Motor Vehicle Insurance 101
Know Risk
A car or a motorbike is often one of the most expensive things that you will own. The freedom of driving on the open road is difficult to match but those open roads are varied in both location and condition.
Whether you own your vehicle outright, are paying off a loan, or someone else owns it and you are driving/riding it, appropriate risk management is pretty important. Not everyone has the same level of experience or care on the road. In many cases, it doesn’t matter how good a driver you are, as your chances of being in a bingle are very high. According to the Australian Bureau of Statistics, there are over 600,000 road accidents in Australia each year, costing the economy an estimated $27 billion annualy.
But it’s not just car crashes that you need to worry about, with statistics showing that 1 in every 9 cars are reported stolen each year.
So as careful as you are with your pride and joy, there’s always a chance that something will, not could, go wrong – making motor vehicle insurance a must.
Compulsory Third Party insurance
Compulsory Third Party (CTP) insurance is the most basic level of cover, and as the name suggests, is compulsory by law. It 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.
Unfortunately, CTP insurance doesn’t cover anything that happens to your vehicle or any damage caused by it. For that you need some form of motor vehicle insurance.
Motor Vehicle Insurance: Different Levels of Cover
Motor vehicle insurance has different levels of cover and as is the way with most insurance products, the more cover you take, the more it will cost.
This type of insurance covers the cost of damage caused to other people’s property and legal costs but not damage to your vehicle. It includes items such as other cars, buildings, fences, lamp posts and traffic signals.
Much like Third Party Property Damage, this type of insurance covers the cost of damage to other people’s property, but will also cover you for damage caused to your vehicle by fire or theft. It does not cover damage to the owner’s car caused in a road accident.
The name pretty much says it all – as this insurance product covers you comprehensively. It covers the repair or replacement of your vehicle for events including theft, collision, fire, malicious damage and weather-related damage, such as hail or flooding.
Comprehensive insurance will also cover the cost of repairing and replacing any other vehicles that are damaged by your vehicle in an accident, and damage to property.
In many cases, depending on your policy, it may also cover personal property in the car, death benefits, towing, legal costs and even hire cars needed while repairs are being done. These are usually treated as optional extras, so make sure you talk to an insurance broker or your insurer about which type of policy is right for you.
Legal aspects
As with many aspects of living, the law has an effect on everybody - insurance is no different. Several legal aspects are discussed below:
Duty of disclosure
An insurance company asks potential policyholders a number of questions so that it can decide whether to provide insurance and at what cost. The policyholder has a legal obligation to disclose all relevant details that may affect the terms of insurance. This includes any modifications made to a vehicle after the insurance policy is acquired, such as body modifications and sound systems. ‘Hotted up’ cars can be insured, depending on a number of factors, but it is important to disclose all information relating to the modifications. Obviously, this may affect the cost. Some insurers will choose not to insure cars that have been modified, while others tend to specialise in this type of insurance.
Some parents insure the car of a young adult in their own name. This leads to a lower cost, assuming the parent has a reasonably sound driving record. This practice is, in fact, fraudulent as it misleads the insurance company on the level of actual risk and therefore the cost. If your children are of driving age and own their own vehicles, they should have their own policy. Ensure you inform your broker or your insurer if you have children that are of driving age and drive your vehicle as not doing so could void any claim you need to make.
Privacy
Under federal law (Privacy Act 1988), there are strict guidelines related to the type of information that private-sector organisations, such as insurance companies, can ask. The laws govern the purpose for which information can be used and the way that information about policyholders is treated.
How Insurance Companies Assess Your Risk
The cost of motor vehicle insurance is determined by the level of cover - the more cover taken, the higher the cost will be, and the level of risk. When you buy motor vehicle insurance, the following factors are considered:
Your age
How old you are at the time you get your insurance policy will affect the price of your premium. The younger you are the more you pay because statistically drivers under the age of 25 are more likely to have an accident. Once you hit that magical time of life called 25 or over, the cost of your insurance can drop quite a lot. However, it will generally rise again when you’re over 65—because statistically, seniors, like younger drivers, have a higher accident rate.
