I am looking at buying a new car, but retaining my old car which is not worth much but could be useful to have around, particularly as it is a wagon so can hold a lot of stuff.
Looking through my private insurance policy I was surprised to find 3rd party property damage covered as I always assumed this was part of the mandatory Licence and Third Party Insurance Policy (at least in WA). Apparently the latter only covers the death and bodily injury to third parties. This is a bummer as I was hoping to drop my private insurance on the car, as I could live without the other items covered but not 3rd party property damage. Since the coverage for that item is up to $25M, obviously it could be the cause of financial ruin if not covered.
I just phoned my insurance company, RAC, to see if that item could be separately covered and was told no, that it is only covered by their "full cover" policy.
My opinion is that third party property damage should be under the mandatory state Licence and Third Party Insurance Policy as I believe third parties should not be dependent on the decision of complete strangers with regard to whether damage to their property in a car accident requires an insurance claim or more costly court action.
However, as that is not going to change in the next few weeks, is anyone aware of a policy that might cover that item only and presumably will be less costly that the full comprehensive insurance policy?