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A Comprehensive Guide to Insuring Your Luxury Car

Posted on March 24, 2022 | by | Posted in Insurance

Owning a luxury car is undoubtedly a long-time ambition for many people. These automobiles do not only have top-notch functions but are also considered a fashion statement for the wealthy. However, they require constant and high-quality maintenance to keep them looking and working well. 

This is why owners ensure to have their vehicles in routine maintenance practices and have them adequately covered by insurance to keep them in top condition. What most people are unaware of is that luxury cars are not covered by conventional automobile coverage. If you are looking for helpful tips with regards to this specific policy, we got you covered! In this article, we will be giving you our comprehensive guide to insuring your luxury car.

What are the benefits of having a luxury car insurance policy?

Regardless of the vehicle, obtaining automobile insurance is needed to protect yourself in the event of an accident on the road. Accidents are bound to happen at one point, whether we like them or not. When they occur, insurance is what safeguards our financial security. Your car insurance coverage should protect you whether you or someone else is at fault for a vehicle accident. However, the extent to which you receive assistance is totally up to you.

Given that prestige and luxury automobiles represent a significant investment, wouldn’t you want to guarantee they are suitably protected? Luxury cars are more expensive to repair, maintain, and replace in an accident. It is prudent to have sufficient funds set aside for these expenses before an emergency. 

Not only will luxury car insurance cover damages to your vehicle, but some policies can also even safeguard some personal items. The specifics of the coverage will be discussed later in the article. Furthermore, since these vehicles are an invaluable asset, having insurance will give drivers peace of mind that their investment is well protected. 

How much does insurance for a luxury car cost?

If you’re insuring a luxury vehicle, you should anticipate paying a higher premium than you usually would. To be more precise, luxury car insurance is approximately 18% more expensive than standard car insurance, according to AutoInsurance.org. Of course, this is because luxury cars are significantly more expensive than standard vehicles. Therefore, the cost to repair or even replace the parts will require thousands of dollars. 

This also means that the potential insurance payouts for premium vehicles are larger. As a result, if your luxury vehicle is totalled or stolen, your insurer may be required to pay a higher premium to replace or repair it. 

Considering the high price, some luxury vehicle owners may be tempted to reduce their coverage limits. If you are thinking of doing this, you should first conduct an assessment of the risks. To help you out, let’s take a look at what a luxury auto insurance policy entails.

What is the scope of luxury car insurance?

Here are some of the things to consider when selecting the proper coverage for your vehicle. In this section, we will also help you choose a reputable insurance provider that will handle your claims in the event of an accident.

Comprehensive and collision coverage

Auto insurers frequently sell collision and comprehensive automobile insurance together. These policies provide total coverage in any scenario, so it is suggested that all car owners have both.

Comprehensive insurance will help you pay to replace or repair your car if it is stolen or damaged in an incident other than an accident. They can also help cover damages caused by fire, vandalism, or falling objects. Meanwhile, as the name suggests, collision coverage pays for damage to your vehicle if you collide with an object or another car.

Liability coverage

Liability coverage is primarily beneficial when you are found at fault in a car accident or other incident. This covers both bodily injury and property damage. Bodily injury liability coverage applies to the other party’s medical expenditures. On the other hand, property damage liability coverage protects you against property damage caused by a covered accident. Furthermore, this coverage is not optional because most states require it in order to operate your vehicle lawfully.

Personal injury protection (PIP) coverage

Also known as no-fault insurance, this type of policy assists in covering expenditures such as medical bills, lost wages, and burial costs following an automobile accident, regardless of who is at fault. This is required in some locations, and requirements will vary depending on where you live. 

Medical Expenses coverage

Unlike the PIP coverage, this is optional and not available in all locations. This will help in paying for your medical expenses or those of your passengers if you are wounded in a car accident, regardless of who caused the accident. 

Conclusion

Having enough and dependable insurance coverage is critical for auto ownership. No one would want to face financial difficulties while recovering from the shock of an accident. As a wise buyer, it is imperative that you conduct thorough research, compare quotations and tailor a package to your coverage requirements and budget.