Your gender
Sorry to say guys but studies have been done that show men drive more aggressively than women and are prone to have more accidents, and the prices they are charged for insurance premiums reflect this. Overall, women pay 12% less than males with a similar age, location and driving history.
If you have a spotless driving record with not even the slightest scratch of your car you will most likely pay a lower premium than someone who has had a few incidents. Some car insurance companies even reward safer drivers with ‘safe driver discounts’.
Your car
Cars that cost more to repair cost more to insure and cars that have been modified or ‘pimped out’ cost more again. Cars with extra safety features will normally cost less to insure because the safety features result in less claims and lower claim amounts. So before buying a car you might want to research the average prices for insurance for that make or model to avoid any unpleasant surprises.
Your neighbourhood
If you live in a neighbourhood that has a statistically high crime rate you will have to pay a higher premium than someone who lives in a safer area with the same age, same driving record etc. People who live in and near cities pay more than people who live in rural areas because there is more traffic with a bigger chance of having an accident.
When it comes to choosing your policy it can be hard to figure out what’s a reasonable price to pay. So make sure you get plenty of quotes from different insurance companies or talk to a broker to find the policy that covers your needs at a price that suits you best. It's also important to remember to read the conditions to see what’s covered and what isn’t.
In terms of how your vehicle is valued, most insurers will offer two choices - market value or agreed value.
Market value — this is what your car would be sold for on the open market at any given point in time.
Agreed value — this is a fixed value agreed to between you and your insurer.
Insurance companies generally provide a lot of options for people to reduce the premiums they pay. You can actively do a lot of things to help keep the costs down. These include:
- Parking your car safely. Securely parking your vehicle (either off street or in a lock-up garage) can reduce the risk of theft, vandalism, flood or storm damage claims.
- Maintaining a good driving record reduces the risk of you making a claim – many insurers offer sizeable discounts for drivers with good driving records.
- Buying a car fitted with safety and security devices like alarms or immobilisers to reduce the risk of theft and damage, or have them installed if this is feasible.
- Driving less often. It sounds silly but some insurers will offer lower premiums for drivers who don’t drive as much.
- Limiting the number of drivers you nominate on your policy, especially if they are under 25.
- Choosing a higher excess. This is a good option if you don’t think you’re going to need to make a claim any time soon. The higher the excess, the lower the premium
- Choosing to insure for market value instead of nominated value. For newer vehicles, this isn’t usually an issue but as a vehicle’s value depreciates quickly, the market value of your vehicle may not be enough.
- Bundling your car insurance with other types of insurance, such as home and contents, life or travel insurance.
As always, contact a broker or your insurer to check how these may be taken into account.
As with most types of insurance product, insurers will offer a range of extras that you may wish to consider. Of course, with any extra you choose, there will be an additional cost. These include:
- protection of your no-claim bonus
- a rental car following an accident
- windscreen and glass damage cover
- exclusion of cover for drivers under 30 years of age
- cover for stolen work tools or stock
- roadside assistance
What to do if you have an accident
When people take out motor vehicle insurance, they hope they never have to use it. Makes total sense. But with so many accidents happening every day, there’s a pretty good chance you will need to make a claim at some point.
Luckily though, most accidents only damage the vehicles rather than the occupants. The question is, do you know what to do if you have an accident?
- Firstly, never drive away from the scene of the accident until you’ve completed the following steps.
- Don’t panic! As hard as it can be, try to stay calm. Switch off the ignition and check to see if anyone is injured. If so, call 000 to get medical assistance immediately.
- Report the accident to police if someone is injured (this includes you) or if there is damage to property whose owner is not in attendance. It’s also a good idea as sometimes your insurance company will want to see a police report. Speaking of which, it’s probably a good idea to call your insurance company and let them know.
- Try and prevent any further accidents by keeping your hazard lights on. Only move your vehicle if it is safe to do so, and if it’s interfering with traffic.
- Make sure you give your name, address, registration number, contact details and insurance information to the other people involved in the accident. Be sure to get the same details from the other driver, and contact details from witnesses if there are any.
