question about insurance

[XploShun]

hi!

i want to know.. will my cai void.. hahha j/k

but this question is probably as stupid as that 1.. :P

my rego will end soon.. so i need to get a CTP asap..

quoted online.. and found out Zurich is the cheapest...

should i go with the BIG insurance company or just the cheapest for my CTP?

coz i heard people say that.. big company = better lawyers... (thats for comprehensive insurance, but this is 3rd party.. do u need better lawyers? lol)

also... just car insurance has 3 types of insurance:

Comprehensive Car Insurance

Third Party Property Damage Insurance

Third Party Property Damage Insurance plus Fire and Theft

THIRD PARTY PROPERTY DAMAGE insurance.. wts the difference between that and the CTP?!

COMPULSORY THIRD PARTY and THIRD PARTY PROPERTY DAMAGE.... wtf!?

any help will be great!!

THX!

Edited April 18, 2008 by XploShun

[Buddha]

Well, luckily for you, I work in car insurance, and my wife works with CTP!

Firstly, the difference between insurances:

CTP (Compulsory Third Party, or also known as a Green Slip in some states): This is part of your rego and it covers third parties who might be injured in an accident where you're at fault. This includes people in your own car. Some insurers also extend this cover to the driver at fault, so even if you cause an accident, you can claim for your own injuries as well. My personal suggestion is that you go with one of those insurers. Its compulsory, as the name suggests.

TPO (Third Party Only cover): This covers you for any damage you might do to other parties' property where you're at fault in an accident. Everyone talks about hitting that Mercedes or Rolls Royce, but you also need to think about things like fences if you crash into a yard, or armco or light poles that you might hit ... the govt DOES charge for these things, and they ain't cheap! The cover is very cheap and could literally save you thousands. Most insurers also include some cover for your car if you are hit by another driver who doesn't have any insurance, up to $5,000 in some cases. My personal suggestion is that if you're driving a car, and you don't have at least this much cover, then you are truly an idiot.

TPO + Fire and Theft: This is the same as TPO, but your car is also covered in the event of a fire or if it is stolen. Check with your insurer as to the full extent of this cover, as "theft" might only refer to the car actually being taken away, it may not cover attempted theft. Not all insurers necessarily offer this sort of cover, though.

Comprehensive: Covers you for all damage, to your car and other property. Its the most expensive, but it does pretty much cover every possible scenario, unless you're silly enough to do something illegal. Some insurers can also give you a reduced price if you don't drive the car often, or even if you don't drive it at all.

A bit long winded, but hopefully that explains it for you.

[XploShun]

WOW!!!

thx heaps buddha!!!

now i totally understand!!

i asked my bro & my friends.. they're like.. errrm... i just get all of them.... so i dont know whats the diff.. <_< sigh~

thx again buddha!!!!

btw.. havent seen u in the forum for a long time.. :)

[Buddha]

WOW!!!

thx heaps buddha!!!

now i totally understand!!

i asked my bro & my friends.. they're like.. errrm... i just get all of them.... so i dont know whats the diff.. <_< sigh~

thx again buddha!!!!

btw.. havent seen u in the forum for a long time.. :)

Glad to help.

Yeah, life away from the forums have been busy the last six months, mainly work and helping my wife get over a cancer she had removed before Xmas. All good now, though! :-)

[XploShun]

damn!

sorry to hear that!

hope she wont have to see the doc again and recover soon :)

thx man!

[Buddha]

damn!

sorry to hear that!

hope she wont have to see the doc again and recover soon :)

thx man!

Thankfully, she caught it really early and she had a top surgeon, and the latest scans are all clear.

But thanks for the sentiment, anyway. :)

[XploShun]

thats gd to hear!!

:)