Well for starters, you need to have Compulsory Third-party Insurance (CTP). It’s against the law to drive without some form of CTP insurance. But other than that, it’s up to you whether or not you want additional insurance. Here’s a quick rundown of the different types of car insurance policies:
This table breaks down typical inclusions in each policy:
Insurance Type | Injuries to other people | Damage to other people's car or property | Damage caused by fire or theft | Accidental damage to your own car |
CTP |
Yes |
No |
No |
No |
Third-Party Property Damage |
No |
Yes |
No |
No |
Third-Party Fire and Theft |
No |
Yes |
Yes |
No |
Comprehensive |
No |
Yes |
Yes |
Yes |
Queensland roads have a bit of everything when it comes to driving, from dense city centres to remote outback roads. In Winter in particular, police officers see the population skyrocket with tourists traveling through some of Queensland’s most remote areas1. With more than 5.3 million registered cars on the road, they also unfortunately see a number of accidents2:
You might think you’d never be involved in an accident, but the truth is it could happen to anyone. That’s why it’s so important to consider your options when it comes to car insurance.
Helpful Tip:When it comes to figuring out which car insurance policy is suitable for you, it’s important to weigh up the risks. For example, if you live in an area of Queensland that’s prone to extreme weather events, like tropical cyclones, then might be a good idea to take that into account when looking for a policy. Comprehensive insurance could be ideal if you’re looking for a policy that can help cover repair costs to your own vehicle if you’re at fault in an accident.
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First up, it depends on what type of car insurance you’re looking at:
The price for CTP insurance in Queensland is regulated by the Motor Accident Insurance Commission. And because everyone has to have it, it’s typically affordable for most people. Phew. In saying that, the cost might differ slightly depending on the type of car you own and how you use it. If you’re going to use your car for Uber Eats, for example, the cost might go up. Your insurer might also offer ‘optional at-fault’ cover. This costs extra if you decide to add it on. The average cost of a CTP insurance claim is around $100,0004. Some claims can even end up in the millions. So compared to that, the cost of CTP insurance seems like a pretty good deal!
When it comes to the other types of car insurance (Comprehensive, Third-Party Property, Third-Party Fire and Theft), the cost can depend on a number of factors, including:
According to iSelect car insurance data for Queensland, the below are the average comprehensive premiums for FY20:
Here’s a list of the major characteristics that lead to crashes in 20183:
This shows us how beneficial car insurance can be for all drivers, whether you’re young or old and you drive a car, truck or motorbike.
* Note: major characteristics of fatalities within Queensland have been defined as characteristics representing at least 20% of all fatalities during 2018.
Everyone wants a good deal when it comes to our car insurance, but it’s also important (or if not more important) to make sure you’re paying for an appropriate policy. Here are some tips to help you get good value from your car insurance:Â
We know reviewing different car insurance policies probably isn't your idea of fun, so why not get us to do it for you? Seriously. Just call us on 13 19 20 and we can compare a range of different Comprehensive Car insurance policies and providers for you and your vehicle from our range of policies and providers.
Easy! You can do it through us online here or over the phone. Just call 13 19 20 and one of our consultants will help you compare a range of different policies and providers. Remember you don’t just want it cheap when it comes to your car insurance. You should look into what the cover includes and try and sleuth-out any incentives or add-ons that might make you sway to a certain provider. Buckle up with iSelect and we’ll help you compare from our range of different providers and policies.
Sources:
1. https://qldtraffic.qld.gov.au/more/Driving-in-Queensland/index.html
2. https://www.tmr.qld.gov.au/Safety/Transport-and-road-statistics/Registration-statistics
3. https://www.qld.gov.au/transport/safety/road-safety/statistics
4. https://maic.qld.gov.au/for-drivers/about-ctp-insurance/
Last updated: 11/12/2020