Motor Insurance / Commercial / Heavy Motor Insurance
What is Motor Vehicle Insurance?
Motor vehicle insurance is specifically designed to cover registered and unregistered motorcycles, cars and trucks. There are two main types of cover that you can choose. The first covers the damage your vehicle could cause to other people’s property following an accident, plus related legal costs, this is called Third Party Property Damage (TPPD) cover. The second type of cover will provide some level of protection to your own vehicle, depending on your needs. Comprehensive cover will pay for repairs or the value of your vehicle if written off or stolen. There is also an option available that covers damage due to fire or theft of the vehicle. Both Comprehensive and Fire & Theft insurance automatically TPPD cover.
Motor vehicle insurance is not compulsory, so you can choose the type of cover that’s suitable for your needs. If your vehicle is financed, the bank or finance company will often require Comprehensive insurance to be in place.
It’s also important to remember that Motor vehicle insurance does not cover personal injury to passengers or others or legal defence costs. This is often called Compulsory Third Party (CTP) insurance and must be purchased before you drive the vehicle if it is registered.
Why is Motor Insurance important?
Motor Vehicle accidents often happen, and people are injured, or vehicles are damaged or stolen. The damage to your car can be very expensive to repair, and you may also be responsible for repairing the other vehicle, as well as paying legal costs. Finding the money to pay for repairs or buy a replacement vehicle if yours is stolen can be difficult.
Insurance is an easy way to manage financial risk. It’s easier to budget for an annual insurance premium rather than making sure you have enough money in the bank to pay for repairs or buy a new car, which could easily be tens of thousands of dollars.
So, whether you own a motorbike, a ute or operate a fleet of trucks, some level of motor vehicle insurance cover is essential.
What does Motor Insurance cover?
Motor vehicle insurance can come in different forms, some insurers specialise in trucks, while others have insurance cover especially tailored for motorbikes. So, our advice is to explore your options and compare insurers and insurance covers. A brief summary of the main types of insurance and key features are:
- Private Car Insurance -. this type of cover is for individuals or families, with passenger sedans, SUVs, people movers, station wagons and Utes not used for business. This can include specialist cover for unique or vintage vehicles rarely driven. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include extras on and in the vehicle and hire of a replacement car for up to 21 days following the theft.
- Motorcycle Insurance - this type of cover is for individuals, families or businesses that own or ride quad bikes, ATRs, dirt or road bikes. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include extras on and in the vehicle and hire of a replacement bike for up to 21 days following the theft.
- Commercial Vehicle Insurance - this type of cover is for large or small businesses that own or lease sedans, SUVs, utes and trucks. This policy can cover specialist vehicles such as mobile cranes, refrigerated transport and trucks that can load and unload goods. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include extras on and in the vehicle and hire of a replacement car for up to 21 days following an accident or theft.
- Fleet Insurance - this type of cover is for large businesses that own or lease large fleets of sedans, utes, trucks and mobile plant. This policy is designed to cover a large number of vehicles, including specialist vehicles such as mobile cranes, forklifts, refrigerated transport and trucks that can load and unload goods. Either Comprehensive or TPPD-only cover can be purchased. Optional extensions for the Comprehensive cover include automatic cover for new vehicles, tools and equipment and extras on and in the vehicle. Costs to hire a replacement vehicle following accident or theft.
Insurance Advisernet is a specialist in all types of motor vehicle insurance and can help you every step of the way. Contact us today!
Frequently Asked Questions
● What is the meaning of motor vehicle insurance?
Motor vehicle insurance is a specialised cover designed for all types of vehicle owners to protect them from financial loss resulting from loss or damage to their vehicle as well as the costs of repairing other people's cars, trucks, or property if they are responsible for the accident. Legal defence costs are also covered under this policy.
● What insurance is the best for my vehicles
Different people require different types of cover for their vehicles, depending on the amount of cover they need and the type of vehicle. So, motorcycle owners would consider some level of motorcycle insurance coverage, while owners and operators of a refrigerated trucking company would consider fleet insurance.
● Which are the key types of motor vehicle insurance?
There are lots of different products on the market, the main categories are: (1) Private Car Insurance, (2) Motorcycle Insurance, and (3) Commercial Vehicle Insurance (4) Fleet Insurance
● Why do I need motor vehicle insurance?
Only Compulsory Third Party (CTP) insurance must be purchased before you drive the vehicle if it is registered. The type of insurance and amount of cover will vary, depending on what you use the vehicle for, and the value and level of protection your need. If the vehicle is financed, comprehensive insurance is generally required. Motor insurance is an easy way to manage your financial risk. It’s often easier to budget for an annual insurance premium rather than making sure you have enough money in the bank to pay for expensive repairs or buy a new car, as well as pay for legal bills, all of which could easily add up to tens of thousands of dollars.