Call your current insurer to cancel your policy. Tell them the date you’d like your car insurance to cease and ask if they need your intention to cancel in writing.
Compare car insurance and sign up for a new policy. Make sure your new cover will start before or on the day that your old policy ceases, so that you’re never unprotected.
If you’ve bought your car with a loan, check with your lender to see if they need a copy of your new Certificate of Insurance.
It’s easy to switch car insurance providers when your policy is due for renewal, as you can use the information you have about the price of your insurance and what you’re covered for to decide if you want to continue with your current provider or switch. If you start looking when you get your notice of renewal, you’ll also have time to shop around without having to worry about a gap in your coverage.
Compare CTP insurers. While the price of CTP in Queensland is the same regardless of which insurer you choose, some insurers offer extra benefits or it may be more convenient to have all of your insurance with one company.
Fill in the online form for switching CTP. You’ll need your driver licence and personal details of the registered owner or your Customer Reference Number (CRN) which can be found on your registration.
Wait out the remainder of your policy. Your CTP will be automatically transferred to your new insurer on your renewal date.
It pays to shop around when you’re looking for car insurance. But how often do you need to shop? A few events that can trigger a review of your car insurance include:
Changes to your circumstances: If you’ve bought a new car, you’ve moved house, or you want to list (or unlist) your kids or spouse as drivers or policyholders, you could benefit from reviewing your policy.
Modifications to your car: While some modifications may make your car more expensive to insure (for instance, if the modification includes rare or expensive parts), accessories like car alarms can reduce your premiums.
Changes to the market: Sometimes the value of cars can go up, especially if there’s a shortage. Make sure you have the right level of cover, particularly if you’ve got an agreed value policy.
Changes to your driving habits: If you're not using your car as much as you used to, or you want to start using it for a different purpose (business use for example) you'll need to reassess your insurance.
Transfer your old car’s insurance to your new car (there may be a gap payment if there’s a difference in premium prices) or
Buy a third party or comprehensive car insurance policy for your new car if it’s a first car or you don’t intend to sell your old car.
For more information, read the Product Disclosure Statement (PDS), any applicable Supplementary PDS and Target Market Determinations. Note: CTP policies don’t have a PDS, SPDS or Target Market Determination.
You can check whether your car has CTP insurance by putting your licence plate number into the Queensland registration checker. This tool shows you when your registration expires, which is the same day that your CTP insurance will expire (you’re required to buy CTP whenever you renew your registration).
To find out whether you have other car insurance policies that are still valid, speak with your insurer or check your Certificate of Insurance.
Premium: A premium is the amount you pay for the cover your insurer provides you with under your policy. It includes any government statutory charges, levies, duties, GST, and other taxes that may apply.
Agreed value: The agreed value is the amount that your insurer agrees to insure your vehicle for. This amount is shown on your Certificate of Insurance. The agreed value includes all relevant statutory charges, GST and taxes.
Peril In InsuranceMarket value: The market value is the value of the vehicle at the time of the incident as determined by your insurer by checking against values of similar vehicles in your local market, taking into account the age and condition of your vehicle and the kilometres it has travelled. The market value does not include stamp duty, warranty costs, transfer fees, registration costs and charges, or dealer charges.
Claim: A formal notification to your insurer that you have suffered a loss or damage that you think is covered by your policy, and that you’d like them to assess the incident and compensate you for the loss or damage if it is covered.
Incident: An event which a person would not reasonably expect or intend that happens during the period of insurance.
Period of insurance: The period your insurer covers under your policy, which is shown on your Certificate of Insurance.
General insurance covers a wide range of areas. From fire to burglary, theft, accident, motor vehicles, travel and more.
After disembarking from a flight, we all have the universal experience of waiting with bated breath to collect our luggage. After all, we’ve heard plenty of horror stories about lost or stolen belongings. There’s always this fear at the back of our minds — what if my luggage never arrives? Will I get compensated for my losses?
Apart from life and health insurance, general insurance is taken to protect yourself and the things you value. It doesn’t just cover your luggage, but also your property, car and more. With general insurance, your insurer will pay you in the form of an assured sum or agreed amount to cover losses under certain circumstances.
Apart from life and health insurance, general insurance is taken to protect yourself and the things you value. It doesn’t just cover your luggage, but also your property, car and more. With general insurance, your insurer will pay you in the form of an assured sum or agreed amount to cover losses under certain circumstances.
Life and health insurance are must-haves, and they cover you for many mortality and critical illness scenarios. However, life and health insurance do not cover all the things we value, namely non-life assets. These are not just trivial things, as losing them could be severely detrimental. If you lost your home to an accidental fire, for example, not getting any insurance payout would certainly make rebuilding your life much harder.
Travel is another type of general insurance to protect yourself against the uncertainties of going abroad. Knowing that you’re covered in the event of sudden trip cancellation, injury, loss of personal belongings or personal liability gives you peace of mind. Which is great news for any R&R vacation.
In summary, general insurance covers fire, burglary, theft, accident, motor vehicles, travel and more. Unlike life insurance, which is a long-term contract with monthly premiums, general insurance policies are usually short-term contracts renewed yearly.
General insurance policies are also mostly contracts of indemnity - meaning that while it covers any relevant losses, there are no savings and investments aspects. In other words, if there are no claims made during the tenure of the policy, none of the premiums paid is given back to you.
Property is one of the most valuable non-life assets a person can own. Sometimes, your home can feel impenetrable, providing you with safety and security, but it is also susceptible to damage, loss and theft. Home fires make the headlines every year, caused by all sorts of things, from exploding PMDs to lighted cigarette butts.
Fire insurance is a form of property insurance, which protects you in the event of damage and loss caused by fire. A basic form of fire insurance may already be part of your property insurance policy, but additional coverage can be purchased for added protection. Fire insurance aims to support the costs of repairs, replacement or reconstruction of property over the maximum amount established by the property insurance policy.
That said, fire insurance is not to be confused with complete home insurance in the event of a fire. Some fire insurance schemes do not cover the loss of the contents of your home, including your personal items, appliances, fixtures, kitchenware, furniture and more. In case of an accident, the cost of replacing these can add up quickly. Luckily, home insurance is quite affordable compared to the cost of your home.
When you purchase home insurance, often you’re asked to decide if you want an “insured peril” or “all risks” policy.
Insured Peril Policies: cover your home against specifically listed risks (aka perils) in your policy. Such risks include basic risks like fires, floods and housebreaking.