Protecting That New Car Feeling for Life

SYDNEY, AUSTRALIA, June 30, 2012 (Press-News.org) GIO Insurance launched its new GIO Platinum car insurance, which in an Australian first(1) includes lifetime new car replacement following total loss for eligible customers(2).

GIO spokesperson Duncan Bone said the product was built in recognition of how important a new car is to Australians.

"A new car is one of the great pleasures of life and better protection is what we are offering, whether the car is written off or stolen six months or twelve years after it's been bought," he said.

New cars have become an increasing part of Australian life with one million sold over the past year. Over the past decade, new car sales have risen by 23 percent - while the population has increased by only 14 percent(3).

"There's no doubt that more people are buying cars new rather than second hand," said Mr Bone.

"New cars are more affordable now than they have been for 35 years with the strong Australian dollar, competition between car manufacturers and low tariffs on imports."

It isn't just cheaper prices selling all those new cars. GIO's research(4) found the most important reason drivers bought a new car was trust, followed closely by the ability to get exactly what they want.

"The number one reason people buy a new car was trust. As the only owner, they can be sure of its history and trust its reliability," said Mr Bone.

The new GIO Platinum cover also includes unlimited hire car days while your car is being repaired, as well as automatic annual windscreen repair or replacement that doesn't require an excess payment or affect the no claim bonus.

Know its history and trust its reliability (50%)
Get exactly what I want (44%)
Want the latest styling/technology (29%)
New cars are safer (28%)
Pride of owning new car (24%)
Better value new than used (19%)
Love the new car smell (19%)

Footnotes:
(1) The insurance industry standard for new car replacement is 2-5 years.
(2) To be eligible for life time replacement cover, the customer has to be the first registered owner, take out the cover within12 months of buying it new and keep the cover continuously until the date of the loss.
(3) Australian Bureau of Statistics, Sales of New Motor Vehicles and Census data.
(4) Newspoll Market & Social Research conducted an independent internet survey of 764 Australian drivers, 18 years of age and older, across New South Wales and Victoria in 2012. Data was collected in line with ISO 20252 - Market, Social and Opinion Research and has been weighted with current ABS population demographics to ensure any extrapolation of results is representative of age, sex and area.

GIO General Ltd is the issuer and leading provider of insurance products such as car insurance, CTP insurance (in NSW), home insurance, boat insurance, caravan insurance, travel insurance, business insurance, public liability and workers' compensation insurance. For more information please read the relevant Product Disclosure Statement or policy wording at gio.com.au or call us for a copy on 13 10 10.

Website: http://www.gio.com.au/