more general information on car insurance, visit the Moneysmart website

Need financial assistance?

If you are in the unfortunate event of an accident and you currently don’t have car insurance that covers all the costs of a car repair, Jacaranda Finance could assist you with Car repair loans. Car repair loans up to $10,000 can have you back on the road in a jiffy. a car repair loan is just a personal loan that covers the costs of car repairs, regardless if the accident was your fault or not. Jacaranda also offers Car registration loans. So, if you are halted by car registration expenses, Jacaranda could help you out so you can enjoy your new car. 

When you compare car insurance options, you might want to be on the safe side despite your budget limiting you from doing so. Our personal loans can give you that helping and to cover annual insurance payments. Alternatively, you could also apply for insurance excess loans

Jacaranda’s car loans

Buying a car is one of the biggest financial decisions many of us will ever make (besides buying a home). If you don’t have the funds in hand to purchase the car you want or need, Jacaranda offers car loans up to $35,000!

We offer one of the fastest services for car loans and personal loans in the online lending market. So, if you need financial assistance fast to get back on the road again, you can look to Jacaranda. Scroll up to our online application and see yourself!

Get in touch with the Jacaranda team or visit our FAQ page for more info.

Are you considering co-signing a car loan? Find out what it means and how it will affect you!

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