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Car Insurance New South Wales

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, updated on February 15th, 2024       

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Whether you're living in the heart of Sydney or the scenic regions of Newcastle, Wollongong or Byron Bay, having the appropriate car insurance is essential for all New South Wales residents. That's why it's important to compare different insurance options to find the policy that suits your needs.

What car insurance options can I choose from in New South Wales?

The main car insurance options available to drivers in New South Wales are:

  • Green Slip: known as CTP insurance in other states, a Green Slip is mandatory in New South Wales and is designed to cover your liability for personal injury or death caused by your vehicle to others. It doesn’t cover vehicle or property damage. This scheme is regulated by the State Insurance Regulatory Authority (SIRA) and policies are offered by a list of approved insurers.
  • Third party property damage (TPPD) insurance: this can cover damage caused by your vehicle to someone else's property. However, it doesn’t cover any damage to your vehicle, making it a cheaper car insurance option than other third party or comprehensive cover.
  • Third party fire and theft (TPFT) insurance: this type of cover can include protection from fire and theft damage to your vehicle, along with damage caused by your vehicle to someone else's property.
  • Comprehensive car insurance: comprehensive insurance can insure your vehicle against a range of covered risks, such as accident, collision, theft, fire, vandalism and weather events (all subject to your insurer’s terms and conditions). It can also cover damage to third party property you're liable for.
Claimable event Comp. TPFT TPPD CTP
Damage to someone else’s property
✓
✓
✓
✖
Damage to your car due to fire
✓
✓
✖
✖
Damage to your car due to theft
✓
✓
✖
✖
Damage to your car due to weather
✓*
✖
✖
✖
Damage to your car due to accident or collision
✓
✖
✖
✖
Injury or death of someone else in an at-fault accident
✖
✖
✖
✓

*Not all weather-related incidents are covered under a comprehensive car insurance policy. Check your PDS to find out what's covered and what isn't.

How do I compare car insurance offers in New South Wales?

When comparing car insurance deals as a driver in New South Wales, it's crucial to consider multiple factors to make an informed decision:

  • Policy coverage: it’s crucial to thoroughly review the inclusions and exclusions of each policy. Understand any driver restrictions, limitations on vehicle types and potential additional coverage options which may be available to you. This can help you avoid an unwanted surprise when you go to make a claim.
  • Cost of the policy: comparing premium rates is essential. Look for a balance between affordability and adequate coverage to meet your needs, ensuring you're not compromising on essential features while avoiding breaking the bank wherever possible.
  • Optional extras: consider the available add-ons offered by insurers. These may include things like roadside assistance, cover for personal effects in your vehicle and a choice of repairer. Think about which extras you need, whether they’re offered and if other extras are necessary or not worth the added investment.
  • Excess options: check what each insurer’s excess options While higher excesses can lower premiums, it’s crucial to ensure it's an affordable amount for you in case of a claim. Consider potential out-of-pocket expenses and strike a balance between savings and financial feasibility.
  • Discounts and bonuses: look for discounts and bonuses which can help you save. These may range from discounts after signing up online or a longer-term price drop for bundling more than one policy with the same insurer, such as car and home insurance. Understand the eligibility criteria for each discount and assess their long-term value.
  • Payment options: consider the flexibility of payment plans provided by insurers. Determine if you can pay premiums monthly or annually, comparing any discounts or benefits associated with each option. It’s important to choose a payment schedule which aligns with your financial situation and budgeting preferences.
  • Agreed or market value cover: in the event of a write-off, you can insure your car for market value or an agreed value. The former sees your insurer paying a lump sum based on its value at the time of the write-off, while the latter involves agreeing a sum with your insurer. Agreed value is generally more expensive and isn’t available with all insurers, so it’s worth comparing policies if you want a choice in this area.

By considering these factors, you can compare policies more effectively and pick out the best possible one for your needs and budget with more confidence.

What are the requirements for car insurance in New South Wales?

In New South Wales, it is a legal requirement for all registered vehicles to have a Green Slip. As outlined above, this type of insurance can provide coverage for personal injury or death caused by your vehicle to other individuals, protecting you against covered compensation claims.

Although there’s no legal requirement in Australia for drivers to hold a comprehensive or third party car insurance policy, you may choose to take out one of these policies because of the extra protection it can provide you and your savings beyond what CTP can offer.

