Buying a Vehicle
4. Making a claim
If you are in an accident remember the following tips which will help if you make a claim: don't leave the scene of the accident before speaking to anyone else involved get the name, contact details and registration number of any other drivers or people involved if the police attend make a note of the police report number draw a sketch and make a note about the accident.
Before you make a claim
Check what the financial consequences will be if you claim on your policy. Do you know about the "excess" and any "no claim" bonus?
What is the excess?
The excess is an amount of money that you must contribute towards any expenses as a result of the loss or damage. Your insurance company usually requires you to pay the excess when you make a claim. If you cannot pay the excess as a lump sum, check to see if you can arrange to pay it by instalments.
What is your "no claim" bonus?
A "no claim" bonus is an annual reduction on your premium if you have not made any claims under your policy. If you make a claim, you may lose all or part of your "no claim" bonus and have to pay more for insurance next year.Check with your insurance company about the circumstances in which you will lose your "no claim" bonus.
When you make a claim
Tell the insurance company about the accident as soon as possible. If this is by phone they will often ask you to complete a claim form afterwards.Include as many details of the accident as possible. Any notes you made will help at this point.
If the amount of your claim is not much more than the excess, it might be worth considering not making a claim and bearing thecost yourself, if you can afford to do so.
Should you buy a vehicle?
All members of the ADF work hard for their money, and for the privilege of being able to spend money on themselves and their families. When you fi nd that you have some extra cash, it is important to think carefully about the options available to you, including paying off debt, the purchase of a new car, contributing to superannuation, investing in real estate or buying shares. Our page on Making Your Money Work discusses this in more detail.
Should you choose to buy a car, here is some important information that we offer to you in conjunction with the Australian Securities and Investments Commission.