Home and Car Insurance
If you've ever experienced a major loss - a fire in your home, a theft, a car accident - you know how devastating one of these unforeseen acts can effect you personally and even more, your total financial framework. Within minutes (or even seconds), much of what you've worked so hard to acquire can be totally eliminated. The potential for these types of losses makes Home and Contents and Comprehensive Motor Vehicle Insurance a necessity, even if you own a modest home or drive a late model car.
Home and Contents Insurance
This type of insurance covers different types of "perils" or "hazards" that could damage your home or belongings. Most policies protect three major area's:
- the dwelling
- the contents
- and liability
You will need to read your existing policy carefully to determine which perils are included.
Comprehensive Motor Vehicle Insurance
If you own and operate a private motor vehicle in Australia, there are four main types of general motor vehicle insurance you need to be aware of:
- Compulsory Third Party (CTP)/mandatory motor vehicle accident personal injuries insurance – required by each state and territory. It protects any person that you might injure while you are driving. It is not an alternative to taking out a motor policy to cover your financial liabilities, such as damage to another vehicle or property, or your own vehicle
- Comprehensive – covers damage to your own vehicle and other people’s property, as well as theft and some other risks, plus legal costs
- Third Party Property - covers damage to other people’s property and legal costs, but not damage to your own vehicle
- Third Party Fire and Theft – Third Party Property with some add-on features that cover your vehicle