Contact Matrix Insurance 

Matrix Insurance is a reliable luxury car insurance provider in Perth, providing insurance solutions to small to medium-sized businesses throughout the state and throughout Australia.

We are passionate about insurance and committed to ensuring a great experience throughout the insurance transaction. We have relationships with over 120 different insurers and underwriters. Moreover, our company takes time to learn about our clients’ needs and offer sound advice based on our significant insurance knowledge.

Construction Costs and Underinsurance: How to make sure that your property is not underinsured

Posted on September 14, 2021 | by | Posted in Insurance

The majority of people are entirely aware that inflation has been increasing in recent months as a result of COVID-19. However, many remain unaware of the extent to which the recession has impacted the building sector and what this implies for their property insurance. A shortage of building supplies and a rise in salaries are only two of the factors that have increased expenses and may leave your house uninsured and vulnerable.

In this post, Matrix Insurance, the number one insurance broker in Perth will discuss underinsurance and the many risks associated with increasing your building’s costs.

What are construction costs? 

Construction expenses are included in the total cost of developing a constructed asset, such as a building. In general terms, these are those associated with the actual construction activity, and for some projects, they may be defined by the value of the contract with the prime contractor. Furthermore, this includes all supervision, materials, supplies, labour, tools, equipment, transportation, and other facilities furnished, used, or consumed.

Construction cost estimates are crucial to your firm’s profitability and capacity to attract new business. Moreover, it is critical to be as precise as possible. 

What does it mean to be underinsured? 

The entire aim of insurance is to safeguard you against unforeseeable events. Due to current events, insurance premiums for residential and rental properties are increasing. In fact, they have grown by over 60% on average during the last decade. Underinsuring your house might result in a severe financial problem, depending on the magnitude of the damage and the size of the insurance gap.

Furthermore, underinsurance of your house and goods is a significant issue at any time, but it becomes exponentially more significant if you lose your home. The majority of people realise that being underinsured means that you may not have enough insurance money to repair and replace the same quality as before. However, it can also impair your insurer’s ability to assist you with the rebuilding and replacement process, adding to your worry and uncertainty. In some instances, this may imply that you cannot rebuild your house at all. The saddest thing is that many people are unaware they are underinsured. In cases like this, they previously purchased the proper level of house and contents insurance, but have not examined it regularly since then.

What does it mean to raise construction costs?

Due to rising building expenses, your property may require greater insurance coverage than it currently has. Home insurance brokers use software to determine the property’s minimal rebuilding value. They enter all of the data about your home into an evaluation program that calculates the maximum amount of insurance required for your property. Furthermore, insurance companies generally need new evaluations every few years, at which point your building’s coverage is renewed.

The building limit on an insurance policy is determined by the cost of reconstruction. If the cost of rebuilding increases, the maximum you bought on your insurance may not be sufficient to restore it to its pre-loss condition. Even in markets where the cost of building materials has not increased significantly, many people are grossly underinsured. Add to this the fact that the cost of rebuilding has increased considerably, and the number of underinsured individuals is growing even larger.

Construction costs and underinsurance:

The majority of property owners understand that the sum insured on their property is based on a reasonable replacement value. Moreover, the rebuilding costs are typically far greater than most people realise, which implies that many individuals are now underinsured.

Overall, as construction expenses rise and the building value covered by your policy grows, so does your house insurance rate. Underinsured businesses may also fall short of their stipulated co-insurance percentage, forcing the business to accept a share of the loss, drastically reducing the claim payout.

Moreover, being underinsured and failing to meet co-insurance obligations may have a severe financial impact on a firm. If the present rate of growth in building materials prices continues, your property insurance may not be sufficient to cover the cost of rebuilding. Additionally, the policy’s maximum is determined by the cost of rebuilding your house or workplace. Failure to account for growing construction material costs might result in underinsurance.

How to prevent underinsuring your property: 

Buildings insurance is based on rebuild value rather than market value. If your property is insured for less than its rebuild value, it is underinsured. This means that, in the case of a claim, insurers will not pay the entire amount. Instead, they will pay an average amount.

