Motor Insurance
Motor insurance, also known as auto or car insurance, is a type of insurance policy that provides coverage for vehicles against various risks and potential financial losses. It protects vehicle owners from the costs associated with accidents, damage, theft, and liabilities that may arise while driving or owning a motor vehicle. It provides essential protection by covering the cost of repairing or replacing a third party’s motor vehicle involved in an accident where the policyholder is at fault.
Lifecycle Fire and General can assist you with choosing best motor insurance plan for all vehicles like cars, motorcycles, trucks, and other road vehicles. With motor insurance coverage in place, vehicle owners can drive with confidence, knowing they have a safety cover to protect them from potential liabilities and unexpected expenses that may arise.
While automobile insurance is not essential in New Zealand, citizens can obtain at least third-party coverage. This type of insurance provides protection and covers the costs of damaging someone else’s vehicle in the event of an accident.
Motor insurance offers extensive coverage against vehicle theft. In case of a stolen vehicle, the insurance company will pay either the agreed or market value, enabling the policyholder to purchase a replacement car.
Lifecycle Fire and General specialises in suggesting various customised insurance policies according to the needs of clients, ensuring vehicle protection and peace of mind.
New Zealand reports 18,278 car accidents and 3940 motorcycle accidents.
In 2022, the Ministry of Transport reported a provisional figure of 378 fatalities resulting from car crashes on New Zealand roads.
In 2022, there was a notable increase in vehicle thefts in New Zealand, as evidenced by the receipt of 8,492 claims. It represents a significant rise of 43% compared to the previous year and a substantial increase of 54% compared to 2019.
Several types of motor insurance coverage vary in the levels of protection. Here are some common types of motor insurance
- Third-Party Liability Insurance: This is the minimum legal requirement in New Zealand. It covers the policyholder’s liability for causing injury, death, or property damage to others in an accident. It does not cover damages to the insured vehicle or the policyholder’s injuries.
- Comprehensive Insurance: It offers coverage for the insured vehicle and takes third-party liabilities. It covers damages to the insured vehicle due to accidents, theft, fire, vandalism, natural disasters, and other covered perils. It also includes third-party liability coverage.
- Collision Insurance: This coverage protects against damages to the insured vehicle resulting from collisions with other vehicles or objects, regardless of fault. Irrelevant damage or liabilities are covered.
- Theft Insurance: This coverage protects the insured vehicle against theft or attempted theft.
In the unfortunate event of vehicle theft or irreparable damage, the policyholder receives remuneration from the insurance company. This coverage ensures that the policyholder is financially protected and recovers all loss or damage incurred due to the theft of a vehicle. - Fire Insurance: Fire insurance covers damages to the insured vehicle caused by fire or explosion. It provides financial protection if it gets destroyed or requires extensive repairs due to fire-related incidents.
- Personal Injury Protection (PIP) or Medical Payments Coverage: This coverage pays for medical expenses, lost wages for the policyholder and passengers involved in an accident, regardless of fault. It helps recover medical bills, hospitalisation, rehabilitation and other related costs.
The exact coverage depends on the insurer’s policy, but the company generally offers
- Coverage in case of vehicle vandalism or theft.
- Coverage for minor damages to vehicle accessories due to storms, fires and earthquakes.
- Coverage for third-party vehicle damage if the holder is at fault and has legal driving age.
- Repairing cost of the vehicle in case of emergency.
- Cover the towing cost of the vehicle.
- Coverage to hire a car in case of theft or accident of the insured vehicle.
Motor insurance does not cover a few common elements. They are as follows
- General wear, tear and mechanical breakdowns happen due to vehicle ageing.
- Intentional Damage or destruction of vehicle by the policyholder or other party.
- Damage caused while participating in organised racing events or engaging in high-risk activities with the insured vehicle.
- If the policyholder is driving under the influence of drugs or alcohol, resulting in damage to the vehicle.
- Accident of insured vehicle caused by an unlicensed or unauthorised driver.
- Commercial use of vehicles as taxis, delivery vehicles, or rideshare services.
- Damage or loss of personal belongings inside the vehicle, such as electronics, luggage, or other personal items. Claim for separate property insurance.
The Lifecycle Fire and General can offer you a variety of motor insurance plans as per your requirements.
We are known for providing quick services, just at your phone call. We offer customisation plans for clients who want a little more on a limited budget.