Motor vehicle insurance is the only form of insurance which is mandatory by law. All vehicle owners must have some form of motor insurance in order to drive their car on the road. It is a punishable offence to drive your car without a valid motor vehicle insurance policy. For the annual premium paid to an insurance company, motor vehicle insurance provides the owner of the vehicle with protection against costs incurred during accidents to the vehicle.

More importantly; if the Motor Vehicle is on finance or likely to be; all lenders require borrower to gain Comprehensive cover for their Motor Vehicles. This is required in circumstances where the Motor Vehicle is written off or severely damaged; lender could obtain their funding amount back from the relevant insurance company.

What is a Motor Vehicle Insurance Premium?
The motor vehicle insurance premium is the amount a vehicle owner must pay the insurance company to obtain a motor vehicle insurance policy. The premium of a given motor insurance policy depends on a variety of factors. Some of these factors include the model and age of the car, how old the vehicle owner is, their gender, and the type of insurance policy sought. Following the payment of the premium, the insurance company is then liable for vehicle or property damages which may be incurred following an accident involving the motor vehicle in question. Of course there are certain terms and conditions which will apply to each individual policy, so make sure you thoroughly read your insurance policy or PDS.

The Benefits of Motor Vehicle Insurance

• A comprehensive motor vehicle Insurance policy will help you safeguard the investment made in your motor vehicle.
• Some motor vehicle insurance policies provide vehicle owners with financial protection against legal proceedings.
• A good motor vehicle insurance policy may provide coverage against any expenses incurred due to an accident with an uninsured or under insured driver.
• Most motor vehicle insurance policies provide cover against any damage which may occur to your vehicle due to vandalism, theft and in some cases natural disaster.
• However, the greatest benefit of owning a comprehensive motor vehicle insurance policy is that it gives the vehicle owner peace of mind to use their vehicle on a daily basis without fear of financial repercussions.

Choosing the Right Motor Vehicle Insurance Policy for You
There are a variety of insurance companies currently in the market which offer a wide range of motor vehicle insurance policies and covers, at a broad range of premiums. It is advisable to obtain insurance coverage from an established insurance company which has a good reputation, as reliability and efficiency do play a key role when processing a motor insurance claim.

At Supa, we have relationship with Suncorp-Metway and Swan Group motor vehicle insurance products. We could also fund your insurance annual premium in monthly installments if required. To get your quotations now and see how much you could save with us. To find out more; simply fill out the enquiry form or call us today.