There’s nothing like getting behind the wheel for a drive, just to unwind, or even head to a new destination you may have been longing to go to for some time.
However, you want to make sure that your ride and all of the passengers inside are being protected from anything that can happen. That’s where some policyholders may want to consider getting comprehensive insurance to provide an even wider umbrella of coverage from your insurance company.
What Comprehensive Coverage Protects
In Australia, vehicle owners are required to have a green slip insurance policy, also known as compulsory third-party insurance. This is the minimum of car insurance coverage and covers any person you might injure in an accident, but doesn’t cover property damage to your vehicle or others. Comprehensive car insurance helps cover the cost of repairs to your vehicle in the event of accidental damage, malicious damage, theft, fire, hail, and third-party damage. This is regardless of who’s at fault in the incident.
It’s important when reviewing insurance quotes before signing on board for a comprehensive insurance policy to check the terms and conditions. This will let you know what is truly covered under your amount of coverage, highlighting exclusions.
Comprehensive car insurance can help cover the cost of repairing your car in the event of a collision, protecting your car and those involved. You’re also protected in the event of accidental damage, like scratching your door or backing up into a mailbox. Comprehensive car insurance coverage also protects you from Mother Nature, helping cover damage brought by fire, floods, storms, hail, and other elements.
You can expand your comprehensive car insurance to include even more protections through what’s known as extras cover. Some insurance companies will offer up additional services for a slightly higher monthly premium. One of these is a windscreen and window glass cover. This add-on allows you to repair your windows or windshield when it’s damaged. This is covered annually without paying an excess or a reduced excess.
Insurers may also offer roadside assistance under these types of coverage, giving you access to towing or other help if you end up stranded on the side of the road. A hire car extra is an insurance policy that might cover you for an automobile to get around while your current car gets fixed up, or until you get your claims check to put towards a new car. Lastly, there’s value extras coverage that includes the ability to choose an agreed-upon value or market value if your car is totaled or stolen.
Insurance Cost Impact
Comprehensive insurance coverage can vary in coverage limits and deductibles that will impact the overall cost of the auto insurance policy. If you’re looking into a car insurance policy with additional protection, you’ll want to consider your car’s value and whether comprehensive insurance makes sense. For example, younger drivers usually have to pay more for car insurance. That’s because insurance companies deem inexperience behind the wheel as a high risk. Insurance providers may also raise the average cost for drivers with a history of car accidents and claims.
A leaseholder on a car may require more expansive coverage through their lender. This ensures peace of mind for the financial institution that the comprehensive coverage pays out repair costs and potential medical expenses. This will protect you from physical damage in the event of a natural disaster or vandalism. Collision coverage comes under this umbrella in the event of a crash, which could send rates higher based on where you are purchasing coverage. Be sure to take a look into all of your quotes and finance options before finding the right comprehensive insurance policy for you.