Making modifications to your rental property, such as building an addition, increases the property’s value but also decreases its insurance value. Similarly, a frequent example of underinsurance happens when a property owner renews their insurance policy year after year without updating it to reflect market inflation.

Homeowners should update their property insurance values at least once a year, avoid relying on internet insurance calculators to determine replacement costs and search for insurance choices. With this in mind, here are some ways you can avoid property underinsurance: 

Seek professional help: Agents can assist customers in reevaluating replacement cost estimates for buildings, contents, equipment, and business disruption to verify that the proper coverage levels are in place. They can also verify that the appropriate policy limits or sub-limits are in place, ensuring that customers are neither underinsured nor unfairly punished by co-insurance obligations.Take advantage of an insurance appraisal: Bear in mind the expenditures for reconstruction, site upgrades, and total demolition and waste disposal. Since demolition and debris removal expenditures are generally the first to be addressed in the case of a claim, it’s critical to have an exact estimate. If not, you risk having insufficient money available for rebuilding and site upgrades.

Getting the right insurance package for your country pub

Posted on June 29, 2021 | by | Posted in Insurance

Business owners will recognise the value of a good insurance policy that covers their needs.

But if your business is niche, such as a country pub, it’s highly recommended that you go through a specialist hotel and pub insurance broker to ensure that your policy is set up correctly and you get the most competitive premiums available. Being with a specialist pub broker means that they have the knowledge and availability of insurers, so you can be reassured you are only paying for the cover you actually need.

Why use a specialist insurance broker?

A specialist broker will go out of their way to understand your unique business insurance needs. In the case of a country pub, an insurance package needs to take into account what the risks for the business are. These may include:

• Fire and property damage from storm, electrical mishaps etc
• Malicious Damage, vehicle impact (more common that you think!)
• Theft and money stolen from premises
• Business Interruption claims if your property is damaged and you cant trade
• Breakdown of critical equipment. Eg Coolroom, and beer systems
• Injury to workers while on the job
• Cyber hacks and theft

Once the unique risks have been identified, a broker can then tailor a package to suit.

Matrix Insurance Group’s tailored packages 

Insurance policies can be complicated, and often can be difficult deciphering the information to determine what you do and don’t need. It is important therefore to use a trusted insurance broker such as Matrix Insurance Group, who will determine the level of cover you need, and help you understand the details of your policy.

Ensuring you have the right amount of cover is vital, but you don’t want to be paying extra if you don’t need to.

Many country pubs are large, federation-style hotels, meaning that if you are responsible for insuring the building, it becomes very important to insure for the full replacement value of the building. 

Matrix Insurance Group will recommend you have a professional Building Replacement Valuation undertaken to guarantee you are insuring the building and contents for the correct amount. This will help you avoid under-insuring, and then missing out on full compensation in the event of a loss occurring.

Matrix Insurance Group can also advise on your public liability insurance needs and then design a package that suits. Country pubs don’t fall into a “one size fits all” policy when it comes to public liability insurance, so it is important to consider your individual needs. Matrix Insurance Group will also work with you to ensure you pay the lowest possible premiums on your public liability insurance.

Discuss your needs

The team at Matrix Insurance are more than happy to discuss your insurance needs and find you the right policy for your country pub. Contact Matrix Insurance Group today to set up an appointment.

What are the Qualifications for a Licensed Insurance Broker?

Posted on March 12, 2021 | by Alex | Posted in Insurance

So you’re interested in becoming an insurance broker in Perth and want to learn about the qualifications for this job position. Insurance brokers are licensed financial advisers that provide professional advice in regards to insurance products and policies. Their goal is to help businesses and individuals secure the right level of insurance cover for their assets.

Insurance brokers have access to a broad spectrum of insurance products and have connections with multiple insurance companies. This enables them to compare multiple insurance products and find the most suitable cover for many different clients.

They also provide the right information to their clients regarding any special conditions or situations that need to be addressed. With extensive knowledge and experience in handling a wide variety of insurance policies, insurance brokers can arrange the most desirable outcome for their clients.

Read on to discover how you can become an insurance broker and the skills necessary to succeed in this field.

What skills does an insurance broker need?

