In simplest terms, underinsurance means that the cover you’ve purchased doesn’t adequately cover the costs to repair, rebuild or replace the car, home and/or contents if it was lost in an insured event. This could mean you would have to pay additional costs should you suffer loss or damages.
That’s why it is so important to take the time and make sure you have adequate insurance, and knowing what’s covered means you know where you stand in the event of a loss.
Factors that could contribute to underinsurance:
Now may be a good time to:
When purchasing or renewing your insurance it’s important to think about all the things that you have and make an informed choice to ensure that you have the right cover for your individual circumstance.
MyState Bank Limited (MyState Bank) ABN 89 067 729 195 AFSL 240896 acts under its own AFSL and under an agreement with the Insurance product issuer, Insurance Australia Limited ABN 11 000 016 722 (IAL) trading as CGU Insurance. Any advice is general only and does not take into account your personal circumstances. Consider the Product Disclosure Statement (PDS) available in branch and from https://mystate.com.au/legal/ to see if the product is right for you.