Owning a vehicle comes with inherent risks, whether it's being involved in an accident, facing damage from unforeseen events, or experiencing theft. Without proper insurance, the financial burden of repairs or replacement can be significant.
Comprehensive motor insurance can help provide essential protection, offering peace of mind and safeguarding you from the potential costs that arise when things go wrong on the road.
What is Motor Insurance?
Motor insurance provides coverage for your vehicle against accidental damage, theft, and other unforeseen incidents. It can also help cover the costs of repairing or replacing another person’s vehicle if you're found at fault in an accident.
Policies typically offer the option to insure your vehicle for either an agreed value or its market value, with coverage up to $150,000. Vehicles valued above this amount may require additional consideration or referral.
A typical Motor Insurance policy can provide cover for:
- Accidental damage
- Theft or attempted theft of your vehicle
- Replacement of a written-off vehicle (up to the policy limits)
- Third party property damage insurance can cover the costs of damage to other people's vehicles or property if you are at fault.
Did you know?
Motor vehicle theft costs the Australian community approximately $1bn per year.
Australian Institute of Criminology (2020)
More than half of Australian drivers (57%) narrowly avoid a car crash at least once a month.
Australian Road Safety Foundation (2017)
1 in 5 car owners risk being underinsured because they don't read their policy documents.
Insurance Council of Australia (2017)