Are you methodical, organised, and excellent at doing research? Do you have great communication (and negotiation) skills? Just like any other job position, being an insurance broker requires the right set of skills so you can secure the best insurance for your customers.

To be successful as an insurance broker, you need to be dedicated to doing numbers and conducting research. You will also need to be great at negotiating and decisive when selecting insurance policies. Most importantly, you need to be driven by helping your clients obtain the best and most cost-effective insurance solution.

Here is the list of skills and attributes that you need to have to thrive as an insurance broker:

• Passionate and eager to help other people
  
• Methodical and highly organised

• Excellent communication and negotiation skills
  
• Strong problem-solving skills
  
• Detail-oriented

As an insurance broker, your job is to act as an intermediary between insurance companies and their clients. You will use your extensive contact list to find and arrange insurance packages from a large number of insurance companies. Being a licensed broker, you are qualified to advise on applicable benefits, costs, exclusions, and negotiable premiums.

In addition to arranging cover, you will also act on your client’s behalf in the event that an insurance claim is made. Here are the tasks you’re expected to complete as an insurance broker.

• Assess your client’s assets and insurance needs
  
• Research appropriate insurance products to recommend
  
• Manage/facilitate cover for businesses and individuals
  
• Act on behalf of your clients during a claim
  
• Advise clients on benefits and insurance risks
  
• Liaise with multiple insurance companies
  
• Provide information regarding costs, exclusions, and details of various insurance products

Steps to become a licensed insurance broker

Step 1: Complete a Certificate III (Tier 1 / Tier 2)

The first step in becoming a licensed insurance broker is to complete a Certificate III in Insurance Broking through an accredited educational institute. You’ll come across plenty of providers that offer this course so make sure to do your research and confirm that the course you’re taking is compliant with the Australian Securities and Investments Commission (ASIC) Regulatory Guide 146.

The course will introduce you to the insurance market in general along with financial and legal information that insurance brokers must know. 

Step 2: Acquire your diploma

Once you’ve obtained your Certificate III, the next step is to undertake the Diploma of Insurance Broking. This qualification will offer in-depth information on the fundamentals of insurance broking with an emphasis on building client relationships, identifying risks, and highlighting complex client needs.

Public Liability Insurance can make or break your small business

Posted on March 09, 2021 | by Alex | Posted in Insurance

Public Liability Insurance in Perth is one of the highest priorities for anyone in business. Without Public Liability Insurance your business could face significant out of pocket expenses if something goes wrong. 

Some things are out of your control and while it can be easy to think it’ll never happen to you, unfortunately no matter how careful you are, accidents can happen. Claims are costly and legal bills are expensive – even if a claim for damages is unsuccessful, you might be left with a large legal bill if you’ve had to get legal representation or advice during the claim process. 

Lack of insurance can lead to disaster for small businesses. But what happens if you are not able to access Public Liability Insurance?

Many small businesses across Australia are forced to close every year due to costs associated with not being properly insured; and unfortunately for some, they are simply unable to access proper insurance.

Some businesses are denied insurance due to the fact they have made claims in the past. Insurance companies will also take into account the nature of each business and what risks are involved, meaning some businesses may be deemed too high a risk due to what they have to offer; and simply won’t insure them. Other businesses have reported that their premiums have increased so much that they simply can’t afford them. 

Without adequate insurance, these businesses can’t continue to operate, and many have had to close.

Working toward a solution

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has been lobbying Federal Government to take urgent action on this matter. 

She says she has spoken to many small business owners and found numerous companies that were forced to shut down because different factors meant they were unable to take out public liability insurance.

Ms Carnell’s view is that the Government needs to find ways to help small businesses access essential insurance products; and to address the lack of availability of public liability insurance. 

She says issues with access to public liability insurance can be largely attributed to the unlimited nature of injury claims, and the potential for large damages to be awarded. Ms Carnell believes a government review of the way claims are made is well-overdue.

How can you protect your small business?

If you have concerns over your own Public Liability Insurance, the team from Matrix Insurance can help. Make an appointment with one of our experts, and have a chat about your concerns and your needs, and we will help to find a solution. Give Matrix Insurance a call today.