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Private Motor Insurance

Your personal car needs protection too

Accidents, theft, and hail damage can occur while you’re building your business; therefore, your personal vehicle needs insurance. Private Motor protects your car and your finances when the unexpected happens.

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What could go wrong

(and why you need this)

Your car gets you to meetings and client sites, keeping your business on the move. One accident, one theft, one hailstorm, and you’re without transport and facing thousands in replacement or repair costs. Comprehensive insurance means you can get back on the road. Third-party only or no insurance means you’re paying out of pocket or putting the replacement on a credit card.

Scenario 1

The total loss accident

You’re driving home after a long day building your business. Someone runs a red light and t-bones your car. Your $35,000*  car is written off. You’re okay, but now you have no car and still owe $28,000*  on the loan. Insurance gives you $32,000*  market value. You’re $6,000*  short of clearing the loan before you can even think about a replacement.

What Private Motor Insurance covers*

Full agreed value payout, gap between market value and loan amount (gap insurance), hire car while sorting out replacement.
*With agreed value.

Scenario 2

The hailstorm

A freak hailstorm batters your car in the driveway. Every panel is dented. Windscreen smashed. Damage: $18,000*  to repair.

Without comprehensive insurance, you’re driving a damaged car or paying $18,000*  from savings.

What Private Motor Insurance covers

All hail damage repairs, windscreen replacement (often no excess), hire car during repairs.

Scenario 3

The stolen car

Your car is stolen from your street overnight. Police file a report, but the car is never recovered. Replacement cost: $42,000* . You have third-party insurance only to meet the legal minimums.

You get $0 for your stolen car. You’re now without transport and facing a $42,000*  hit.

What Private Motor Insurance covers (comprehensive)

Full replacement value, reasonable hire car costs while the claim is being processed, and reimbursement for personal items stolen from the car (limited).

Scenario 4

The at-fault accident

You misjudge a corner and hit a parked $90,000*  BMW. You only have third-party property insurance. Their car damage: $25,000* . Your car damage: $12,000* . Third-party covers their car, but you pay $12,000*  for your own repairs.

What Private Motor Insurance covers (comprehensive)

Both their car damage AND your car damage, legal costs if they sue, hire car for both parties if needed.

What this actually covers

Private Motor Insurance

Private Motor Insurance comes in three levels:

Comprehensive (highest cover):

  • Damage to your car (accident, fire, theft, vandalism, storm, hail)
  • Damage to other people’s cars and property
  • Theft of your vehicle
  • Windscreen and window damage
  • Hire car after the incident
  • Personal belongings in car (limited)
  • Legal liability and legal costs

Third Party, Fire & Theft:

  • Damage to other people’s cars and property
  • Your car if stolen
  • Your car is damaged by fire
  • Legal liability
  • Does NOT cover: accident damage to your car, storm/hail damage to your car

Third Party Property Only (legal minimum):

  • Damage to other people’s cars and property only
  • Legal liability
  • Does NOT cover: any damage to your car whatsoever

Additional options include

  • Agreed value (vs market value)
  • Choice of repairer (vs insurer’s choice)
  • Windscreen cover with no excess
  • Hire car with no excess
  • New car replacement (if written off in first 1-2 years)
  • Roadside assistance

Key principle

  • Wear and tear or mechanical breakdowns
  • Damage from racing or competitions
  • Unlicensed or drunk drivers (unless stolen)
  • Intentional damage
  • Using car for business (need commercial motor insurance)

When you need this

Protecting your personal transport

You need this if you:

  • Own a car (legally must have at minimum third-party property)
  • Finance a car (lender requires comprehensive)
  • Can’t afford to replace your car from savings
  • Drive regularly (higher accident risk)
  • Have an expensive or newer car

Comprehensive vs. Third-Party:
If your car is worth more than $5,000, consider getting comprehensive coverage. Third-party options may only save money upfront, but they leave you exposed to significant losses.

Typical coverage

Market value or agreed value: $20M third-party property, hire car up to $75/day, windscreen with a $1,000 limit.

For founders with personal vehicles

Key considerations

  • If you use your personal car for business visits, you may need Commercial Motor Insurance instead
  • Check your policy for business use exclusions
  • Don’t claim business use on personal motor insurance, it may void your policy

Stay on top of your cover

Keep in touch with the team at Pocket to ensure your coverage is fit for purpose.

Common questions

Asked about Strata Insurance

Do I really need comprehensive if my car is old?

Depends. If your car is worth under $5,000 and you could replace it from savings, third-party might be enough.

However, if you can’t afford to lose $5,000 overnight, consider comprehensive coverage. One accident and your transport is gone.