Car Insurance

What type of motor insurance does Bank Australia Insurance offer?

We offer comprehensive car insurance only and do not offer compulsory third party (CTP) or any other forms of motor insurance.

What is the difference between comprehensive car insurance and compulsory third-party motor insurance?

Comprehensive car insurance is a policy that provides the most protection for your vehicle. It covers your car for a range of different circumstances including:

• Cover for the loss or damage to your vehicle in an incident, theft, fire or weather event
• Payment for any emergency repairs to your vehicle up to $1,500 or for the cost of hiring a car when yours has been stolen (up to $150 per day up to 21 days)
• Third party liability cover for when you cause damage to someone else’s vehicle or property

Compulsory third party (CTP) insurance protects drivers from the financial impact of causing injury or death as the result of a motor vehicle incident.

What am I covered for?

Bank Australia Comprehensive Car Insurance covers your vehicle against loss or damage as a result of an insured event. For a full list of the insured events we cover, please refer to our PDS.

How much should I insure my vehicle for?

While we aren’t able to provide you with advice on the replacement costs of your vehicle or how much to insure it for, we use the information you give us and data sourced from third parties to recommend an amount of cover you should have. You should use this recommendation as a guide only. Bank Australia Insurance uses agreed value, rather than market value, when determining how much to insure your vehicle for.

What is the difference agreed value and market value?

Agreed value

When you choose an agreed value policy, the value of your vehicle will be mutually agreed on by you and Bank Australia Insurance. This value will remain valid until your next renewal. At renewal, if you do not agree with the new value you have been offered, you can call us to discuss this.

Market Value

When insuring your vehicle for a market value, the value of your vehicle will be determined when you make a claim for an incident. This will be calculated based on your local car market, the age and condition of your vehicle and the kilometres it has travelled.

For more information or if you want to chat about your Bank Australia Insurance cover, contact us on 132 888 or visit our website at insurance.bankaust.com.au

Bank Australia Limited ABN 21 087 651 607, AFSL 238431 arranges this insurance as an agent for Honey Insurance Pty Ltd ABN 52 643 672 628, AFSL 528244. Insurance issued by RACQ Insurance Limited ABN 50 009 704 152, AFSL 233082 and distributed by Honey Insurance Pty Ltd and Bank Australia Limited (on behalf of Honey Insurance Pty Ltd). Terms, Conditions, limits and exclusions apply. This is general advice only and does not take into account your personal objectives, financial situation or needs and may not be right for you. If you purchase a general insurance product, Bank Australia Limited is paid a commission which is a percentage of your premium. Always read the PDS, any applicable SPDS, FSG and TMD available at insurance.bankaust.com.au/documents before making any decision.