- When you get a chance, use your camera or phone to take photos of the vehicles if there is visible damage. If you have visible injuries, take photos of them too, and then instagram it. Maybe not, but having a photo record of the accident can be invaluable when it comes to making a claim later on.
Pleasure craft insurance is designed to protect private boat owners from loss or damage to their vessel and accessories as well as any legal liability arising out of the use of the vessel.
Like private motor vehicle insurance, there is usually a no claims bonus system and this can result in a cheaper cost if no claims are made.
Policies differ slightly among insurers, but the basic tenets are common to most insurers in Australia and New Zealand.
A typical pleasure craft owner’s policy protects the insured and anyone using the pleasure craft with the insured’s permission. The definition of BOAT usually includes:
- the hull
- motors - including control equipment
- sails, masts, spars and rigging
- auxiliary dinghy (if any), accessories and trailer
The craft is insured for market or agreed value, and is usually accompanied by an excess. The excess is payable only when the policy holder is at fault.
| Will pay/Full cover |
Won't pay /No Cover |
| Voluntary rescue work |
Extra costs- i.e. hiring replacement craft |
| Towing damaged craft to safety |
Reduction in value- because of age or damage |
| Personal property on craft if lost or damaged |
Cost of worn-out parts |
| Inspection of hull if stranded |
Rust or corrosion |
| Recovering boat, reducing loss costs |
Faulty workmanship, structural defects, design |
| Dismantle, clean craft if submerged |
Mechanical or electrical breakdown |
| Pre-existing damage (prior to insurance) |
|
| Damage to tyres of trailer |
|
| Skiing or diving equipment, |
|
| Fishing equipment not permanently attached to craft, |
|
| Unsecured sails, protective covers, outboard motors |
|
| Overheated motors |
|
| Damage to sails, masts, riggings as a result of racing. |
For sailing boats, a racing risk extension is available (for races that are less than 50 nautical miles).
When filing a claim, an insured must fulfil various contractual obligations including to:
- Make a claim as soon as possible after a loss. Failure to do this may result in reduction of claim resulting in disadvantage to the insured
- Take all reasonable steps to stop any further loss
- Advise the nearest police station if boat is lost, stolen, vandalised or maliciously damaged
- Keep the damaged property so that the insurer may inspect it
- Advise the insurer of any prosecution or inquest that may be held
- Send any document relating to a claim to the insurer as soon as possible (alternatively for some insurers within 72 hours) of receiving the document
- Not repair or replace damaged property without the consent of the insurer
- Not pay, promise to pay or offer payment, or admit responsibility for a claim
If you’re taking the opportunity to travel more, or just enjoying your boat, caravan or motor home on the weekends, there are insurance products to help make sure you’re always protected.
Whether you keep it permanently onsite, or take it across the country, caravan insurance policy provides protection against accidental damage to your caravan. You can also cover extras such as your annexe and contents.
There are usually two types of caravan insurance covers, comprehensive (which covers both parked and mobile caravan) and onsite (which cover parked and/or immobile caravans).
What is a product disclosure statement?
A Product Disclosure Statement ( PDS) is a legal document, or sometimes a group of documents, that contains information about your insurance policy. A PDS will typically include any significant benefits and risks, the cost of the policy and the fees and charges that the policy provider may receive. Supplementary PDSs may be issued from time to time and must be read in conjunction with the PDS to which they relate. A PDS will help you understand the insurance policy and give you the the information about the terms and conditions, policy benefits and exclusions that you can use to compare differet policies. You should be aware that a PDS doesn't take into account your individual needs or financial situation.
Reading the PDS will help you compare and make an informed choice about the policy and give you information on you how your insurer will respond if you need to make a claim. And most importantly, if you don’t fully understand the PDS contact your insurance company and ask for more information. It's always better to have more information than less.
When you take out a new policy make sure you have the details of your new product explained to you and confirmed in writing. In most cases, you will also have the benefit of a 30-day cooling off period. This means if you change your mind in the first 30 days after joining, and haven’t made a claim for benefits on the new product you may get a refund of any contributions you’ve paid.
