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When your car is covered but your paint job isn’t


Part of the fun of buying a new car is being able to choose the bells and whistles that best suit you.

Want roof-racks for your ski gear? Sure! How about metallic paint to jazz it up a bit? Don’t mind if I do!

These extras can add significant value to your car. But have you thought about what they might mean for your insurance?

Different insurers can have different rules about what is and isn’t covered under Comprehensive Car Insurance. In the case of optional extras, some insurers will only pay you for the market value of your car without those extras.

By contrast, the policies that IMB arranges for Comprehensive Car Insurance automatically covers optional extras up to 5% of the car’s market value or $2,000, whichever is less. That means you won’t have to pay extra for those options again.

What about depreciation?

Another key difference among Car Insurance policies vary is whether they will replace a lost or stolen vehicle with a brand new one, or pay you an ‘agreed’ or ‘market’ value.

The benefit of receiving a brand new vehicle rather than the agreed/market value can be significant when you factor in the amount of depreciation on a new car.

For example, the policies that IMB arranges may pay for a brand new vehicle if your car is a total loss within the first two years of original registration. If you consider how much a car’s market value can drop in two years, this benefit could add tens of thousands

of dollars to the benefit you receive.

If you’re not sure what your car insurance covers you for, check your policy schedule and Product Disclosure Statement. It’s always good to know where you stand so there are no nasty surprises at claim time. To get a quote on IMB Car Insurance visit

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DISCLAIMER: Home and Contents Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Vero Insurance (Vero). Insurance policies have certain limitations, exclusions and conditions. For a full description of all cover offered, please read the relevant Product Disclosure Statement and policy wordings. A PDS is available from your local IMB branch. You should consider the PDS before making a decision about this product. IMB receives commission for insurance arranged. All cover is subject to acceptance by Vero.