We all know that owning a car is not cheap. Not only do you need to purchase the vehicle but then there are ongoing upkeep and maintenance costs involved. If you are the owner of a car, it is recommended that you have insurance to assist you if something goes wrong with the vehicle. Your insurance policy will give you peace of mind that you are covered in the event of an accident or your car is stolen.
It is mandatory in New South Wales to have Green Slip insurance on your vehicle. A green slip is a personal injury insurance policy. This covers the costs of a person’s injury including immediate and rehabilitation costs if they are injured in a car accident. The green slip insurance will cover you and anyone else who is injured from the accident, including people in other cars that were affected.
It is also recommended that you take out additional insurance for your vehicle. The other vehicle insurances can cover you for damage, theft, and fire.
- Full comprehensive insurance: Full comprehensive insurance will cover your car for the highest range of situations. The policy will cover your vehicle in the event of an accident where the vehicle is damaged. It can cover for minor repairs, major repairs and even having the car replaced if it is considered a write off.
- Smaller policies: You may decide that fully comprehensive insurance is not for you. There are smaller policies that you can take out that cover a smaller range of incidents including fire and theft. This means that you may not be covered if you’re in an accident, however if your car is stolen you can get a pay out or replacement.