The Hansen Herald
Queensland drivers have already pinpointed more than 2,300 across the state, but RACQ said it also wanted to hear from under-represented regional areas like Toowoomba, Bundaberg, Rockhampton, and Cairns.
“This survey isn’t just focused on Brisbane, if there’s a road, set of traffic lights, bottleneck, or level crossing that’s driving you mad we want to know about it,” said Lauren Ritchie, club spokesperson. “So far, 47% of the red spots nominated are intersections and 38% are sections of road.”
It is particularly critical for motorists to have their say as local and state government elections loom, Ritchie said.
“These results will be used to lobby leaders for funding and improvements to ensure motorists are being heard and action is being committed,” Ritchie said. “Last year’s survey helped us identify 450 of the state’s most congested roads and we have seen several roads receive funding commitments towards upgrades. The faster we can fix congestion hot spots, the more time motorists can spend with family, friends, and doing things they love.”
Visit the RACQ website to complete the survey. The survey will be closed on March, 03.
First while the Ashley Madison cyber breach happened several years ago now, it has resurfaced with hackers writing to subscribers to the service stating that they will disclose details of their activities on the dating site with the persons spouse and friends. Several suicides have followed while others are paying the circa $1,200 payment requested. The trouble with this is when does it stop. If you pay once, how often will they come back to the well and will the amount asked for increase.
The second one is that the details of 30,000,000 credit cards is currently being offered for sale on the net.by Joker's Stash. The good news for us is that most of the customers were American but 1,000,000 were non US based clients. The breach occured at WAWA.
With all the legislation, potential penalties, litigation and brand damage this sort of thing can create, you have to question why any business would keep non essential personal information such as copies of drivers licences, and credit card details on file.
If you have not read the yet read the decision in the matter of Bendigo and Adelaide Bank Limited v Pickard [2019] SASC 123 points out the dangers of electronic signatures prepared by Cooper Grace Ward and published in Lexisnexis on 28 January 2020.
It has become increasingly common for documents to be signed electronically. This can be a very convenient way of signing and storing documents.
However, there are more and more cases where electronic signatures are being challenged, and documents being considered unenforceable as a result.
The issues are well demonstrated in a recent case of Bendigo and Adelaide Bank Limited v Pickard [2019] SASC 123.
The facts
The Pickards, through a family trust, subscribed for interests in Great Southern Group investments, and borrowed through Bendigo and Adelaide Bank.
The Pickards were required to guarantee the borrowings.
The loan agreement and guarantee were signed on behalf of the Pickards and their family trust by Great Southern Finance Pty Ltd under a power of attorney.
The directors of Great Southern Finance Pty Ltd signed the loan agreement and the guarantee electronically. The evidence was that the company’s practice for document signing was that administrative staff, not the directors, physically affixed the signatures. The directors could not prove they authorised the administrative staff to physically affix the signatures on their behalf.
The decision
The Court decided that, as the directors of Great Southern Finance Pty Ltd could not prove they had authorised the signatures to be placed on the documents, they had not been properly signed, and therefore the guarantees could not be enforced against the Pickards.
The importance of systems and records
This case illustrates the risks with electronic signatures, and the importance of having systems in place to prove the person actually authorised the signing of the document electronically.
If important documents are being signed electronically, then records should be kept to show that the people signing were the ones who affixed the signatures, or the documents might be unenforceable and ineffective.
If contract risk was not a minefield already! Hopefully this will help protect you.
It took two years for Nigel Allison to build his mud-brick house on a sleepy southeastern tip of Australia, and just hours for it to be gutted by fire.
The cherished three-bedroom home built in 1986 was one of several dwellings razed in Mallacoota on New Year’s Eve. Bushfires engulfed the coastal town, forcing a naval ship to rescue hundreds of stranded residents and holidaymakers. Across the country, more than 3,000 homes have been damaged or destroyed in the months-long calamity.
Now, residents from Sydney’s forested urban fringe and country towns like Mallacoota are confronting the reality of what it takes to live safely in the world’s driest inhabited continent in an era of climate change.
