Choosing the perfect car insurance in 2023 depends primarily on your circumstances. If you own a fancy luxury car, you will need different coverage than if you own an old, rusty car that barely gets down the road.
There are many variables when choosing the auto insurance that is right for you, but the one thing to keep in mind is that CTP (green slip) insurance is required in every area of the nation so never go below that level of coverage.
Now, let’s discuss the types of coverage you can have on your car and go over some of the best tips to help guide you through the choices you will have to decide upon.
- Coverage Levels – The first thing you will need to understand is the four basic types of coverage you can get for your vehicle.
- Compulsory Third-Party (CTP) Insurance – This is the basic insurance required by law. It will cover the expenses of any medical bills to third parties involved in an accident.
- Third-Party Property Insurance – This covers the costs of any damage that you have caused to third-party property or vehicle.
- Third-Party Property, Fire, and Theft – This will cover the property and vehicular damage you may have caused to a third party. It will also cover any damage done to you by fire or theft.
- Comprehensive Insurance – This is the best coverage that you can get. It will cover damage to all vehicle and property damage, including yours. It will also cover any damage to your car by theft, fire, acts of nature, and vandalism.
- Compare – One of the biggest mistakes you can ever make is to take the first offer you come across. To get the best coverage at the best price, you will need to take the time to compare as many insurance carriers as you can. The best car insurance companies can be found by using a comparison site that does all the footwork for you, or you can do a quick online search and check some of them out for yourself.
- Discounts – Always see if you can qualify for any discounts. There are many things out there that can get you some. Your age, driving record, defensive driving course, group affiliations, car safety, parking situation, etc. The only way you will find out about a discount is to ask. The most that they can do is say ‘no.’
- Additions – If you need to add anything onto the coverage to keep yourself covered, you will need to find out if the carrier you are planning to go through will need it added on or if they have a coverage package that includes it with the level of coverage that you are planning to get. For instance, if you want to be covered in case the person who caused the accident is driving without insurance, you will want uninsured motorist protection. The same can go the other way as well. If things have been added to the policy you do not want, have them removed.
Finding the perfect car insurance requires a little bit of your time, but with the online platforms available, the process is a lot less of a headache than it used to be. Insurers like NRMA have comprehensive cover breakdowns and product disclosure statements widely available online. Everything can be done from your home or mobile device, including signing the contract.
The number one tip to remember is to pick the best policy based on the coverage, not the cost. The lowest price tag may look good, but more times than not, it will not be the best policy because of the limitations on the coverage. Read through every offer, pick the perfect policy, and move on with your day.