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Australia Travel Guide

Insurance in Australia

One of most important things that you need to do when you arrive to Australia to is to learn all about insurance: types, coverage, price, etc. There are car, health, life, travel and home insurances in Australia.

Life insurance
Among the different types of insurances, the most important is Life insurance. It covers and provides a sum of money to your family in the event of death or terminal illness of the insured. Life insurance is available to people who are between the ages of 17- 69. Life insurance could be used to meet needs such as:
  • Children's education costs.
  • Mortgage and other loan repayments.
  • The running of the insured’s business.
  • The family's ongoing income needs.
Travel Insurance
When you are thinking of traveling to any place, it is necessary get a travel insurance. All people who are traveling abroad should have a decent travel insurance with a good coverage of medical assistance. It will also help in case of theft or loss of luggage.  
When you choose travel insurance, you need to ask these questions before acquiring one:
  • Does it cover flights to all countries?
  • What damage/events are covered?
  • What is not covered?
  • What about the no-claim amount?
  • Can you extend the term of your travel insurance?
  • Do they have an emergency telephone number?
  • What is the monthly/annual fee?

Health Insurance
Australians can choose between two options of health insurance. They can obtain a public or private insurance. The companies are regulated by the Federal government to ensure that there is access to both private and public insurance-

Car Insurance
You can choose between two main types of car insurance. They are:
  • Full Coverage Auto Insurance
    The principal advantage offered by this type of insurance is the protection of your car and any other car during an accident. Normally, finance companies stipulate that any of their clients must fully insure their cars.

  • Third Party Auto Insurance If you have a car and you hit another car, a third party car insurance covers the damages that you’ve caused to the other car, and you would have to cover the damages that your own car has. This is less expensive than full coverage insurance because it covers much less.
Home Insurance
For most people a home is likely their largest investment and their most precious possession. It is essential to have home and contents insurance. Having a home insurance is essential to cover any house expenses in case of damage caused by fire, theft, etc.

See also Insurance guide

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