The Road Ahead : April May 2008
Previously, this column has discussed motor vehicle insurance generally and compulsory third party (CTP) insurance specifically. In this edition, we look at comprehensive motor vehicle (CMV) insurance. This is a type of property damage insurance (unlike CTP insurance, which covers personal injuries). Also unlike CTP insurance, CMV insurance is not compulsory. CMV insurance covers you for: • Loss or damage to your vehicle due to a crash, theft or fire, up to its market or agreed value, regardless of whether the damage or loss is your fault. • Amounts you are legally responsible to pay to other people for the loss or damage to their vehicles or property caused by the use of your vehicle. • Towing costs. Other costs, such as a hire vehicle while your vehicle is being repaired, may be covered as additional options. If the vehicle is involved in a crash and a claim is made, there can be an excess (up front lump sum payment) to be paid by you. There may be more than one excess amount depending on the age and experience of the driver. As CMV insurance provides the broadest cover, it is the most extensive type of property damage insurance available. Third party property (TPP) will be discussed in the next edition of The Road Ahead. Members should contact appropriate insurers for product or claims-related information and always read the product disclosure statements. This column provides general information on legal topics. Members can contact the RACQ Legal Advisory Service on 3361 2575. Comprehensive motor vehicle insurance WITH RACQ'S LEGAL ADVISORY SERVICE street legal APR/MAY 08 17 Q free2go member Danielle Ngamata e money would come in handy, especially as I'm a nt. present car, a Holden Astra, was given to me. I've had my license three months. won $250,000, I would probably give the Astra to one who could really use it. been interested in cars since I was, I suppose, 12. dad and sister like cars, so I guess that's how it about. w would I spend the money? would definitely have to be a V8 or a sports car. One se new Holdens (VE) would be nice, or a Monaro. e utes that have been done up, too. Not overdone, icely. with the money left over I would buy a hotted up Another V8 Holden. d then I would waste the rest " RACQ "The studen My only h IfIw someo I've about My came How Itw of tho I lik just ni Sow ute. A And Classic car collector and authority Dan Bowden "I would take my $250K and go shopping online. After much enjoyable 'ummming' and 'ahhhing', Sydney's Classic Throttle Shop has a car completely out of the left field from what I was looking for -- a rare and desirable 1967 ISO Grifo, for the exact figure. These cars are perfectly gorgeous. Italian styling by Bertone and American muscle, courtesy of a 450 horsepower Chevrolet engine. Guaranteed fun, exclusivity, reliability and I wouldn't be surprised if it's worth double that, in the not too distant future. I was initially looking for a pre-impact bumper (1974) Porsche 911, as they are another perfect blend of enjoyment, aesthetics and a guaranteed return on your investment. Australian delivered is best, but factory right-hand- drive is good enough. The iconic and sublime 1973 911RS shot past the $250K mark a while back, but its much loved younger sibling, the 911S, is still very achievable." d then I would waste the rest. And Australian Conservation Foundation executive director Don Henry "If I had a lazy quarter of a million to spend on transport, I wouldn't spend it on a car. I would first buy a good bike. Then I'd draw a weekly amount and use public transport every day, as I already do. When I needed a car, I would use a highly fuel-efficient car, such as a hybrid. Good public transport is safer, healthier and better for the environment. Removing the fringe benefits tax concession on company cars (one of several tax breaks that gives people a financial incentive to drive more) would free up more than $1.2 billion a year that could be invested in public transport. If we get urban public transport right we can save our cars for getting out and exploring other special parts of the state."
February March 2008
June July 2008