Migrants guide to Insurance in Australia

Migrants guide to Insurance in Australia

When migrating to Perth, Australia there are a number of insiurance policies that you may want to consider. As with every country it is advisable to get a number of quotes on the insurance you need and shop around for the best prices and best cover for your needs.

Travel Insurance in Australia

Travel insurance is recommended for those visiting Australia for a short period of time. It is best to purchase this through your travel agent before departure. Most Travel Insurance do not cover pre-existing  conditions and many have lengthy terms and conditions. Most travel companies can advise on the best travel insurance for Australia.

Health Insurance in Australia

For those coming to live and work in Perth, Health insurance is a requirement. It should be noted that there are some back to back agreements with some countries and health insurance may not be necessary. Likewise your visa may also determine if health insurance is necessary.

There are some tax benefits associated with health insurance and for permanent residents and new Australian citizens private health insurance is recommended. Waiting periods are often common with premiums that means you are not covered for some conditions initially upon taking out your policy. These waiting periods are generally between 1 and 6 months.
With a private health insurance policy you are generally allowed to choose your doctor and hospital for a procedure and expenses for all aspects of treatment are fully or partially covered. Without insurance hospital visits can be very expansive in Australia.

Motoring  Insurance in Aistralia

It is a legal requirement to have CTP (Compulsory Third Party) Insurance, also known as a green slip, for every motorist. CTP is the most basic of car insurance policies that covers death and injury to people if you have any accident. In Western Australia this cover forms part of your car registration fee.

Over and above CTP there are 3 levels of insurance these are:

Third Party Property Insurance which covers damage to the property of others such as their car, home or legal costs.

Third Party Fire and Theft which covers the same as Third Party Property but also limted theft and fire cover for your own vehicle.

Comprehesive Insurance which covers all of the above but also fire and theft of other peoples property.

For full information on Australian Motoring or Car Insurance your migration agent can advise you.

Renters Insurance in Australia

Many people who migrate to Perth will rent property before they buy and renters or tenants insurance is necessary. This insurance covers the contents of the house from fire, theft and damage. The property itself should be covered by the insurance of the landlord.

Home and Contents Insurance
Similar to renters insurance but aimed at home owners

Long Term Insurance and Policies

For anyone migrating to Australia there will always be a number of challenges when it comes financial matters. For most migrants the main concerns are:
– Personal Insurance
– Superannuation
– Tax
– Estate Planning
– Investing
There are many things to consider and take note of as a temporary visa holder. One of these is that your employer has no obligation to pay your medical fees should you fall ill the only obligation is sick pay and your salary. Personal income and income protection should be policies you take seriously.

Life Insurance

While you may hold policies in your home country it is worthwhile reviewing your policies in Australia because:

  • You could lose the benefits when moving to Australia.
  • If you have sold your property to migrate you may also have lost some policies
  • Policies may no longer be valid
  • The tax you pay may need to be re-looked at

Overall insurance in Australia is not complicated but it does take some getting used to. A good migration agent can safely navigate you though this financial area of importance.

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