But either way, it’s important to know what the name actually means, because if you own a car, you’re required to have it. That’s right, everyone in Australia is required to have Compulsory Third Party insurance before they can get on the roads.
In short, Green Slip is a car insurance policy that helps provide compensation for people killed or injured in a motor vehicle accident. Without it, you could end up personally accountable for covering the compensation costs of an injured person, if you were found to be liable. The price of compensation costs could be quite high, ranging from thousands to even hundreds of thousands of dollars.
Green slip insurance varies from state to state. The main difference in NSW is that drivers are expected to choose their own CTP insurance provider before they register their vehicle. There are five licensed insurers who offer green slip insurance policies.
All Green Slips generally have the same level of protection, but some insurers offer additional types of cover and incentives. So make sure you check to see what’s included in the policy and if there are any add-ons you might want to consider. Once you’ve purchased your policy, your chosen insurer will then work with Roads and Maritime Services (RMS) to sort out your car registration.
At iSelect, we don’t compare Green Slip car insurance, but when it comes to additional cover, such as Third Party Property, Third Party Fire & Theft, and Comprehensive, we may be able to help. . Click here to start comparing from our available policies and providers*.
Generally, in NSWs there are two different types: either a 6-month or a 12-month policy. If you’re a motor dealer or a fleet owner, the options may vary more when it comes to picking a policy. If you drive a historic vehicle, a purpose-built vehicle, or any other limited road access vehicles, you may be able to take out an unregistered vehicle permit or even conditional registration.
Green Slip insurance typically covers all injured parties in a road accident, regardless of who was at fault (unless you’re charged with a dangerous driving offence). According to the NSW State Insurance Regulatory Authority, you’re usually allowed to claim up to six months (26 weeks) of the following:
If you find yourself seriously injured after being involved in an accident that wasn’t your fault, you may also be able to claim benefits past the 6-month time span.
Green Slip insurance is mandatory and there’s a set price range that all insurers follow, but the price can slightly differ depending on the risk level of a vehicle and its driver. There are a few things that can influence this, including:
Anyone injured by your vehicle is generally covered by your policy. This usually includes the following:
Green Slips don’t cover the cost of damage made to any vehicles or property that are involved in an accident. For this kind of additional cover, you might consider looking into other insurance types, including Comprehensive, Third-Party Property or Third-Party Fire and Theft.
Yes, Green Slip insurance insures NSW drivers all over Australia no matter where the accident involving your vehicle occurred.
If your Green slip expires you need to organise a new one to be able to register your car. If you renew your Green Slip after the due date, make sure you wait until you’re covered before you get on the road or you could be fined.
Honesty is the best policy. When buying a Green slip, it’s important to give accurate information about your vehicle, yourself, and anyone else who might be driving your car. Your insurer will most likely ask for the following information:
At iSelect, we can help you compare comprehensive car insurance policies on offer from our range of providers. Start comparing online here or call our friendly team on 13 19 20.
Last updated: 1/04/2021