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Insurance is a big industry in Australia, with so many different types of policies and cover available. Regardless if it comes to life insurance, home insurance, car insurance or health insurance, it is important for Australians to protect themselves and their families against the risk of the unthinkable happening…
With more than 120 insurers operating in different parts of Australia, the insurance market is very competitive, making people’s decision-making process extremely daunting and difficult. The truth is, people have a lot to consider when making a decision on the type and level of cover the need with regards to insurance in Australia.
For example choosing the best home insurance is not always an easy task. Even a thorough home insurance comparison will not be enough to find a great cheap home insurance that will suit your needs.
Then there is your car insurance policy. Depending on your situation, your car and the people driving that car, will depend on the policy you buy and the level of cover. It can be very time consuming to figure out what’s what. Car insurance in Australia is confusing, particularly when it’s your first time purchasing a policy.
The same goes for finding cheap health cover. Finding a way to have cheap health care can be very time consuming due to the number of different health care plans available in the market and the different levels of cover available.
Then there is life insurance. Life insurance in Australia can have many different levels of cover and can protect the insured person against a myriad of situations, not just death.
The most important piece of insurance advice that anyone can give you is not to rush into the decision so you can make the right decision. Take your time and compare insurance policies as well as insurance companies before applying for anything. It is always useful to get advice on insurance in Australia from a licensed professional. They will look at your current situation and understand what your needs are and therefore what level of cover you need to mitigate any unforeseen risks.
Further down is a quick overview of the types of insurance in Australia.
Having car insurance in Australia, home insurance in Australia or any type of insurance, really, is beneficial in many ways.
There are different insurance policies to help you protect your property and yourself! While an insurance premium might seem pricey now, it might prove to be essential in the long run.
Car insurance in Australia, for instance, can help you with the costs of repairing the damage to your car if you have an accident. Life insurance in Australia, on the other hand, can help you provide financial support for your dependents after your death. Home insurance in Australia, too, can be beneficial for it help you protect your home and belongings against fire and theft. Health insurance will take care of any medical expenses whether known or unknown.
All in all, an insurance policy of any kind will protect you against risk of the unexpected!
There are multiple types of insurance policies in Australia. The most common ones include:
Having car insurance in Australia is very common. In fact, by law, every single car owner in Australia must have the Compulsory Third Party (CTP) insurance. Australians often get additional insurance policies in order to protect their vehicles.
There are multiple car insurance policies available to choose from and pretty much every car owner in Australia can find a policy that fits their needs best.
Generally, when it comes to car insurance policies, people get:
Comprehensive cover is one of the most commonly purchased car insurance policies in Australia.
People buy it for the simple reason that it offers the greatest peace of mind. A Comprehensive policy covers a range of situations when it comes to your car! The owner is covered for damage to their vehicle as well as vehicles and property owned by others when there is an accident and they are at fault.
The policy usually includes cover such as accidents where there is fire, theft or weather-related damages. Though a Comprehensive policy is more pricey when compared to other policies, it overs a full range of cover.
Third Party Property Cover is another popular policy type. This specific policy will generally provide cover for all of the damages caused by you to other people’s cars or property.
This type of insurance policy usually comes at less of a cost than the comprehensive cover mentioned above. It is offered by many insurers, and it’s worth shopping around before making a final decision on an insurer that offers this type of policy.
Similar to the Third Party Property Cover, the Third Party Fire and Theft Cover will include cover for all damages caused by you to other people’s vehicles, with the addition of cover in the case of fire damage and theft to your own personal vehicle.
This policy comes at a greater cost than the basic Third Party Property Cover.
Apart from knowing all the common policy types, it is always important to compare the insurers. Another thing to remember when deciding on a car insurance is not to rush into the decision and do your research before agreeing to anything.
Compulsory Third Party Insurance is required in Australia by law, meaning that every single car owner must have it. This is set by each state and territory. It is called Green Slip in NSW.
Compulsory Third Party Insurance covers your liability against personal injury or death caused by you a car accident or road incident. It covers not only drivers to other vehicles but also pedestrians, cyclists etc. This means that if you happen to be in an accident where somebody is injured and you are at fault, CTP will protect you.
It is important to stress, however, that the Compulsory Third Party Insurance does not cover for damages to the vehicles! This is one of the main reasons why so many people think that it is not sufficient and decide to purchase additional car insurance in Australia.
For more information on car insurance in Australia, see here.
Another very important type of insurance is home insurance in Australia. Your home is most likely your biggest and most valuable asset. Therefore, it is only understandable why people think protecting their home is really important. In fact when you have a home loan in Australia, it is usually a requirement that your house is insured.
The home insurance market is very large and is very competitive, and many people find it confusing and difficult to find the right policy and cover.
Knowing what type of a home insurance policy you need and what should be covered is very important when selecting a policy. There are multiple policies available:
Comparing home insurance and what they offer is crucial! There are multiple Australian home insurance providers who offer all different things. Having such choice makes the decision on a single best home insurance in Australia that much more difficult. Sometimes the best home insurance is not always the cheapest home insurance! Finding an insurance policy that will be a good policy as well as a cheap insurance policy is never easy! It is always a good idea to make a thorough home insurance comparison and compare home insurance companies, too before purchasing.
For more on home insurance go here.
Many consider life insurance policies in Australia to be the most important cover to have to protect your loved ones if things don’t go to plan.
Life insurance policies, too come in different sizes to fit different people’s needs.
The most commonly purchased types of life insurance in Australia include:
This particular policy is the most straightforward type of life insurance policy in Australia and what is considered to be the ‘standard’ policy. A Term Life insurance policy pays a lump sum upon your death or on the diagnosis of a terminal illness.
The Total and Permanent Disability Insurance (TPD) is another common type of life insurance policy. This policy pays out a lump sum of money if one becomes permanently disabled and can no longer work.
This particular insurance policy pays a lump sum on the diagnosis of one of a list of specific illnesses.
Income Protection Insurance provides a replacement income of up to 75% of the current income of the purchaser, if he or she becomes unable to work due to certain illness or injury.
For more information on life insurance go here.
Choosing the most suitable health care plan is crucial. Different health insurance policies suit different people’s needs, so finding the right one can be tricky.
A thorough understanding of the different types of health insurance polcieis in Australia is required when making a decision of which company and then which policy to choose.
It is important to know that private health cover in Australia is divided into three general areas:
Hospital cover allows you to be treated as a private patient, regardless if you are in a private or public hospital in Australia. Extras cover includes all of your dental treatments, glasses, and contact lenses and Ambulance cover covers the costs of emergency ambulance service.
Getting cheap health care is not always easy especially when you are starting out and getting it for the first time, likewise it can be difficult to select cover as your family is growing and more than one person requires cover under the policy. There are a number of cheap health care providers to choose from in Australia, but it is important to make sure that you are getting the right level of cover for your needs. Cheapest doesn’t always mean best, especially when it comes to your health and the health of your family.
For more information on health care and health insurance care click here.
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