Types of Car Insurance
Compulsory Third Party known as a greenslip in NSW is mandatory for all registered vehicles covering injury to people in accidents but not vehicle damage. Third Party Property covers damage you cause to other vehicles and property but not your own car. Comprehensive Insurance provides full coverage for accidents, weather events, fire, theft and third party liability and is essential for vehicles worth over $15,000.
How to Reduce Your Premium
- Increase your excess amount to reduce your annual premium
- Pay annually rather than monthly to avoid installment fees
- Compare at every renewal and never auto-renew without shopping around first
- Consider a restricted driver endorsement that excludes young drivers from the policy