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Imagine cruising on the highway at an increasing speed and then suddenly losing control of the wheel. Would you rather get into an accident unprepared or covered? Even if you don’t really want to consider this thought at the moment, it is very important that you do in order to prepare for the unexpected. After all, with the fast-paced lifestyle that many people are leading today in Australia, driving an automobile is an ordinary, everyday occurrence that is necessary to carry out a variety of tasks. Hence the Australian government has created a law requiring all car owners to obtain car insurance.
Reason Behind The Law
An accident on the road may not only result in bodily injury and emotional pain for the loved ones of victims. The bitter reality is that it can cause those involved to carry a huge financial burden caused by this misfortune. There is also some paperwork that need to be fixed, along with possible disagreements and problems relating to what exactly happened and who is at fault. It is for these reasons that the state requires you to have your own car insurance. This way, you will not run the risk of encountering an accident with an uninsured vehicle which can cause plenty of hassle on your part. For instance, you can end up paying for more of the damages and having your insurance rate increased in the process. At the same time, if you are the one uninsured, you may end up getting buried in debt for incurred expenses.
Different Types of Car Insurance
The type of insurance that is mandatory by law is called Compulsory Third Party (CTP), also known as “green slip” in New South Wales. If you do not have this, you will not be able to register your car. With this particular insurance, compensation can be given to third parties involved such as your own passengers, other drivers, and pedestrians and cyclists who were injured in the incident. If you are the driver at fault, a certain amount of your medical expenses will also be taken care of. Furthermore, in such case that you are rendered out of work, the CTP insurance can provide for your loss of income.
You may opt to add Third Party Property insurance, so that you can be protected from damage claims by the other party if the accident is your fault. Even if it is not, this type of insurance can cover some of the repairs to your own vehicle if the other car does not have it.
Meanwhile, Third Party Fire and Theft Coverage can give you peace of mind in case your car gets damaged in fire or gets stolen. It is also good for covering damages you caused to other properties.
The best type of car insurance, however, is a comprehensive one. With its extensive coverage, you can enjoy a huge amount of compensation for your car damages that were caused by flood, fire, typhoons, theft, and collision. In addition, your insurance will take care of the damages to other parties incurred because of your doing.
Importance of Car Insurance
You should certainly not go out on the road without car insurance because you never know when an accident may occur. In this case, car insurance plays a major role in giving you medical, financial, and personal protection. Aside from paying for your bills in the hospital and even for those of the others injured, this insurance will also cover the expenditures implicated in repairing the vehicles. At the same time, you can be assured of a steady income despite the fact that you are unable to continue working while you are still recovering.
In situations wherein you get caught in sudden typhoons, floods, fires, or hurricanes, you can also enjoy the same benefits.
Of course in such episodes, you will be going through a tough time as you and your loved ones come upon emotional ups and downs. Thus, one benefit you can get from car insurance is the lesser hassle and burden, especially in terms of the financial aspect.
Instead of thinking of car insurance as a waste of your money, you should learn to appreciate its benefits. Even if you are not able to use it, at least you can have peace of mind as you travel from one place to another.
Car Insurance in New South Wales
Driving in New South Wales can be a challenge because it is the most populated state in Australia. Naturally, with more people on the go, there is a greater tendency for accidents to happen. Car insurance NSW is therefore of great essence if you reside or work here. Besides, it is better to be equipped even before any storm gets the best of you and your car rather than regret it later on.
Indeed being a responsible driver in Australia means furnishing yourself with the proper gear and groundwork, with car insurance at the top of the list. There are many websites that offer insurance reviews that you can check out before you purchase a policy to get a better idea about the insurance company.
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