MELBOURNE, Australia, May 20, 2022 (GLOBE NEWSWIRE) — According to leading auto and motorcycle insurance specialist eric insurance, the most important consideration when looking at car insurance options is how much it will cost to replace the car. Replacing a new or valuable car can be quite expensive, which is why car owners should look into Comprehensive car insurance†
Eric Insurance also explains that the cost of replacing an older car can be less than an annual comprehensive premium, so car owners can get more value from third-party fire and theft insurance or third-party property-only insurance.
Once owners have an idea of their vehicle’s replacement cost, they are better able to determine what level of coverage is right for them. Mandatory Third Party Insurance (CTP) is the most basic auto insurance policy required to legally drive in Australia. Then there is the third-party auto insurance and comprehensive auto insurance, which offer different levels of coverage.
When searching for auto insurance, car owners come across the terms “agreed value” and “market value.” The exact definitions of these terms vary depending on the insurer, but Eric Insurance explains that the agreed value is the amount the vehicle is worth, as agreed by the insurer and the customer, at the time of the policy conclusion and the market value is the price that the vehicle car could be sold if it were for sale on the market at the time a claim was made.
Additional considerations for car owners include whether they want roadside assistance, which is often offered as an optional extra on top of insurance policies. Eric Insurance mentions that the use of the car is also very important as it can affect the cost of the insurance premium. When calculating the premium, insurance companies will also want to know who will be driving the car, including their age, gender and driving history.
Once drivers better understand these factors, they can start comparing policies to find the best auto insurance policy for their circumstances.
Request a quote for: car insurance onlinevisit the eric insurance website.
Disclaimer: This article may contain general financial product advice that does not take into account your personal financial circumstances. Be sure to read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any insurance decisions. For more information, call 1800 999 977.
Figure 1: comprehensive car insurance
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