Are you aware of the different levels of motor insurance cover?

Cars have long been considered the 'pride and joy' of all of the possessions that any one person accumulates. If you're out on the road and something unfortunate does happen, knowing your insurance is adequate enough to cover the subsequent costs can offer great peace of mind.

If you haven't paid attention to your policy for some time, here are a few things to consider:

Keep your cover up to date

Depending on your requirements when you first take out motor insurance, chances are your policy will broadly fall into a distinct category. Compulsory Third-Party (CTP) insurance is mandatory across Australia but it doesn't cover any damage to your vehicle. Therefore, your policy is likely to sit within one of the following three forms of motor insurance:

• Comprehensive. Typically covers you for theft of or damage to your vehicle alongside further considerations such as legal liability.
• Fire and theft only. This is a limited form of insurance which covers - as you may have guessed - fire and theft of your vehicle. However, unlike comprehensive cover, collision damage is not covered.
• Third party property only. This covers damage inflicted to other cars by that of the policy holder. This is often best suited if your car is of particularly low value, as it will cover a vehicle you collide with, but not your own.

Keeping your insurer informed as to your current situation and finding the right level of cover for your needs is crucial. This is the only way to confirm that you will indeed be able to successfully make a claim in the event of an accident or theft.

Optional clauses

Making sure you have adequate extras bolted on to your policy is important in the case of certain claims. For example if your windscreen is damaged, having that subsequent consideration in your policy can ensure that you're more effectively covered.

Maintaining your motor vehicle insurance is incredibly important. Elders Insurance can offer cover which intertwines with your wider personal insurance policy, keeping things flexible and making your life easier in equal measure.