“As a society, we need to start accepting there are some costs involved if we want to ensure that our houses have a better chance of surviving a bushfire,” said Chris Wyborn, general manager of education and bushfire services with the Melbourne-based Fire Protection Association Australia.
More than five million people in Australia live in areas at high-to-extreme risk of bushfires or severe weather events like cyclones, according to SGS Economics and Planning Pty. The number of people in fire-prone areas increased by 111,000 in Victoria state alone in the decade through 2018, the Melbourne-based research group said in a report last month.
Climate change will inevitably increase the number at risk. Last year was the hottest and driest on record, according to Australia’s weather agency, creating tinderbox conditions that enabled fires to blacken an area about the size of England.
‘Incredibly Risky’
“Many of these communities are incredibly risky,” according to Alan March, a professor of urban planning at the University of Melbourne. “We need to start asking, ‘Well, we feel a deep compassion for the people who have lost their homes, but should they rebuild?’ This is not a yes or no answer.”
Allison, a 62-year-old retired school teacher, and his partner Liz Girvan estimate that rebuilding their dream home overlooking the ocean will probably cost AU$100,000 ($69,000) ... for the windows alone.
“The window cost is going to be astronomical,” Allison said over the phone from the town, where he and Girvan have been offered temporary accommodation from a neighbour.
That’s not deterring them, though. He said an “emotional attachment” to the 1,000-strong community makes them determined to rebuild.
The cost is high because planning and building rules have tightened in recent years, requiring more fire-resistant materials. Only about 5% of houses in bushfire-prone areas are new, according to Fire Protection Association’s Wyborn.
That means many of those looking to rebuild burned homes may find they are under-insured for the cost of meeting the new standards, said Ian Weir, an architect who specialises in the area.
Australia grades bushfire risk levels from low to “flame zone,” with the cost of building in the most dangerous areas increasing by “an order of magnitude,” said Weir.
Ember Attack
Homes need to be fortified to commercial-level standards of resilience to withstand the worst threats. Shutters designed to block embers, for example, may cost AU$1,000 a square metre, Weir said.
They are an important defence since windows can shatter under extreme heat, providing entry points for flying embers that are the principal cause of as much as 85% of homes destroyed in bushfires, according to the Fire Protection Association.
In less hazardous areas, building a basic home that meets fire standards doesn’t necessarily mean large additional costs, Weir said. However, in risky areas construction can become “prohibitively expensive” when lifestyle-features like verandas and decks are added because of the need to use non-combustible materials for structural elements, such as steel, and cladding that’s three times the price of the conventional equivalent, Weir said.
For those under- or uninsured, the cost of rebuilding will be a burden for poorer rural communities, according to Andrew Beer, a regional housing and infrastructure professor at the University of South Australia. The impact on household finances will be “devastating,” he said.
Some of these people will be forced to relocate to cities, while others will remain unprotected. Victorian Premier Daniel Andrews pledged to waive as much as AU$55,000 in taxes for fire-affected residents who elect to buy a home in a new area.
Climate Resilience
Prime Minister Scott Morrison acknowledged last week that the nation must become more resilient to climate change, and proposed a review of the government’s response to the bushfire crisis. Morrison, a staunch supporter of the coal industry, didn’t make any firm commitment to reducing the country’s emissions.
The Australian and state governments pledged more than AU$3 billion this month to fire relief and recovery efforts.
Expenditure on mitigation measures such as land-use planning, hazard-reduction fires, protective infrastructure and building innovation is equivalent to only 3% of that spent in response to the disasters, according to Terry Rawnsley, principal and partner with SGS Economics and Planning.
“Successive governments have over-invested in post-disaster reconstruction and under-invested in mitigation, which would limit the impact of natural disasters,” Rawnsley said. “As a general rule, one dollar spent on mitigation can save at least two dollars in recovery costs.”
For Mallacoota resident Allison, that means rebuilding his home on a more costly but less risky spot at the front of his block, further from a potential bushfire, “making pretty sure that it’s not going to burn down again.”
“We love Mallacoota,” Allison said. “It is a special place that has a special beauty.”
