The Australian car market has been fluctuating since the start of the pandemic, but new car sales have been recovering in recent months. Following a pretty miserable year in 2020 for the Aussie new car market, 2021 has kicked off with a positive. An 11.1% positive, to be exact, compared to this time last year. Aussies nationwide are upgrading their ride, choosing out with the old and in with the new as electric vehicles (EV) and SUVs grow in popularity.
Travel restrictions are leaving families with more room to spend some extra cash on a new car after what seems like a lifetime of no holidays abroad. SUV sales in particular are on the rise as citizens across the country pledge to increase their domestic travel and explore local.
Go down the green route by switching to electric vehicles
The South Australia state government has proclaimed it wants to lead Australia in the uptake of electric vehicles and is aiming to ensure that all new car sales in the state are fully electric by 2035. The South Australian Government is investing $18.3 million to deliver an Electric Vehicle Action Plan to encourage uptake from South Australians. Australia’s car market saw just 6,718 electric vehicles sold (3,430 of which were Teslas) across the country in 2020, proving our uptake is lagging compared to the rest of the globe.
If you’re thinking of purchasing a new vehicle, why not make it electric and have lower running costs while reducing noise pollution and improving air quality?
How will the SA Electric Vehicle Action Plan benefit Australians?
Leading Australia’s commitment to electric vehicles will make SA a national front-runner in electric vehicle uptake and smart charging by 2025. By harnessing renewable energy to lower motoring costs, air, noise and carbon pollution, South Australia will reduce electricity costs for all South Australians. Removing the barriers to uptake will create the following benefits:
- $25 million of private investment in the implementation of public EV charging infrastructure, with a focus on priority regional sites
- State-wide employment in charging network construction, innovation and commercialisation
- Lowered transport costs for business and households
- A reduction in noise pollution and improved air quality with associated public health outcomes
- At least 50 per cent reduction in greenhouse gas emissions in 2030 (from 2005 levels).
Types of motor vehicle insurance
Whether you’ve just purchased your new pride and joy or are thinking of an upgrade, you’ll certainly have thought of vehicle insurance. We encourage you to be thorough when it comes to your insurance and ensure that you purchase cover that’s appropriate to your situation, steering clear of cover that is unnecessary to you and could mean avoidable costs. There are five basics when it comes to automotive insurance, each with specific cover to minimise risk and expense:
- Compulsory Third Party (CTP) Insurance: CTP is mandatory in all states and territories in Australia. It provides cover for bodily injuries caused by a vehicle, such as compensation for a broken leg, but doesn’t cover any damage to the actual vehicle. This compulsory insurance is paid with the vehicle registration in most states.
- Comprehensive Insurance: This can cover damage to vehicles, theft of vehicles, collision, malicious damage and weather damage. Contingent to the policy, it can cover damage that has been caused to other vehicles.
- Fire and Theft Only: This insurance type is a limited form that only covers for fire damage to, and theft of, vehicles. It does not cover collision damage to vehicles in the event of a crash.
- Third Party Property Only: This provides cover for vehicles that have been damaged by your vehicle. It doesn’t provide cover for your own vehicle but allows you to protect yourself against damage to other motorists.
- Nominated Driver or Low Kilometre Usage: These policies are restricted comprehensive cover with only two allowable drivers without increased excess, or low kilometre travel over the period of insurance, i.e. up to 10,000km.
How we can help
No matter what type of vehicle you own, we have a range of motor and fleet insurance policies to suit your individual or business needs. Our policies are designed to protect you and your vehicle, whether it be personal or commercial, from any bumps in the road that are tricky to navigate alone.
Get a quote from us today and make sure you’re getting a good cover for good value.