Types of car insurance:
- Compulsory Third Party (CTP)/mandatory motor vehicle accident personal injuries insurance: This type of insurance protects any person that you might injure while you are driving a vehicle and it required in each state and territory. Each jurisdiction’s scheme has different rules, ways for operates and covers different things. If you are not covered for damage to your vehicle or theft of your vehicle, then this coverage does not help you during accident. In other words, we can say that nor does this form of insurance cover your legal liability other than in respect of personal injury caused to another person while you are driving.
- Comprehensive: This coverage covers damage to your own vehicle and other vehicle from theft, costs and some other risks. It offers greatest coverage and covers the repair or replacement of your vehicle for theft, collision, malicious damage and other types damage.
- Third Party Property Coverage: This coverage covers the damage to other people’s vehicle, not damage to your own vehicle. If you have a low-value vehicle, you would usually take out this type of cover. If you are in a collision with an uninsured driver then some insurers will cover a specified amount of damage caused to your vehicle.
- Third Party Fire and Theft Coverage: In this coverage, Third Party Property cover your vehicle with some adding features. This coverage offers the protection of third party property policies, as well as theft protection for your vehicle.
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