Third Party Property Damage Car Insurance

What is Third Party Property Damage Car Insurance cover?

Basic cover for damage to other people’s cars and property when you’re to blame.

Benefits for you

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The details on what’s covered

Unsure about what’s included in Third Party Property Damage Car Insurance? Find the details you need right here.

For full details of the terms, conditions, limits and exclusions that apply please read the Product Disclosure Statement (PDS) (PDF 1MB) before making a decision to purchase the insurance.

Frequently asked questions

What type of car insurance do I need?

There are three common types of car insurance, and you’ll need to think about your personal situation to decide what’s right for you.

1. Compulsory Third Party (CTP) Insurance: This insurance is required by law for all vehicles registered in Australia. It provides legal liability cover for you in case other people are injured or killed in a motor accident that was your fault. It doesn’t cover any type of damage including damage to property or vehicles.
2. Third Party Property Damage Insurance: This could be thought of as the next step up in insurance and is for damage you cause to other people's vehicles or property, but not your own. It may be a good option if you want to protect yourself against any legal liability and claims from other people.
3. Comprehensive Car Insurance: This is the highest level of insurance. It covers you for damage to vehicles and property, even if you're at fault. It can also include cover for theft, fire, vandalism and natural disasters.

What should I consider when choosing car insurance?

Think about your personal situation and things like what your vehicle is worth, how (and how often) it’s used, how much you can afford to spend on insurance and the level of risk you’re willing to take. It’s also a good idea to read the Product Disclosure Statement (PDS) (PDF 1MB) to make sure you completely understand the cover and feel comfortable that it meets your needs.

How can I reduce my car insurance premiums?

One way you may be able to reduce the cost of your car insurance is to increase your basic excess (which is the amount you pay at the time of a claim).

If you choose Comprehensive Car Insurance, the ‘named driver option’⁴ could also help you save when you list all of the drivers on your policy. 

What is an excess, and when do I need to pay it?

It’s the amount you may need to pay if you make a claim. The amount can vary depending on factors including:

• base excess chosen,
• age of the driver, and 
• whether the driver is listed on your policy. 

You can be required to pay excess whenever you are the at fault driver or if the at fault driver’s details are incorrect, unavailable or you’re unable to get them at the time of the incident. More than one excess may apply.

The Detail

¹Pay by instalment at no additional cost compared with paying annually. Instalments may be subject to minor adjustments due to rounding. Note: Your financial institution may apply transaction fees to instalment payments.

²Policyholders need to ensure their personal details on their policy match with their Bank of Melbourne accounts. Only primary policyholders can see policies alongside their other Bank of Melbourne accounts.

³Driver exclusions apply if the driver is unlicensed, is not following the conditions of their license, refuses a drug or alcohol test, is under the influence of drugs or exceeds the legally allowed alcohol limit. Refer to the Product Disclosure Statement (PDS) (PDF 1MB) for full driver, usage and other policy exclusions as set out in the "What's not covered" section. An additional excess applies to drivers under 25.

⁴If you choose to reduce your premium by naming drivers on your policy, an unnamed driver will incur a $2,500 excess (this replaces the basic and all other excesses where applicable). Minimum premiums may apply. 

This information does not take into account your personal circumstances. Motor Insurance is issued by Allianz Australia Insurance Limited ABN 15 000 122 850 (Allianz). Bank of Melbourne – A Division of Westpac Banking Corporation ABN 33 007 457 141 arranges the initial issue of the insurance under a distribution agreement with Allianz, but does not guarantee the insurance.

Before making a decision, please read the Product Disclosure Statement (PDS) (PDF 1MB) and the Premium, Excess, Discount and Options Guide (PED) (PDF 6MB) to see if this insurance is right for you.