There are a number of factors car insurance providers take into account when calculating your premium. Here are just a few things that might affect the price of your policy:
Excess is the amount you agree to pay for making a claim, which contributes towards your damage repair costs; your insurer then pays the remaining amount or up to the amount agreed to under your policy. However, with car insurance, you generally only have to pay an excess if your insurer will not be able to recoup costs from another party. For some policies, if you can provide the name, address and vehicle registration of the other party this may be sufficient for your insurer to waive or refund your excess.
Other instances where you may be charged an excess is if your claim doesn’t involve a third party driver (e.g. hail damage, or a collision with an animal), or if you or your insurer are unable to obtain the full name, residential address and vehicle registration number to identify the responsible third party.
Excess amounts vary depending on the policy and some providers even offer lower premiums if you agree to pay a higher excess. Conversely, paying a lower excess can lead to paying higher premiums. You may also find that depending on the circumstances of your claim, you might have to pay more than one excess (e.g. if the driver was under 25 years old).
Your Tasmanian postcode might affect your car insurance premiums because your new neighbourhood may be rated differently based on a number of factors, like crime and claim rates or how likely it is for a crash to happen in the area.
Where you park your car overnight in Tasmania also affects your premium. For example, if you previously parked in a garage but you’re now parking on the street, your premiums may rise to reflect the increased security risk.
Most providers will honour your no claim bonus or discount if you switch your car insurance.
Car insurance can cover towing if it’s listed in the PDS and it will usually depend on the type of policy you have. For example, Third Party Fire and Theft insurance may cover towing after a theft or fire incident, whereas comprehensive car insurance can cover it for more scenarios, but this is sometimes available only as an optional extra.
Some comprehensive car insurance policies provide cover for caravans and trailers, but this usually only applies when your car is towing the caravan. Some insurance companies offer specialised caravan insurance as a standalone policy.