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Car Insurance For 18-year-old Australia – Are you under 25 and planning to travel? Before you head out on those beach trips or late-night road trips, let’s cover everything from collision to major accidents with car insurance.
Whether you’re under 25 with your own car or a family car, the starting point in Australia is the same: Third Party Liability (CTP) insurance is a legal requirement for all drivers. If you drive your own car, you’ll need a CTP policy that protects you from liability if you injure someone in an accident. However, if you only drive the family car, you won’t need your own CTP policy. In that case, you just have to convince your parents to add you as an listed driver on your insurance policy. Just be aware that this could increase their premiums, as younger drivers are statistically less likely to be insured. Because CTP only covers injuries (not a person’s car or other property), a higher level of coverage is available. This is what we will discuss next.
Car Insurance For 18-year-old Australia
When the CTP requirement is met, other insurance options come into play, all of which are optional. As with CTP, you can add to your parents’ policy if you’re driving a car that’s primarily owned by your parents. However, if you own your car and decide you want this premium coverage, you will need your own insurance policy.
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Third party insurance is the main protection against damage to someone else’s car or property. It doesn’t cover damage to the ride, but it can save you from out-of-pocket expenses if you cause an accident that damages someone else’s car or even your own.
A level above basic third party insurance, TPFT covers everything that third party insurance does, but with a little more protection for your car. What does it protect your car from? You guessed it: fire and burglary. If you don’t want full coverage, but live in a fire-prone or high-crime area, this is a good option.
Car insurance is a package that covers everything that third-party options do, but also protects your car from accidents, theft, fire, and even random natural events like hurricanes and falling trees. If you want to keep your car in top shape or have invested heavily in a set of wheels, this is the way to go. This is the most expensive option, but offers the most comprehensive level of protection.
All things being equal, car insurance for young drivers is generally above average because young drivers are statistically more likely to cause accidents.
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But experience also plays a role. So if you’re under 25 with P plates, for example, you’ll find yourself at the higher end of the premium scale. Forgoing those P-plates for a full license can provide a slight reduction in costs, but you should still expect to pay more than a middle-aged adult.
Of course, not all of this is important: the car you drive, where you live, your parking situation and even the number of your gender.
While we can’t give you an exact price, we’ve identified a few insurance policies that offer the best value for young drivers. Let’s take a look:
Each year we host the Experts’ Choice Awards, when we recognize insurers that consistently offer lower premiums than the competition. Here are our top picks from our 2023 awards for young drivers looking for affordable policies with more to drive:
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As you can see, it is certainly possible to get cheap car insurance as a young driver; However, it’s important to note that other factors, such as your age and location, or the make and model of your car, can affect the price of your insurance policy.
It’s not always about price! Sometimes the best car insurance for young drivers isn’t always the cheapest option. While price is important, it’s important to consider the total value you get from the policy. Finding the right balance is important.
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Simply comparing premiums is one thing, comparing cash value is another – and it all depends on what your car insurance covers and the monetary limits of that coverage. Some car insurance companies will offer all or only a few of these features as standard on the policy.
So if you’ve narrowed down your search and are stuck with a few options, be sure to ask if it’s already part of an existing policy.
This is for when you crash on the highway and need help with your motorcycle. With most comprehensive insurance policies, you’ll have to book and pay extra for roadside assistance, or get it from another company entirely.
If you need alternative transportation after an accident or theft, many policies will cover you for a certain period or amount. Others will treat car rental after an accident as an extra charge, whether or not you were at fault for the incident. See the Product Disclosure Statement (PDS) for details.
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It’s not a common feature, but it’s worth asking. If you are involved in an accident, you may have to pay an annual fee to keep your premium or bonus intact. See the fine print on this.
If your car is only worth $9,000 (according to your insurance) and you insure it for $20,000, that’s reasonable value. Market value is the amount the insurance company estimates your car can sell for at the time of purchasing the policy. Not all policies will give you a choice between these options, and choosing one over the other can cost you dearly. Learn more about the details of this feature in our Adjusted Value Car Insurance Market Guide.
You are usually required to pay your annual policy in one lump sum, but some insurers offer the option of paying in monthly or weekly installments. Some providers offer this for free, but in others it comes with a processing fee, but it can be easier to manage your payments.
As a young driver in Australia, your premium will be more expensive than an older driver with a good driving record and full licence. Here are some important car insurance factors to consider as a young driver.
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In general, the simpler your car, the less you pay in car insurance. In most cases, you will not be allowed to drive a high powered vehicle until you have your full licence. If you are caught driving, you risk losing your driver’s license, fines, and if you are at fault for the accident, your insurance company may cancel your policy entirely.
If you have a clean driving record while you have your P plates, you may be rewarded with a reduction on your policy. If you take a “safe driving course” you will be able to get a discount for your honest hard work.
If you’ve been driving every day since you were 17 and you’re now 23, that’s six years of driving experience. You can get car insurance discounts if you have a good record of safe driving. There’s nothing wrong with asking.
Car insurance is probably the last thing on your mind when buying a new car, but it should never be rushed. Take your time before you compare, as finding the best value available to you can save you a lot each year.
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