Motor Vehicle Insurance
Motor insurance can cover your motor vehicle against accidental damage and theft. It can also protect you from the financial costs of repairing or replacing another person’s vehicle caused by an accident where you’re at fault. At AIB Insurance Brokers, we understand the importance of protecting your vehicle, which is often a significant investment. We can find comprehensive Motor Insurance policies that suit your specific needs, ensuring peace of mind on every journey.
What Can It Cover?
If your car is damaged in an accident or stolen, comprehensive motor insurance pays for repairs to your vehicle – or replacement costs if your car is written off. Third party property damage (TPPD) insurance – covers the costs you may be liable to pay if you are at fault and damage someone else’s car. TPPD insurance can be purchased as part of a comprehensive cover or as a standalone policy. However, if you only have a standalone cover, there’s no cover for any damage to your own car.
Motor insurance provides you with extensive protection if your vehicle suffers loss or damage. The exact cover you can receive depends on the policy that you take out. But to give you an idea, here are some of the benefits a motor insurance policy may include:
Cover to repair or replace your vehicle if it’s damaged or stolen.
Cover for the cost of a rental car for up to 14 days, if your car is stolen.
Cover to pay for damage you cause to another person’s vehicle.
For financed cars, cover for 50% of the difference of the finance gap between the insured value and the vehicle’s contract residual value following a total loss.
A replacement of the same make and model if your new vehicle is written off within three years and has less than the specified number of kilometres.
An automatic 21 days cover on replacement vehicles.
Choice of your own repairer or one from our preferred repairer panel.
Up to $30 million of legal liability cover.
Repair guarantee for materials and workmanship on authorised repairs.
The option to include one excess free windscreen claim per year.
Re-keying and re-coding of vehicle keys if they are stolen.
The option to include hire car cover following an accident. No additional excess except for young or inexperienced drivers if they are named.
Motor Insurance Case Study
On her way home from work, Sylvia was involved in a minor accident with a SUV. The accident was her fault. While the other car had minor damage, Sylvia’s car had some serious damage.
After pulling over, Sylvia contacted her insurance broker who took some details and arranged for her car to be towed and assessed. Because her policy also contained a rental car inclusion, they helped Sylvia arrange a hire car so that she could get to work while her car was off the road.
An assessor contacted her the next day, letting her know that her car could be fixed and that her insurance would cover the cost. They arranged to have it repaired at the insurer’s repairer of choice. While she was waiting for her car to be repaired, Sylvia had access to the rental car – with the cost also covered by her policy.
What usually isn't covered?
Each policy is different, but generally you won’t be covered if the vehicle is:
- Being driven by an unlicensed driver unless you did not know that the driver was unlicensed.
- Being driven by you or any other person while under the influence of any drug or alcohol unless you did not know that the driver was affected.
- Being used in any motor sport or time trial.
Exclusions, the excess you need to pay, and limits of liability can vary greatly depending on the nature of the product you are purchasing, the associated risk and the insurer.
