BimaKavach Insurance

 All cars registered in Queensland must have compulsory third party (CTP) insurance, which you purchase when you register your car or renew your registration.

 Queensland’s CTP insurance scheme is regulated by the Motor Accident Insurance Commission (MAIC). To find out more about CTP or to calculate your CTP premium, visit the MAIC website.

 As CTP insurance only covers not at-fault people who are injured in an accident and doesn’t cover vehicle or property damage, you may wish to purchase extra insurance.

 The cost of car insurance: While it is tempting to buy car insurance solely based on the price of premiums, it’s important to think about the costs you may incur in an accident. If you have a low level of cover or a high excess, you’ll likely be more out of pocket at claim time.

 The value of your car: If your car isn’t worth very much and you could live without it after an accident, you may only need cover in limited circumstances. If you can’t live without your car or you can’t afford to foot a repair bill, comprehensive insurance might be a better option.

 Policy inclusions: Make sure your policy includes cover for events you want to be protected against. For example, if you live in an area with frequent hail, you might want to ensure you’ve got hail and storm cover included.

 Vehicle type: Not all insurers provide cover for all types of vehicles. For example, if you drive a unique vehicle, you may want to contact the insurer to explain your modifications and check if they will provide cover.

 To find out more information on a car insurance policy, read the Product Disclosure Statement (PDS), any applicable Supplementary PDS and Target Market Determinations. Note: CTP policies don’t have a PDS, SPDS or Target Market Determination.

 When researching car insurance for young drivers, you’ll notice the options are the same as those available to older drivers. If you’re under 25, you’ll still have to purchase mandatory CTP insurance, and you can still get additional insurance like comprehensive or third party liability cover.

 Younger drivers may, however, pay more for their car insurance regardless of the type of car insurance they buy. This is because they have less experience than other drivers on the road and statistically they are at a greater risk of having an accident than some other drivers.

 An age excess may also apply to any claims made by younger drivers, unless they’re making a CTP claim.

 Consider your car’s repair/replacement costs: If you drive a cheap car that will be inexpensive to replace or repair, third party liability insurance or fire, theft and third party liability cover may be a good option for you. If your repairs would cost more, you should consider whether a comprehensive policy may be more appropriate.

 Don’t modify your car: You may find it difficult to insure a modified car, particularly if the modifications increase speed or require rare parts to repair, and policies that do cover modified cars are usually more expensive and attract higher excesses.

 List all drivers on your policy: If you have friends, housemates or relatives that frequently drive your car, you may need to let your insurer know, as many policies have excesses or exclusions for unlisted drivers.

 What type of car insurance rideshare drivers need depends on the operator they work for. At a minimum, your operator will want you to provide proof that you have CTP insurance and a third party liability policy.

 If you already have car insurance, make sure that there are no exclusions in your policy for carrying passengers for monetary gain before you sign up to become a rideshare driver.

 Uber requires you to have CTP insurance and third party liability property damage or comprehensive insurance, however, there are additional requirements if you want to drive UberX. You can view Uber’s Brisbane vehicle requirements here.

 Didi requires you to have CTP insurance and third party liability or comprehensive insurance. You can view Didi’s full list of Queensland driver requirements here.

 Ola requires you to have CTP insurance and third party property or comprehensive insurance. You can view Ola’s driver requirements here.

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 Because the cost of car insurance depends on many different factors, there's no average cost of car insurance. The good news is that many insurers will allow you to get a car insurance quote online so that you can compare car insurance costs before you buy.

 Your age affects both the cost of your car insurance premiums and the excesses that may apply to claims you make.

 Premiums may be higher for younger, less experienced drivers who tend to have more incidents than older, more experienced drivers.

 An age excess often applies if an incident happens and the driver of the vehicle is under 25 years old.

 There are some circumstances where an age excess may not apply, or an unlisted driver age excess (which is more expensive) may apply. CTP claims do not require you to pay an excess. For more information about a comprehensive or third party liability car insurance policy, read the Product Disclosure Statement (PDS), any applicable Supplementary PDS and Target Market Determinations.

 To calculate the cost of car insurance, your insurer will assess the likelihood of you making a claim according to various items of information about your policy which are called ‘premium rating factors’.

 To find out how a specific insurer calculates their premiums, refer the relevant PDS for the policy you're considering.

 To find out how a specific insurer calculates their premiums, refer the relevant PDS for the policy you're considering.

 Depending on the type of policy, you may be able to insure your car for an agreed value, or its market value.

 Agreed value is the amount you and your insurer agree to insure your car for. This should be equal to what your car is actually worth, and it doesn’t account for the fact your car’s value can change over time (however, your insurer may suggest a new value at renewal). It’s important that you regularly check the replacement cost of your car, so that you know you’ve got enough cover. These policies are usually more expensive than market value policies.

 Market value is the amount that your car is worth according to the value of similar cars in a similar condition to yours. If you insure your car for its market value, you can expect that the amount you get back if your car is written off may get lower as the value of your car usually depreciates over time.

 Comparing car insurance policies doesn’t have to be difficult, you just need to know what you’re looking for. Before you choose any policy, make sure you’ve looked into:

 Cover: Decide whether you want comprehensive or a type of third party liability insurance, then compare the inclusions and exclusions listed in the applicable PDS and SPDS as you consider policies.

 Cost: Compare the price of different insurance policies, making sure you go to the insurer’s website for your quote, as comparison websites can sometimes charge a markup or not show all available policies.

 Reputation: Reviews and industry awards can help you see whether an insurer has a reputation for looking after its customers.

 Roadside assistance: Comprehensive car insurance sometimes comes with roadside assistance included in the cost. However, it's important to make sure any included roadside comes with all the entitlements you need, as bundled roadside may not offer as much cover for services that a standalone roadside policy provides.

 Flexibility: You may wish to pay your premiums monthly. Check which insurers offer this option at little to no extra cost.