Car Insurance cover

If your car is your pride and joy, or even if it’s just the reliable machine that gets you from A to B, making sure it’s insured is imperative. Having Car Insurance before you even drive off the showroom floor, is a non-negotiable requirement for any new or used car purchased through a secured loan. Getting cover that will make your car and back pocket happy, is our priority.

How to Get Car Insurance Cover

Getting you what you and your family want is our mission at Yes Loans. Here are our top tips for finding the most comprehensive car insurance package for YOU:

Consider Bundle Vehicle Cover

In the case of car insurance, bundles work best. The more cars you insure, the better the car insurance quote could be. If you are a business owner, looking to insure your business vehicles or a large family with multiple cars – chat to insurance companies about offering you a Bundle Vehicle Discount for insuring all your cars with them under one name.

Always Check the Fine Print

Understanding exactly what you are covered for is key. Check the coverage details being offered and make sure your policy includes coverage for an accident if the other driver involved is uninsured. You don’t want to be caught empty-handed should such an event occur.

Enhance the Car’s Security

The more secure your car, the lower your premium will be. So, ensure that your car is fitted with as many safety devices as possible. Consider installing an alarm as well as an immobiliser. Every little bit counts towards a lower monthly premium.

Call Yes Loans today, and let us find Perth’s best, most comprehensive, value-adding package for you. Apply online now or call us on 08 9472 3000 to discuss your loan and finance options.

Say YES to quality, Say YES to comprehensive coverage, Say YES to Yes Loans today.

**For all insurance, it is important that you consider the Product Disclosure Document from the product Issuer to ensure the policy is right for you**

 

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How Car Insurance Covers You

So much time is being spent on picking the vehicle we want that we barely give a thought on its insurance.

Take these scenarios for instance. You may have a CTP coverage at the ready yet you accidentally rammed an expensive luxury car. What if your vehicle gets stolen but you’ve only insured it for third party property? Or maybe you have third party insurance which includes fire and theft but nothing on flood damage.

When you don’t have the right type of insurance, you can set your finances back in a significant way when you get in an accident. To get a better understanding of the types of car insurance available in Australia, let’s take a look at each one below.

1. Third Party Property

This is the very basic type of optional car insurance one can have. It is capable of providing you with the financial cover you need in case you cause damage to property during a car accident. This can come in the form of their caravan, boat and obviously their vehicle.

Coverage for the third party property insurance encompasses damage that is caused by your vehicle to that of another person’s property. This is also going to cover your legal costs if you get involved in a legal proceeding because of the damage that was caused.

It’s important to keep in mind however, that third party property insurance does not cover the cost needed for replacement or repairs of your own vehicle. It is quite similar to a CTP in that it only gives coverage for the property of others compared to that of yours.

2. Compulsory Third Party (CTP)

A CTP can give you protection against compensation claims in case you have injured or killed someone in a motor vehicle accident. There are different conditions for each state so it is important to know how a CTP would work in your case. This type of insurance does not insure against repair costs to vehicles and properties you own or that of others.

Although getting a CTP is the cheapest form of coverage you can have right now, it only covers a small portion in case an accident happens. You can leave yourself at a huge financial risk in the event you accidentally cause damage to another person’s vehicle or property.

3. Third Party, Fire and Theft

For those who lack the finances to pay for the best insurance but are looking for some level of decent protection for their vehicle, a Third Party, Fire and Theft insurance is an ideal choice.

The reason for this is because it not only covers damage to the asset of others, this kind of insurance also provides limited cover in case your car has been damaged by fire or you lost it because of theft. However, you should remember that this insurance does not cover the cost of repairs to your vehicle in case it is involved in a car accident.

4. Comprehensive Car Insurance

This is probably one of the best car insurance options you can go for today and it will give you the peace of mind you’re looking for. It is also the most costly of the options mentioned here.

A comprehensive car insurance covers all that are mentioned in the previous options above together with accidental damage coverage to your car, no matter who’s at fault. You can also get this along with a range of extras that can include replacement vehicles and windscreen replacement if you wish.

But despite being the top, it also has its own limitations. It basically does not cover damage that is caused by someone driving your car, for instance, unless they have been included in the policy. Aside from that, a comprehensive car insurance does not cover damage caused if the driver was operating the vehicle above the legal alcohol limit or if they were impaired by drugs.

Why Do I Need Car Insurance in Australia?

Vehicles can easily be involved with things that are not expected – whether they are on the road or parked at home. You might be sitting at home one day only to find that your garage has been broken in and someone stole your prized car. To make sure that your vehicle stays protected, it’s crucial that you take the right kind of insurance based on your needs.

To highlight this point, consider the details on the following:

Thefts – There were approximately 52,000 vehicles that had been stolen in Australia back in 2017 according to the National Motor Vehicle Theft Reduction Council. Although this is 7% lower compared to a year before that, the statistic is still quite shocking especially since that’s a lot of hard-earned money lost.

Traffic accidents – Between the months of June 2017 and May 2018, an average of about 5 people in every 100,000 have died in Australian road accidents – or approximately 1,214 individuals.

Natural disasters and storms – A flood event in Tasmania resulted in damages amounting to $20 million in May of 2018. Similarly, in 2017, a storm and hail incident caused more than $105 million in damages in Victoria. These events can happen at any time here in Australia so it’s important to stay insured!

 

Call Yes Loans today, and let us find Perth’s best, most comprehensive, value-adding package for you. Apply online now or call us on 08 9472 3000 to discuss your loan and finance options.

Say YES to quality, Say YES to comprehensive coverage, Say YES to Yes Loans today.

**For all insurance, it is important that you consider the Product Disclosure Document from the product Issuer to ensure the policy is right for you**

 

Quick Tips to Save on Car Insurance

  1. Get a discount by choosing to opt for a policy online – Not all insurers offer this type of discount but it can be an easy way to save on money if they do!
  1. Restrict drivers that are covered in the policy – If you can choose to list older and experience drivers, do it. You can potentially save on premiums and even avoid additional payments in case you make a claim.
  1. Go for higher excess – By choosing to pay a more expensive car insurance excess if you need to claim, you’d be able to save money on your monthly premiums.

If you’re in need of a CTP, third-party property, fire and theft or comprehensive car insurance today, you need not look further. We at Yes Loans have you covered! Contact us now to get started!