Hello everyone, I've been a fan of ozB community and thankful for all the support I've got and further would like to get suggestions from you all.
So, I'm a part time working international student and recently upgraded my car. My old car was a cheap one and didn't bother getting any insurance on it other than the CTP. Now, after Saving up for long, I managed to get a decent condition car for around 7k. However, I spent a huge chunk of my savings to get this car keeping in mind all other costs and risks.
I have been around for a few reading forums and posts of this community but didn't get my questions answered so thought it would be a better idea to ask this directly and here I am.
Need suggestions and opinions on whether I should get a third-party comprehensive insurance or just be uninsured ? What other costs are involved ?
Also need suggestions on the cheapest and best one if there is any?
Should I Buy a Third Party Car Insurance ?
Comments
I have a mate that works in recovery change jobs and started working for my insurer. I explained what happened to me and he looked up the case. He let me know what had been happening with the case for the last 5 years
It sounds like a bunch of other people have already hit the nail on the head.
If you cannot afford third party insurance then you cant afford to drive. Imagine if you crashed into someone else and wrote their car off, you would be liable to pay for it? What if that car costs over $100,000? If you cant afford third party, sell the car and catch public transport or buy a bicycle.
I strongly suggest comprehensive if you can afford it BUT if you dont and someone else (who is uninsured like YOU were) crashes into you, you have then lost your hard earned car.
Imagine a drunk person crashes into your car in the street while you were asleep. Their insurance is void because they were drunk and you didnt have comprehensive, again you have lost you car.
Insurance is a must have.
Just drive with all your attention, drive by the rules and don't hit anything. There is no point to get comprehensive, just a way to fund those careless driver to drive recklessly. Usually comprehensive gives you one at fault protection per year, effectively easing your mind, which only help protecting your wallet but not the safety of the other.
Well - this is until a non insured driver hits your car from behind. They ignore your letters of demand and quotes, you take them to court, they lose, they still don't pay, they get arrested for breaching a court order, you go back to court, they promise to pay and don't and rinse and repeat the above for 5 years - This is my story, in the end I gave up. After 6 months of driving around with a smashed up car I paid for my own car to be repaired while the court process never ended. I never had 3rd party property insurance again. Oh did I mention you have to attend the court house NEAREST where the non-insured person lives - in my instance many trips to a country courthouse - for nothing. In the end I think a court officer just advised me to let it go for 10-20 years then hopefully the person has an asset worth (from memory over $10k) I can then make a claim to seize it.
Sadly not paying a bill is just a civil matter. Claiming an asset is a long and costly process, usually you want 100k to make it worth. So keep in mind, cheap car can replace 3rd pp is ok else comprehensive.
don't hit anything
If only it were that easy. Sounds great in theory though.
There is no point to get comprehensive, just a way to fund those careless driver to drive recklessly
I have comprehensive insurance to protect me from other people who think they don't need insurance and also magically believe they can avoid accidents just by concentrating harder.
You could look at one of the cheap on line insurers. Sometimes they can be quite reasonable for comprehensive. Otherwise some third party insurances also cover damage of your car up to $5,000. Given you have saved hard to get this car at least you can still have some coverage if you are in an accident.
I had third party fire and theft on a car that was worth maybe $4000 years ago.
Some guy without insurance, rear ended me and wrote my car off.
I didn't know it or expect it, but someone told me to call my insurer to see if they would cover my car because the other driver didnt have insurance.
They paid me out the full amount and process was easy. I'm pretty sure this is normal for all third party policies? read the T&C's.Great result considering if no one told me to enquire, I would probably be out $4000 and chasing this bum up for money.
Yes
My car is 5k. Bought it 5 years ago, had third party all the time. 15 pm through nab bank, previously though bankSA but price went up and price depends on your age. Most banks have car insurance, you can easily get a quote. If you hit a expensive car this is the minimum you need.You guys all got trolled. This can't be real.
Or then again, the level of intelligence displayed around the internets indicates probably not troll.
The confusion between Third Party Injury and Third Party Property is very real and has been around for at least 4 decades.
And this is why VIC has the TAC which sorts out the first issue.
And still, people think it's fine to drive without the TPP…horrifies me deeply.
I actually bought a comprehensive insurance with high access with aami. It ended by being cheaper than what other people were offering for third party. It was under $300 for car value of $3-4k.
Mainly cover scenarios what people are saying here where it's not worthwhile risk to go through claim process on your own if someone else is at fault.
As someone who works in Commercial Insurance, I literally cringe anytime anyone with a middle class income says "I dOn'T NeEd InSurAnCe!"
Never mind it's my job, you insure yourself for the likelihood someone else hits your car, or you have the misfortune of hitting a car far more outside your pay scale to replace and don't have savings enough to begin any process, let alone pay for the legal fees.
At the very least, Third Party Property Damage if you want to use your car beyond your own house, for the love of my sanity. Plus, if you live in VIC, TAC covers Third Party Injuries caused in an active traffic accident. TTPD + Fire and Theft is that middle ground if you also want it to be covered if some POS wanted to take your car for a joyride.
Another thing to note, on the flipside, is that if someone begs you not to claim, it usually means they either don't have Insurance, or they do and this is their third At Fault Claim in 3-5yrs. After 3 claims, all Insurers bolt the doors on any reasonable prices and you see $3K premiums on $5K cars. Just something to keep in mind :)
Interesting to know how did you find out what your insurance company is doing?