October 24, 2017

Do You Need to Get Insurance for Your Pets?

There are many types of insurance for our protection in case of certain unfortunate events.  There’s car insurance for your vehicles and life and health insurance for our family. Home insurance in Australia is also available. Likewise, there’s insurance for your pets. It’s a relatively new market that is worth exploring especially with the rising costs at the vet for your pet’s welfare.

Do you need to get insurance for your pets? Consider this: dogs and cats will, at some point in their lives, encounter life-threatening conditions, whether due to illnesses or a road accident. You can end up with a huge bill from the vet. In fact, it is said that many dogs are put down just because their owners cannot pay for the medical treatment.

With pet insurance, you can save yourself from the hassle of being in this condition. It allows you to claim part, or the full amount in some cases, of the vet bill according to the annual limit.  There are types of insurance for your pets that vary in coverage. The policies can be accident-only cover, illness-only cover or accident-and-illness cover if you’re looking for something comprehensive.

To determine how much cover your pets need, consider the maximum annual benefit of the policy. This refers to the total amount that you will pay every year. You can also consider the different features. Some may offer public liability insurance, for example.

In terms of benefit levels, these can be from $1,500 up to $20,000. Bear in mind that the animal, breed, and your location play a role in treatment costs of certain conditions such as dental issues, ligament injury or tick paralysis. Make sure to consult the vet to understand which health risks may be encountered by your pets.

While many medical treatments are included in the policy, there are also treatments that are not usually covered. For instance, preventative care, which includes parasite control and vaccination, is normally excluded from the policy.

In most cases, pets are considered members of the family, so it is better to get insurance for your pets, not only to ensure that you don’t have to face huge vet bills when something unfortunate happens, but also to give you peace of mind, knowing that your pets will be taken care of, just like the rest of your family.

Does your pet have Australian insurance? Share your insights and insurance advice in the comments section.

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What is Third Party Fire and Theft Cover for Your Car?

We all know that insurance plays a significant role in our lives. It provides protection from certain incidents and peace of mind for you and your family that you’ll have something to depend on when an unfortunate incident occurs.

There are so many types of insurance, and one of them is car insurance which varies depending on factors such as coverage, cost, and fees. When looking for the right one for your vehicle, you may come across the term “third party fire and theft cover”. This type of car insurance in Australia gives protection from liability costs or damages that your car does to property or another car, as well as damages from fire and theft. Older vehicles can take advantage of third party fire and theft cover, instead of getting a comprehensive insurance.

What covers this type of insurance? It may depend on the insurer but in general, a third party fire and theft cover includes the market value of a car for damage or even loss as a result of theft or fire, liability for damage or loss of other people’s property, and repairs to your car. It can also include expenses of a hire car after theft until your car is recovered, and cost of storing your car after theft or accident.

The cost of getting a third party fire and theft cover is influenced by certain factors including your age, driving background, address, vehicle parking, security features, as well as the size and model of the vehicle. Insurers look at these factors differently. That is why it is essential to check various types of insurance and compare the benefits and features of third party fire and theft cover.

Car insurance can be expensive, especially if you got a comprehensive one, but there are simple ways to reduce your premiums. Aside from comparing policies from several insurers, you can bundle all of your policies under one provider to get discounts. You can also increase your excess and add security features to your vehicle. If you’re planning to buy a car, you may want to consider purchasing one that is less expensive to insure. Restricting the use of your car only to nominated drivers can likewise reduce the cost of your car insurance premiums. Also, get insurance advice from an expert so you will better understand the terms and coverage of the policy.

Got other tips when it comes to car insurance in Australia? Share your insurance advice in the comments section.

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Why It’s Important to Swap Details After an Accident

Getting involved in a car accident, or any accident for that matter in Australia, can be an overwhelming experience. You may get disoriented with what to deal with first, especially if you and/or other people sustained injuries. No matter how serious or minor the car accident is, it is important to remain calm so you can better handle things that need to be dealt with right away.

Aside from checking if someone needs urgent medical attention, it is important to swap details with the other driver who’s involved in a car accident. Not only is this one of the road rules being implemented, but also because it is an essential aspect for when you make car insurance claims.

