Understand the car insurance you’re legally required to have versus the car insurance you likely need.
Nobody wants to think about a possible car crash, let alone deal with injury or death, but accidents do happen. Last year, Western Australia’s road toll was the highest in over half a decade.
Whether insuring a car purchase, improving your current insurance, or exploring car insurance for the first time, the Yes Loans team understand the ins and outs of car insurance in Australia.
As leading Perth car insurance specialists, we know car insurance should balance reasonable outlay with reliable assistance in the event of an incident. Be sure to choose your insurer wisely.
What car insurance am I required to have?
Before getting behind the wheel in Western Australia, you need to make sure the vehicle has Compulsory Third Party Insurance (CTP). This type of insurance is included in your vehicle registration.
All vehicles must be registered through the Government of Western Australia Department of Transport. A registered car is covered with CTP by The Insurance Commission of Western Australia.
So, why would I pay for more insurance?
Compulsory Third Party Insurance covers compensation for injuries or deaths you cause while on the road. A basic form of coverage. For vehicular and property damage, you’re on your own.
Insurance policies are designed to help combat potential financial fallout. You can even opt for additional features that meet your needs in the event of an accident, such as car rental assistance.
What other types of car insurance are there?
Third Party Insurance covers damage to other vehicles, but not your vehicle. Third Party Property, Fire, and Theft Insurance also include coverage of your own vehicle in specified circumstances.
Comprehensive Car Insurance is costlier but also covers you in the event of an accident, including an accident where you are the one at fault. The scope of your coverage depends on your policy.
Why trust a professional to source insurance?
Insurance is complicated when chasing the best deal. Whether insuring private or commercial vehicles, you need to make sure you don’t pay for things you don’t need—and vice versa.
Quality insurance means securing the best terms that also offer value for money. At Yes Loans, our brokers often bundle multiple family or business car insurance policies for a top-notch discount.
Common errors when choosing a policy?
Mistaken assumptions as to what the policy offers due to insurance industry jargon and lack of specialist knowledge. Input from an experienced insurance broker is one way to avoid these pitfalls.
Aspects like excess, market vs. agreed value, and driving and parking habits offer potential for savings. Not tailoring car insurance in your favour can be costly and equal inappropriate coverage.
Why does an insurer need to know so much?
At heart, insurance deals with risk assessment. Extra information can reduce your perceived risk levels, and therefore premiums. For example, factors like increased car security may reduce policy price.
Insurers also have the option of offering a no claims bonus. This special discount may be extended to car owners with a driving history of no accident involvement in a specified period, and no claims.
Did you confirm you understand your policy?
A common consumer error is not reading in full the Product Disclosure Document from the policy issuer. More importantly, not seeking clarification of terms or conditions that seem less than clear.
Factors in the fine print can void policy coverage when you really need it. At Yes Loans, we make sure the process is not only quick and easy, but also transparent—and you can apply easily online.
Are other forms of insurance worth considering?
Guaranteed Asset Protection (GAP) or Shortfall Insurance offers financial protection covering the gap between policy cover and overall cost in cases of vehicle theft, accident, or destruction by fire.
Mechanical Breakdown Insurance is different to standard car insurance. When your vehicle needs expensive repairs that call for a sudden cash outlay, you’ll be relieved to have this policy on standby.
How about an extended warranty on my car?
The protection a warranty offers is reassuring. Extended Warranty Insurance Cover for new or used cars is a relief when facing a wide range of car repair costs, beyond the original warranty period.
Our experts will take into account factors like vehicle model, driving requirements, length of warranty protection, and budget when sourcing an extended warranty. Our aim is always affordability.
Any other financial protection I should know about?
Sickness and Accident Cover is worth exploring, especially if you have a new car loan. The goal is to make sure you don’t experience extra financial pressures if you happen to fall ill or suffer an injury.
Another way to protect yourself financially is with Consumer Credit Insurance, also known as Loan Protection Insurance. This can be useful if retrenched and your repayment schedule proves daunting.
What to remember when buying a car
Before you take the leap and buy that new vehicle, download our free Yes Loans Car Buyer’s Guide, an invaluable tool for those about to buy a car, including trading or selling an older model.
When it comes to car financing in Perth, make sure you understand your financial situation. We suggest you lock in pre-approval for car loan before thinking of locking in a potential car purchase.
Car loans and car insurance
A new car buyer and quality car insurance go hand in hand. Many in Western Australia who lock in a car loan with great terms through Yes Loans trust us to source equally competitive car insurance.
Our lenders insist a vehicle being financed is comprehensively insured. Our car finance calculator helps define an affordable loan for your lifestyle needs, and you can apply for fast loans online.
Let’s get you sorted
Our team of friendly insurance experts is ready to find you a comprehensive, cost-effective car insurance package. A happy medium that delivers the best possible coverage for your price range.
We are available to talk through options and arrange an efficient, fantastic deal. The Yes Loans friendly team can answer any and all car insurance questions, just give us a call or apply online today.
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