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If you don’t have your own car yet and drive your parent’s car, you may need to check if you’re covered by their policy. Often an insurer may charge an increased premium for drivers under 25 and you may have to be named on the policy. Most of the time there’ll be an increased excess to pay in the event of an accident. You should discuss with your parents if they have checked with their insurer if you’re covered and what excess they may be liable for in the event of an accident.
P-Platers often have the same Car Insurance options available as Australians with a full licence. Which insurance you choose depends on you, your car, and your finances. Here’s a brief outline:
CTP, also known as ‘Green Slip insurance’, is mandatory for every driver in Australia. In some States it’s included automatically whenever you pay for your cars registration. It covers you in the case of accidental injury or death to another person caused by your driving. It will pay for medical and some legal costs, but it won’t pay for any property damage or for any of your own medical costs.
TPP helps cover damage to other people’s vehicles and property caused by an accident that was your fault. It doesn’t cover damages to your car or property though. With TPP, you’ll be responsible for the costs of replacing or repairing your own car if the accident was your fault.
Third Party Fire and Theft insurance helps cover third party property damage as above, but also includes coverage for damage to your car because of fire or theft. Remember, this cover still doesn’t cover damage caused to your car or property in an at-fault accident.
Comprehensive Car Insurance is the top level of cover and is generally the most expensive. If you have an accident, it can cover you, your car and other people and their property. A Comprehensive policy often comes with options to add extras to your cover like a hire car or roadside assistance and personal effects cover. These options vary between providers and some may be covered in the original premium, so it’s important to check out the policies, Policy Disclosure Statement (PDS) before making any purchasing decisions
Car Insurance is only valid if you follow the conditions of the law and the policy itself. If you don’t, it could leave you uninsured if you need to claim. You can check all of the conditions on your policy document, but here are a few of the rules you must follow.
Generally, yes. P-Platers tend to be younger, less experienced and, statistically, they’re a greater risk to insurers. So, if there’s a greater risk they’ll have to pay out, insurers will charge a higher premium. The good news is that these premiums will usually come down as you get older if you have maintained a good driving history.
As we mentioned above, insurers calculate their premiums based on evaluating risk. Have you considered:
Lack of experience can mean P-Platers make some costly mistakes with their Car Insurance. Here are a few things to bear in mind.
As a P-Platers, how can I find a Car Insurance policy that fits my budget? If you’re ready to see what insurance options are out there for you, you need to check out premiums, excesses, exclusions and other policy features. The good news is, it’s not as difficult as it sounds.
With a little help from us here at iSelect, you can get a quick, easy quote online with our Car Insurance comparison tool. Or if you’d rather talk it out, call 13 19 20 and one of our consultants will help you compare and understand your different options for P-Platers Car Insurance.
Last updated: 08/02/2022