--With assistance from Matthew Burgess.
Copryight Bloomberg News
The message follows similar warnings from the Australian Securities and Investments Commission (ASIC) and the Australian Financial Complaints Authority (AFCA).
NIBA CEO Dallas Booth urged bushfire victims to take advantage of NIBA’s bushfire community support initiative, to get claims advice and assistance from qualified insurance brokers, free of charge, Mirage News reported.
“The intention of this initiative is to support members of the community who have suffered loss as a result of the recent fires, who do not currently have an insurance broker and who need assistance with their insurance claim,” Booth said.
Those who have suffered loss as a result of the recent fires and need help with their insurance claim are urged to call their insurance broker if they have not already done so.
Read more: Changes to cyber models imperative to take on "silent cyber" risks – report
APRA chairman Wayne Byres said the prudential regulator is working closely with the Australian Signals Directorate (ASD), the Australian Security Intelligence Organisation, and their international peers to combat cyberattacks.
“Institutions get attacked all the time. Every day, every minute. The larger organisations are getting attacked continuously," Byres told the Australian Financial Review. “There is an active adversary that you are battling against and it’s very much international in nature and so our approach needs to be collaborative and working closely in partnership with other government agencies and international agencies.”
The alliance between APRA and the Australian Cyber Security Centre (ACSC), a division of the ASD that includes ASIO, the Federal Police, and Defence, further strengthened with the implementation of a new set of standards six months ago which includes mandatory breach reporting, AFR said.
“Thus far, there hasn’t been an attack here that has created a material risk or severely threatened the viability of an organisation, but this is an area that is rapidly evolving. We can’t be complacent,” Byres said. “Inevitably, there are breaches but thus far they haven’t been of a nature that has been particularly problematic or threatened the operation of institutions.”
APRA’s decision to focus on cyber risks already sees the regulator working closely with members of the Financial Council of Regulators including the Reserve Bank to protect infrastructure vital to the Australian economy, AFR said.
The man lodged a claim with Auto & General after his vehicle was involved in a collision on June 1 last year.
But it became apparent during the claims process that he had started as an Uber driver a couple of months before the accident, shortly after he had purchased the policy.
Auto & General says if the man had advised them of this change of use, it would have cancelled the policy and not been on risk at the time of the loss. It therefore declined the claim.
The driver said he was not working for Uber at the time of the collision and he did not know he had to inform the insurer about any changes of use.
He said he only speaks limited English, and the failure to update his insurer was an honest mistake.
However, AFCA found in the insurer’s favour. “The insurer was entitled to decline the claim and is not required to take any further action,” it says.
What staggered me was that apparently the valuable jewelry was not in a safe but in display cases out of normal business hours. For someone as risk averse as me I cannot get my head around the lack of what I would call reasonable care. It is perhaps why the insurance was high. I do not know. If I were the underwriter I would insist the stock of a high end jewelry store be locked in a quality safe at night.
It is not like jewelry stores in Melbourne have not been the target of quiet vicious robberies of late. I was approached to provide risk management advice to the Victorian jewelers association by an insurance broker while LMI attended to quite a few of the claims.
Now with the bush fires and in North Queensland we are seeing many people not have insurance due to increases in premium that are way out of step with inflation but in reality in many cases, not all more in line with the financial risk being transferred to an insurer.
While the study is a little old now, the Quantum research conducted in 2013 found that 83 per cent of those surveyed in Australia believed they would be worse off in the event of a crisis because their insurance would leave them significantly out of pocket. I believe this situation has got worse not better since then, despite all the media coverage on natural disasters. Certainly the increasing cost of insurance is a factor along with the proportional increase in taxes on insurance, particularly in NSW.
If you simply cannot afford the full cost of insurance rather than go without completely discuss with your insurance broker options such as discarding types of insurance you can afford to carry the risk yourself. For example glass insurance or electronic equipment. But keep your public liability, your fire and please your business interruption coverage.
Taking a higher policy deductible may and should bring down the premium. That way you carry some of the risk yourself but not all. You chose the level you feel you can fund if the worst happens.
