Insurance is like any other product, you pay for what you get. There are many different insurers offering policies in different shapes and forms.

Service is extremely important.

This is the difference between a claim being paid out over night and a claim being paid out painstakingly over a year. Cheap premiums are on offer because costs are being cut elsewhere.

Coverage is also extremely important.

This is the difference between your claim being paid out or not paid out at all. Quite often, this results in financial burden in the long run.

Check the accident scene is safe. If anyone is injured or there is significant property damage, call the police immediately (and an ambulance if necessary). Ensure you collect the name, address, phone number, registration number; and insurer of any third party(s) and the contact details of any witnesses. Have this information at hand when you contact our claims department to lodge your claim. Our claims team are available 24/7.

Yes. First Peoples Insurance can arrange monthly premium funding for many insurance policies through approved premium funding providers.

For commercial insurance policies, the interest charged on a premium funding loan may be tax deductible, depending on your circumstances. Tax treatment differs for personal insurance products and may not be deductible.

You should seek advice from your accountant or tax adviser regarding the tax implications of any premium funding arrangement.

Contact our Claims team so we can anticipate contact from the third party’s insurer. First Peoples Insurance will handle all communication between the third party and their insurance company on your behalf.

Yes. This may affect your premium and excess, so call us to discuss all your options.

We often get asked, what is the difference between Third Party Property Damage Car Insurance and Compulsory Third Party cover?

In Australia, you cannot register your vehicle without (CTP) insurance or (Green Slip in NSW). This insurance covers you against liability for death or bodily injury to others caused by your vehicle, no matter who is driving.

CTP cover does not cover damage to property. Third Party Property Damage Insurance covers you for the damage your car causes to another driver’s vehicle or property. Third Party Property Damage, Fire & Theft also covers you if your car is stolen or damaged by fire.

When considering Comprehensive or Third Party cover, you need to weigh up the financial cost to yourself if your car is written off compared to the insurance premium you are paying.

Comprehensive Car Insurance provides you with cover for accidental damage to your vehicle or theft of your vehicle as well as damage to other people’s vehicle or property where you are at fault.

Should your vehicle be financed, Comprehensive cover may be a requirement of the finance company. If your vehicle is not financed, the decision to go for a Comprehensive Car Insurance policy comes down to the value of the vehicle, what it would cost you to repair it, and whether you could pay for the repairs yourself.

If you have an older vehicle and its market value has decreased, Third Party Property Damage may be an option for you.

Third Party Property Damage Insurance covers you for any damage you cause to another person’s vehicle or property.

Car insurance covers you for costs in the event of an accident or claim that is covered by your policy in exchange for you paying an insurance premium. The amount you pay for your premium is based on your personal information. Premiums can vary from driver to driver based on each person’s personal information.

Here are some of the key factors that help determine your level of risk:

• Age
• The make and model of your vehicle
• Claims History
• Private of Business Use
• Where the vehicle is kept overnight
• The suburb or town where the vehicle is kept
• Whether the vehicle is privately owned or financed

MARKET VALUE is the cost to replace your vehicle with one of the same make, model, age and condition as your vehicle immediately prior to the loss or damage.

Should you suffer a total loss and your vehicle is on a market value policy, then the value of your vehicle will be based on the following:

• Insurer and dealer guides and recent car sales
• The condition of your vehicle before the accident
• Kilometers travelled

Benefits of MARKET VALUE:

• The premium is usually cheaper.
• The sum insured is automatically updated to the standard market value.
• You avoid paying more than you need to.

Which options should I choose? The right policy for you depends on your situation and you should always consider the benefits and drawbacks of each policy in line with your own needs.

AGREED VALUE is the sum insured that has been agreed on by the Insurer at inception of cover. In the event of a claim being made as a result of the car being declared a total loss, your insurance company will reimburse the agreed amount specified on your policy.

Benefits of AGREED VALUE:

• You know exactly how much you are insured for.
• You are able to cover the costs of modifications and aftermarket accessories.
• Vintage and Classic Owners would want Agreed Value, as it accurately reflects the true value of the vehicles.

Which options should I choose? The right policy for you depends on your situation and you should always consider the benefits and drawbacks of each policy in line with your own needs.

Some important considerations include:

• Your vehicle’s age, make and model, and what the cost would be to replace your lost vehicle, exactly as it was.
• Your financial situation, as Agreed Value policies do generally feature a higher annual premium cost.

At First Peoples Insurance, we can assist you in this process and provide you with both options to help make your decision.

As your Adviser, you will always contact First Peoples Insurance in the first instance and we will guide you through the claims process as this can vary from insurer to insurer.