Insurance
Insurance can be complex. Make sure you have the right level of protection before you get behind the wheel. For an overview of insurance policies offered by RACQ Insurance, please visit Compare My Options.
Comprehensive Car Insurance
Comprehensive Car Insurance gives you the greatest protection against financial loss:
- In the event of damage to or destruction of your own car
- In the event of damage to or destruction to the vehicles and property of others
Comprehensive Car Insurance includes the cost of crash repairs or replacing your car, even if you're at fault. Comprehensive Motor Vehicle Insurance is generally the most expensive form of motor vehicle insurance. This is because of the widespread cover it provides and that’s why it’s a popular choice for most car owners.
For more details please refer to the RACQ Insurance Motor Vehicle Product Disclosure Statement (PDF, 712KB).
Third Party Insurance
Third Party Insurance covers you for the damage your car might cause to someone else's vehicle or property.
It is generally the cheapest form of voluntary insurance. This insurance cover will protect you against claims from other people, but it will NOT cover theft or pay the repair bills for any damage to your own car. If you choose RACQ Insurance Third Party Insurance you are entitled to the Uninsured Third Party Insurance cover at no extra cost which will in fact cover your car for loss or damage caused by a driver and an uninsured. For more details please refer to the RACQ Insurance Motor Vehicle Product Disclosure Statement (PDF, 712KB).
Fire, Theft & Third Party Insurance
Fire, Theft & Third Party Insurance is an extension of the Third Party Insurance policy. It costs a little more, but it gives you added protection by way of cover against loss or damage to your car caused by fire, and loss of your car as a result of theft.
Fire, Theft & Third Party Insurance with RACQ Insurance also provides some added benefits including the Uninsured Third Party Insurance benefit. For more details please refer to the RACQ Insurance Motor Vehicle Product Disclosure Statement (PDF, 712KB).
Premium
An insurance premium is the price that you are asked to pay for your motor vehicle insurance policy.
An insurance premium will be calculated on the following factors:
- The year, make, model and type of your car
- Any accessories or modifications fitted to your vehicle
- Your age
- Your insurance and driving history. For example what, if any, accidents you have been involved in or if your licence has been disqualified for speeding or DUI (driving under the influence) etc
- Where the vehicle will be garaged (suburb)
As there are many factors that calculate the price of an insurance premium, shopping around can help you get a competitive policy, but be sure to compare all the features and benefits as well as this will help you determine the best value for money. Don't forget choosing to pay your premiums monthly cuts the insurance into more manageable payments, helping you spread the cost of insurance over the year.
Excess
Most car insurance policies have excesses attached to them. The excess is an amount you would have to pay towards the cost of a claim under your policy, though in most cases, if you are not at fault the excess is not required to be paid.
As insurance premiums can be expensive, most insurance companies offer you the option to increase your excess in order to lower your premium amount. This is called voluntary excess. If you increase your excess amount, you should be comfortable to pay the higher excess amount if you had to make a claim.
Age Excess
An age excess automatically applies to younger drivers. Usually this additional excess varies on the age of the young driver and reflects statistics which show that under 25 year old drivers are more likely to be involved in an accident then the older, more experienced drivers.
Within RACQ Insurance, learner drivers under instruction get the applicable age excess waived. Another way RACQ Insurance is helping wherever we can. Please refer to the RACQ Insurance Motor Vehicle Product Disclosure Statement for more details.
Compulsory Third Party (CTP) Insurance
This is the only form of insurance that is compulsory. It’s paid each year along with the vehicle registration fee.
CTP Insurance protects you against any liability that could arise because of personal injury to another person, caused by the negligence of anyone driving your car. It covers bodily injury only; it does NOT cover other people’s property (their cars etc).
RACQ Insurance CTP cover also includes "At Fault Driver Injury Insurance" at no extra cost for added peace of mind. You can select your CTP insurer when your car registration is due for renewal or you can nominate RACQ Insurance as your CTP insurer at any time.
