guy in car

Five things to remember about motor vehicle insurance.

Compared to the potential costs of accidents, theft or other things that can go wrong, car insurance an important expense that should be included in every driver’s budget

There are basically three types of policies available. ‘Comprehensive’ insurance will cover you for the damage to your vehicle as well as the damage you may cause to other people’s vehicles or property. ‘Third Party Property Damage’ only covers damage you cause to other people’s vehicles or property. [The third is Compulsory Third Party insurance which covers third party personal injury and is required as part of your vehicle registration process?]

When looking for an insurance policy to meet your needs and budget, here are five things to remember:

  1. Think about who will drive the vehicle, even if only on occasions.
  2. Find out about the Excesses that apply. An Excess is the first part of the claim that you may need to pay depending on the circumstances of the accident.
  3. Consider the options available to tailor your insurance under the Product Disclosure Statement and policy terms; for example, can you remove the excess for windscreen or other window glass breakage; is a hire car available should yours be off the road due to an accident?
  4. Consider whether it is important to you to have a choice of repairer and see if the policy allows you to do so.
  5. Resist the temptation not to have any insurance. You might be able to pay for damages to your own car, but can you also afford the repairs to someone else’s car or other property? What if you hit a high-end BMW or damaged a set of traffic lights? At the very least you should have third party property damage cover to avoid paying for these repairs out of your own pocket.

Find out more about car insurance which can be tailored to suit your needs.

^Derek – Insurance Manager

Community CPS Australia Limited ABN 15 087 651 143 AFSL/Australian Credit Licence 237856 trading as Beyond Bank Australia arranges motor insurance as agent for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision please consider the Product Disclosure available at
 If you purchase motor insurance, we will receive a commission that is a percentage of the premium. We may also receive a profit share payment based on the profitability of our insurance portfolio. Full Further details are contained in our Financial Services Guide which is available at Ask us for more details before we provide you with the services.