What are the details that you need to exchange with the other party? Here are some of the things to keep in mind when swapping details with the other driver and/or people involved:

  • Take note of the time and place the accident occurred. Traffic situation and weather are also important to remember as external factors may have affected the incident.
  • Make sure to get the full name, contact number, license plate number, registration number, as well as insurance details of the other driver. If the driver is not the owner of the vehicle, find out the full name, address, and phone number of the owner.
  • Take photos of the damages, if any, the scene of the accident, and the vehicles involved.
  • If the other party does not want to swap details with you, make sure to tell the police. You can also take photos of his/her vehicle’s license plate number.
  • Get accounts of witnesses in the car accident.
  • Inform your insurance provider of what happened and they will be able to help you on the next steps to take.
  • Avoid discussing details such as who made the mistake that caused the accident. This is for your own protection, particularly when making a car insurance claim.

If you are the driver, passenger or pedestrian involved in a car accident, you are eligible for compensation for the injuries. With a successful car insurance claim, you can be compensated for hospital and rehabilitation expenses, costs of repair of damages in property, and/or loss of earning capacity.

In car accidents, it is better to get as many details are possible as these are helpful when getting on with a car insurance claim. Also, make sure to report the car accident to the police as soon as possible. Otherwise, you will need to explain the cause of delay when making a claim.

Do you have other tips on dealing with car insurance in Australia? You can share your insurance advice in the comments section.

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Things for Teenagers to Consider Before Purchasing Car Insurance

It’s hard to get away without paying more for car insurance as a teenager. To reduce your premiums, focus on building a clean driving record.

Like all drivers, teenagers should get adequate car insurance in Australia. It may seem expensive, but it will protect you from potentially life-ruining claims should you cause an accident. Here is a guide for teenagers about the different types of insurance and a few things to consider before purchasing a policy.

Compulsory third party insurance

Cars must have compulsory third party (CTP) insurance to be registered. This is called a Green Slip in NSW. CTP only covers personal injury to third parties. At fault driver’s (you) may also be covered, but only for specific injuries and up to specific amounts. Make sure your CTP has some at fault driver protection.

While prices are usually similar, they do change from year to year. Don’t renew your CTP without comparing other providers.

Fire, theft and third party property insurance

As the name suggest, this will cover you if your car is destroyed by fire or stolen. It also provides cover against damage you cause to other people’s property. It doesn’t cover the cost of replacing your car or property. While not compulsory, don’t underestimate the cost of repairing cars. Repainting a basic scratch and replacing a tail light will cost hundreds of dollars.

Comprehensive insurance

Comprehensive insurance covers the same things as fire, theft and third party property insurance, as well as personal property; that is, your car. You need to weigh up the cost and benefits of paying extra for comprehensive insurance. If you own a cheap or medium priced car, it will be most likely not worth it paying to have it comprehensively insured.

Potential ways to save

Buy a cheaper car

The cost of car insurance is driven by the make and model of the car. This is because the cost of replacement and repairs increase the higher the value of the car. So to avoid paying expensive car insurance, think about buying a cheaper car. This actually saves you even more money!

Use your parent’s name

Younger drivers are charged more for insurance. Why? Because they are more likely to be involved in an accident. Are you driving a car owned by your parents? If so, then speak to them about putting the car insurance policy in their name and making sure that you are listed as a named driver. Get some quotes for different scenarios and work out what will be the most cost effective. Just be careful here. If it is your car, then you should be listed as the main driver. Insurance companies take this very seriously when it comes to making a claim. If you aren’t sure, don’t hide anything from the insurer, have an open conversation with them upfront!

Play with the excess

You will usually be able to reduce your premium by increasing the amount of excess you will pay. If you are willing to risk having to pay for any minor damage yourself, then a higher excess will be cheaper.

Modifications

Certain modifications can make your premium go up because your vehicle is deemed to be more likely to be stolen or involved in an accident. On the contrary, microchips, alarm systems and immobilisers can reduce your premium.

Consider self-insurance

While you must get CTP, and third party property damage is important, you could ‘self-insure’ your vehicle. Simply get a quote for comprehensive insurance, then put that amount of money into a separate bank account each year. Depending on the value of your car you might find that this will be enough in a few years to replace or fix it should you have an accident. This method takes a lot of control and willpower not to touch that saved money. So proceed carefully here!

Ask for a discount

If you already hold a policy with a company, or are renewing one, request a discount. Even if you are rejected it’s a good habit to start young. It will save you heaps over your lifetime.

Final Thought

Insurance becomes cheaper as you get into your mid-twenties and maintain a clean driving record. While comprehensive insurance might seem expensive to many teenage drivers, you should strongly consider your options and if they suit your particular car and needs.

Got any thoughts on teenagers and car insurance? Let us know in the comments section.

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