Third Party Property Damage covers you for unintentional damage you cause to another person’s vehicle or property.
Third Party Fire and Theft not only covers you for unintentional damage you cause to another person’s vehicle or property, it also provides financial protection if:
your car is damaged by a fire
your car is stolen
your car was damaged as a result of an attempted theft.
With Third Party insurance, damage to your own car is generally an out of pocket expense; However, Third Party Fire and Theft can provide some additional cover if an uninsured driver damages your car, you’re found not to be at fault and you can provide the uninsured driver's details.
This is only a summary of the differences between RACV Car Insurance policies. Refer to the relevant Product Disclosure Statement for specific terms, conditions, limitations and exclusions.
Market Value is an assessment of the value of the vehicle at the time of the incident based on its age and condition. Because it is not a fixed amount, you won’t know how much compensation you’ll receive if you need to make a claim.
Agreed value is the amount you will be reimbursed in the event of a claim where your car is in which your car is declared a total loss and is agreed on by you (the car owner) and the insurer. The agreed value amount is agreed upon by the car owner and their insurer. Because it is a fixed amount, it provides more certainty on what compensation you can expect if your car is considered a write off after an accident.
Tips on what to do if you’re caught driving in a storm, how to prepare when a storm is forecast, and how to deal with a hail-damaged car.
† Comprehensive, Third Party and Third Party Fire and Theft policies only.
* The Multi-Policy Discount and Years of Membership Benefits exclude Travel, Business and Farm Insurance products. To qualify for the Multi-Policy Discount, you must hold two eligible RACV Insurance policies. For further details, see the Premium, Excess and Discounts guide at racv.com.au. Discounts will only be applied until any applicable minimum premium is reached. On renewal, any increases or decreases in your premium may be limited by factors such as your previous year’s premium. You may not save more with more eligible policies and by staying with RACV Insurance longer if a minimum premium is reached, or limits have been applied to increases or decreases in your premium.
The information provided is general advice only. Before making any decisions please consider your own circumstances and the Product Disclosure Statement and Target Market Determinations. For copies, visit racv.com.au. As distributor, RACV Insurance Services Pty Ltd AFS Licence No. 230039 receives commission for each policy sold or renewed. Insurance product(s) issued by Insurance Manufacturers of Australia ABN 93 004 208 084 AFS Licence No. 227678.
R.A.C.V. Finance Limited ABN 82 004 292 291 Australian Credit Licence No. 391488. RACV Finance is subject to RACV lending criteria. Conditions, fees and charges apply.