Comparing quotes from different insurers is a prudent approach to finding the best possible coverage available for your profile and premiums that most closely align with your requirements and financial situation.

Types of car insurance you can choose from

Third party property damage (TPPD)

The most basic type of optional cover available, TPPD insurance can offer protection for damage caused by your vehicle to other people's property. However, no damage to your vehicle will be covered.

Third party fire and theft (TPFT)

A step up from TPPD, TPFT insurance can also cover damage to your vehicle sustained due to a fire or theft (or attempted theft) in addition to third-party property damage if you're in an at-fault accident.

Comprehensive

The most extensive (and expensive) form of cover, comprehensive car insurance can also offer cover for damage to your vehicle in an accident, collision and certain weather events on top of the areas TPFT covers.

Top tips for saving on your car insurance in New South Wales

Maintain a good driving record

Maintaining a clean driving record can help you qualify for lower premiums. Avoid speeding tickets, accidents and repeated insurance claims that can negatively impact your policy wherever possible.

Drive less

If you have lower-than-average annual usage, you may qualify for lower premiums. By driving less, you reduce the likelihood of accidents and potential claims, which can result in a cheaper overall policy.

Choose a higher excess amount

Selecting a greater excess will help you cut down on your car insurance premiums, so consider whether this is a suitable option for you (and whether you’ll be able to afford it when making a claim).

Compare offers

Take the time to obtain quotes from different insurance providers to compare coverage options and premiums. Online comparison platforms make this easy to do, so you can get started today.

Frequently asked questions about car insurance in New South Wales

Does car insurance cover flood damage in New South Wales?

Comprehensive car insurance can cover flood damage in some cases, but it's important to review your policy for specific coverage details. Whether your vehicle can be covered for damage sustained by flooding will ultimately depend on the terms and conditions of your policy.

What factors affect the cost of car insurance in New South Wales?

The cost of car insurance in New South Wales is affected by various factors, including:

  • Age: younger drivers often face higher premiums due to their perceived higher risk.
  • Driving experience: drivers with more experience may be eligible for lower premiums.
  • Vehicle type and model: more valuable vehicles typically have higher insurance costs.
  • Claims history: an extensive history of past claims can impact the cost of insurance.
  • Location: where you live in New South Wales can affect premiums based on factors like crime rates, accident frequency and incidence of extreme weather events.
  • Annual mileage: higher mileage may result in increased premiums.
  • Coverage level: the type and extent of coverage you choose can influence the cost of insurance.
Can I transfer my car insurance from another state to New South Wales?

It’s usually possible to transfer your car insurance from another state to New South Wales if your insurer offers cover in the state. You’ll need to contact them and inform them about your relocation, after which you’ll find out whether you still qualify for coverage with your new living arrangements.

Can I add additional drivers to my car insurance policy?

You can usually add additional drivers to your car insurance policy. However, each insurance provider may have their own rules and guidelines regarding which drivers may be added. Insurers will require information about any additional driver's age, driving history and relationship to the policyholder. Adding additional drivers may affect the premium, such as if you add your child, who’s a student, to your policy.

Are modifications to my car covered by insurance in New South Wales?

Modifications to your car may or may not be covered by insurance, as this depends on the type of modifications your vehicle has and your insurance policy. Some insurers may automatically cover all legal modifications or accessories, while others may require you to pay extra to have them covered. Check the product disclosure statements (PDS) of different policies to find out if your vehicle’s modifications can be covered.

Do I need a Green Slip as a pensioner in New South Wales?

All registered vehicles must have an active Green Slip to be driven on the road. While eligible pensioners and seniors may be able to receive a registration fee waiver, this doesn’t impact the cost of your Green Slip.

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Disclaimer:

Savvy (ABN 78 660 493 194, ACR 541 339) provides readers with a variety of car insurance policies to compare. Savvy earns a commission from our partnered insurers each time a customer buys a car insurance policy via our website. All purchases are conducted via our partners’ websites. The integrity of our comparison service is unaffected by our partnerships with those businesses and our effort remains to bring further brands that do not already use our comparison service onboard.

Savvy’s comparison service includes selected products from a panel of trusted insurers and does not compare all products in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy. We always recommend readers to consult the Product Disclosure Statement (PDS) of different policies before purchasing your car insurance.

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Disclaimer and important things you should know

Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.

We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.

For more information about us and how we conduct our business, you can read our privacy policy and terms of use.

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