Insurance for P platers
Whether you're an avid driver or still learning the ropes of driving alone, it's important to think about cover in the event of accident.
What car insurance might I look into?
The key thing to remember is that there are actually different types of car insurance. Depending on what you use your car for, and how often, it's a good idea to know what you're covered for with each so you can decide which is best for you. When weighing up your choices, think about whether you could afford to repair or replace someone else's car or property if you were deemed to be at fault – think pricey cars or expensive infrastructure like power poles! What about your own car? Would you be able to get to work, study, or see friends and family without it? These are all important things to remember when choosing between the following options:
Comprehensive Car Insurance
Comprehensive Car Insurance covers accidental loss or damage to your car, including damage caused by collisions, theft and natural events. This includes up to $20m legal liability which could cover damage to other people's vehicles and property caused by the use of your car. If your car is deemed by us to be a total write-off (see PDS for details), we'll pay you its market value.
If your car is less than three years old, you can consider our optional New for Old Replacement cover. You can also choose to add optional extras Windscreen and Window Glass only cover, and/or Keep Mobile cover, which offers a hire car while yours is out of action following an incident. For full inclusions and exclusions on optional extras1, please refer to the PDS.
Third Party Property Damage Car Insurance
With Third Party Property Damage Car Insurance, you're covered for accidental damage to someone else's vehicle or property caused by the use of your car. If you're not insured and you hit another car and you're at fault, you could have huge out of pocket expenses - but with Third Party Property Damage Car Insurance you can stress less knowing that you have up to $20 million in legal liability cover.
Third Party Property Damage Car Insurance is generally cheaper than Comprehensive. But, it doesn't cover any damage to your own car if you have an accident.
Compulsory Third Party (CTP) insurance
CTP insurance only provides cover for compensation claims from people injured in a motor vehicle accident. This means that CTP doesn't cover damage to your vehicle, other vehicles or property. It's mandatory for all Australian drivers and in some states, it's included in your car rego, so – depending on where you are – you may not need to stress too much about this one but you should consider the rules in the state your car is registered
Bingle doesn't offer CTP as we're focused on offering great value car insurance. However, AAMI, GIO and Suncorp are part of the Suncorp Network, just like Bingle – and depending on your state, may be able to help you out with your CTP insurance.
Can I stay on my parent's car insurance policy or do I need my own?
Some people choose to have the policy in the name of the person who owns the car (i.e. the parent/s) and then have the people who use the car (e.g. children who are on P plates) listed as drivers. So if you're driving your parent's car, you might be able to be listed as a driver on their policy. If it's your car, you could set up the policy in your own name. Regardless of your license type, it's a good idea to ensure that any drivers who will be driving your vehicle are listed on your policy to avoid an unlisted driver excess in the event of an accident. Find out how to add listed drivers to your Bingle policy.
Is car insurance for P-platers more expensive?
Car insurance premiums for P platers are generally higher than those for more experienced drivers because of a combination of factors that reflect the likelihood of drivers making a claim and the estimated cost of those claims. These estimates are based on factors like age, car, location, any claims history of the drivers and data about the costs of other similar claims.
The good news is that car insurance premiums may decrease once you're included in a less risky group and gain more driving experience, assuming there aren't any changes to your policy details.
The other potential cost that all drivers should know about is excess.
Excess is the amount of money you pay to your insurance company if, and when, you lodge a claim. For example, for Bingle, the age excess amount for a driver under 25 years is $600 - you'll need to pay this in addition to the standard excess and any other excess that applies. Some insurers also have an Inexperienced Driver excess if you've only had your licence for a short period of time.
Making sure you're aware of your insurance coverage is important – whether you've only just started driving, or you're an experienced navigator. Bingle makes it easy, find out more about car insurance for young people.
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1Optional extras benefits are subject to the terms, conditions, limits, and exclusions of the insurance policy. You can’t add optional extras after an incident and have damage or loss covered for that same incident. Optional extras must be added to your policy before the incident you’re claiming for. Please refer to the PDS for more information.
