Know Risk is a community education program designed by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) to improve our understanding of insurance and how it relates to managing the many risks we all face in life.
Car and Motorbike Insurance
Practical information to help you better understand vehicle insurance.
- KR Useful (1)
A car or a motorbike is often one of the most expensive things that you will own and you will drive/ride it in a variety of unpredictable environments and on roads in all sorts of conditions.
Whether you own the vehicle, are paying off a loan, or someone else owns it and you are driving/riding it, appropriate risk management is pretty important.
While Know Risk has a lot of practical information on managing your risks whether your vehicle is on, or off the roads, this information will help you better understand what is commonly covered in vehicle insurance.
Compulsory Third Party insurance
Compulsory Third Party insurance is the most basic level of cover, is compulsory by law and is generally covered by the government or is included in your vehicle registration fees, depending on which state you live in. This type of insurance provides cover for death or injury to those involved in an accident - apart from the driver.
There are a few things to consider that affect the cost of buying motor vehicle insurance, including the level of cover and the level of risk.