There are four (4) primary types of motor vehicle insurance cover:

  • 1. Comprehensive Cover,
  • 2. Compulsory Third Party (CTP) Cover,
  • 3. Third Party Property Damage Cover, and
  • 4. Third Party Property Damage, Fire and Theft Cover.

1. Comprehensive Insurance

When you finance the purchase of your motor vehicle, it is usually a requirement of the loan contract to have the security comprehensively insured at all times during the contract term. As a consequence, you must organise insurance before delivery of the car by transferring your current insurance or organising new cover. We are able to provide a competitive insurance quote which may streamline the process for you.

In general, Comprehensive insurance provides cover for:

  • Accidental Loss or Damage to the insured vehicle up to an agreed value (ie. a set amount the insurer agrees to with the insured) or market value (ie. the cost to replace the vehicle with a vehicle of the same make, model, age and condition immediately prior to the loss or damage). Today, most comprehensive policies are market value policies.
  • Your legal liability for damage to another person’s property as a result of an accident which is your fault up to a predefined limit for each event (including certain legal defense costs),
  • A number of other additional benefits which are automatically incorporated into the policy such as towing costs, replacement vehicle cover, emergency travel & accommodation costs, personal property.
  • Certain optional covers (where agreed) such as removal of basic excess for windscreen claims, protected no claim bonus and restricted driver cover.

Benefits of Comprehensive Insurance

  • Protects your finances in the event your vehicle is damaged, involved in an accident, or stolen.
  • Comprehensive Insurance can be easily financed into most loans.
  • Comprehensive Insurance is fully transferable.
  • Comprehensive Insurance needs to be renewed every twelve months so it provides you with the opportunity to shop around for the best quote.
  • Some comprehensive insurance policies also provide additional benefits should you need to claim.
  • Comprehensive Insurance can be cancelled and the premium rebated on a pro-rata basis.
  • The cost of comprehensive insurance is largely rated based on your driving history.

2. Compulsory Third Party (CTP) Insurance

Compulsory Third Party Insurance, or a green slip, is an insurance policy that provides compensation for other people injured in an accident when you or the person driving the insured's vehicle is the driver at fault. CTP Insurance is compulsory.

3. & 4.

3 & 4 are self explanatory with no cover for your vehicle in the event of an accident. They cover vehicles you may damage though. These products are not allowable for financed vehicles