Motor vehicles were stolen in 2016/2017 (carsafe.com.au, 2017)
The cost of motor vehicle theft in the financial year 2016/2017 (carsafe.com.au, 2017)
Car owners risk not having the insurance they need because they don’t read their policy document (Insurance Council of Australia, 2017)
Motor insurance can cover your motor vehicle against accidental damage and theft. It can also protect you from the financial costs of repairing or replacing another person’s vehicle in an accident where you’re at fault.
Generally you can choose to insure your car for an agreed amount, or for the market value of your vehicle - up to $150,000. Above $150,000 will be considered on referral.
If your car is damaged in an accident where you’re at fault, having comprehensive motor insurance helps to pay for repairs - or can replace it altogether if your car is written off.
If your car is stolen, comprehensive motor insurance can pay you the agreed or market value, so you can buy another car.
Third party property damage (TPPD) insurance - can cover the costs you may be liable to pay if you are at fault and damage or write off someone else’s car - is also available as a standalone policy. However, if you only have this cover, there’s no cover for any damage to your own car.