Another example is car insurance. If you cannot afford comprehensive motor insurance, look to alternatives such as third party property damage which would protect you if you were deemed at fault. You do not want to run up the back of a prestige car for example.
What I do not advocate is to find the cheapest nastiest cover and hope for the best. It is a complete waste of time and creates even more stress if you find the policy you have does not cover the loss or disruption as expected or you have to drag the insurer kicking and screaming to the courts years later to get any payment at all.
Yet another area to fully understand with commercial insurance is there are penalties for being under insured. This can be devastating to a business. Yesterday, I was working on a claim where the loss is over $1 million but due to under insurance the amount claimable is going to be between $100,000 and $200,000. This leaves a huge uninsured loss for the organisation and its owner to bear.
Clearly making yourself as attractive an insured as possible to a quality insurer is more important than ever. Look at what you can do to improve the risk you are asking the insurer to take on.
Some examples are:
Do not make claims for small losses. Keep your claims history as clean as you can. Keep insurance for the biggie that could be life changing for you, your family and or business.
Look at the building materials you use in any future building works, renovations etc. EPS is clearly on insurers radar and for very good reason.
Look at the protection you have in place. Fire, burglary, malicious damage etc.
Do you have a fully documented and exercised business continuity management plan?
As mentioned above, your insurance broker can assist while LMI can assist with risk management and business continuity management planning.
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Suncorp research revealed 60% of car thefts happened while a car is parked at home and that 20% of all car-related crime occurred throughout December and January, as a result of people being more relaxed and complacent over the Christmas and New Year period.
“The significant increase in car related claims during this time of year means car owners need to remain vigilant and keep their cars safe and secure from opportunistic thieves,” said Ashleigh Paterson, Suncorp spokesperson.
Suncorp said a number of people leave their cars unlocked or their windows down because they're parked on their property assuming it will be safe. This makes these cars easy target for the opportunistic thieves who check for unsecured cars.
“Similarly, it can be tempting to leave windows on cars and homes open in warmer weather, which can become an easy target for burglars looking for vulnerable homes they can easily enter to take car keys from night stands, handbags, and key hooks,” Paterson said.
Suncorp dished out some tips to prevent car thefts and break ins.
“It’s about making vehicles less vulnerable and less appealing to opportunistic thieves by removing any temptation,” Paterson said. “When shopping, hide valuables like coins and cash, music devices, phones, handbags, luggage or shopping from full view. Place what you can’t take with you under seats and in car boots to keep them from view.
“When leaving your car unattended, park in high foot traffic areas to deter opportunistic thieves. When parking anywhere unsecured overnight, park it in a well-lit area. Similarly, if you’re leaving your car at home while travelling, it needs to be secured. Park the car on your property, lock the doors, wind up the windows, set the alarm, use a steering wheel lock and take the keys with you to help ensure it will still be there when you return. Furthermore, if you’re going away, it’s a good idea to ask a neighbour or friend to keep an eye on your property and clear your mailbox while you’re gone.”
The AFCA hub explains the financial recovery support AFCA can provide to families and small businesses impacted by the Australian bushfires. Bushfire support information is also available over the phone at 1800 931 678.
“It’s important that we ensure these communities have timely support and relevant information about financial recovery, and can get financial issues addressed quickly,” said Rob Guest, executive general manager of customer service and resolution at AFCA.
Read more: AFCA appoints executive to spearhead customer service
Bushfire-impacted customers are advised to contact their insurer or broker as soon as it is safe to do so to start the claims process, as well as to document damage to serve as evidence if there’s a problem with their claim.
“If you have any difficulty in getting your claim assessed, you can come to AFCA,” Guest said. “We have special processes that identify and expedite complaints from people in the impacted communities, and we can assist you to resolve any complaints with your financial firm as quickly as possible.”
Homeowners and small businesses who are experiencing financial hardship due to the fires can contact their bank or financial provider to ask for assistance.
“If you find yourself having trouble with your insurer or financial provider about your claim or request for hardship assistance, you can talk to AFCA to get help,” Guest said.