Comprehensive Car Insurance

What is comprehensive car insurance?

Comprehensive car insurance provides maximum protection against loss or damage to your vehicle. It helps cover the cost of repairing or replacing your car in case of accident, theft, vandalism, or weather damage, as well as any damage you may cause to other people’s cars or property.

gallery image

Could you afford to live without your car?

Even the most dedicated car enthusiasts can’t always protect their cars from damage. You may be an excellent driver, but that doesn’t mean all of your fellow motorists are. And nobody could have prevented that hailstorm that left golf ball-sized indents all over your bodywork.

If you couldn’t live without your car or afford to replace it, comprehensive car insurance is the best way to make sure you never have to.

What’s covered?
  • Accidental loss or damage
  • Theft and vandalism
  • Loss or damage due to storm, flood, hail, or bushfire
  • New for old replacement (less than 2 years old)
  • Hire car following theft or not at fault collision
  • Reasonable costs of towing after an accident
  • Legal liability
  • Agreed or market value.

Speak to a Oxcel Auto Loans consultant about the range of options, benefits, optional covers and discounts.

Common questions about Comprehensive Car Insurance

Comprehensive car insurance is not legally compulsory. However, if your vehicle is currently under finance, the lender will require you to have comprehensive car insurance as a condition of your loan contract.

The cost of comprehensive car insurance is highly personalised. It depends on a wide range of factors, including the:

  • Amount your vehicle is insured for
  • Address where your vehicle is kept
  • Type and level of vehicle use
  • Age and gender of the driver
  • Age and type of vehicle
  • Any claims made on previous policies.

In general, you will be able to minimise your premiums by:

  • Paying your premium annually
  • Increasing your excess
  • Listing all drivers on your policy schedule.

If your car is declared a ‘total loss’ while it’s less than 2 years old, the insurer will replace it with a brand new one.

An excess is the amount you have to contribute to the cost of any claim you make on your comprehensive car insurance policy. If you are not at fault in a collision and can provide the insurer with the full details of the responsible party, the excess may be waived.

Agreed value is an amount agreed on by you and your insurer when you take out or renew your insurance policy. If your car is stolen or written off, the insurer will pay you this amount, regardless of whether your car’s market value has depreciated.

If your car is stolen or written off and you are not insured for an agreed value, your insurer will pay you the estimated market value of your car. The market value will be determined by the insurer based on what the car would have been worth on the open market immediately before the loss.