Insurance

The textbook outline the basics of car insurance which are:

1. Compulsory Third Party CTP

2. Third Party

3. Comprehensive

When my parents bought my first car this year I had to some research on car insurances and its costs.

After my research I found out that AAMI car insurance was the best for me. Although NRMA is probably the most well known car insurer the cost was very expensive.

To reduce my insurance I was only insure for the third party not comprehensive. However as Paul writes in his book "What If?".

Therefore I insured my car with the full insurance which covers both my car and third party. I still thought that my premium was high, therefore to reduce my premium

my excess fee is like $2000 and hope i drive safely and not crash into someone else. Thankfully this has not occurred.

However the cost of owning a car is too expensive. I need to pay the insurance, rego, fuel, any other modifications, maintenance, and especially drops in value.

Although it is very convenient to own a car it is very expensive to drive it.