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CTP Insurance NSW: Green Slip Insurance
All over Australia, Compulsory Third Party (CTP) insurance provides financial protection to drivers against personal injuries caused to a third party in a vehicle accident. In NSW, this insurance is known as a ‘Green Slip’ due to the colour of the form it’s printed on.
Getting CTP insurance cover is a separate – but compulsory – step in the process of registering a vehicle in NSW. To help make sure you’re prepared for registration, here’s your guide to Green Slips.
Do I need Green Slip insurance in NSW?
Whatever you choose to call it, having CTP insurance is a condition of motor vehicle registration in NSW. You’ve got to have it, plain and simple.
Why is CTP insurance different in NSW?
Unlike in some other states and territories, drivers in NSW are free to choose their own CTP insurance provider. There are six insurers licensed to provide Green Slips in NSW – AAMI, Allianz, CIC Allianz, GIO, NRMA and QBE. Most offer quotes online, or you can call them to talk directly.
Once you decide on the policy that suits you best and have paid for it, the insurer will notify Roads and Maritime Services (RMS) that the Green Slip is valid, so that it will be in place when you are ready to register your vehicle.
Do CTP insurance prices vary in NSW?
While SIRA sets the rules and reviews price changes in NSW, insurers can set their own prices within a range.
Prices may vary based on a number of factors, including:
- The vehicle type.
- The geographic location.
- Vehicle ownership and use.
- Current insurance status, including no-claim bonus.
- The age of the owner and drivers.
- The driver’s record, including traffic offences, demerit points and number of years licensed.
- Your claims history, including the number of at-fault claims.
When it comes time to renew your vehicle’s registration, the insurer who provided you with cover for the previous year will usually send out a renewal notice. But that doesn’t mean you can’t shop around to see if you could save money on your car insurance.
With so many different CTP insurers in NSW, it’s always worth looking at your options. It’s also worth seeing if you need more cover and comparing comprehensive car insurance policies to find the best price. Bear in mind that some providers may offer discounts if you have multiple policies with them.
How does CTP insurance cover me?
First and foremost, it’s important to note that CTP insurance is the most basic level of cover, and does not provide financial protection for:
- Damage to property.
- Damage to your vehicle or any other vehicles.
- Fire, theft or vandalism.
For this reason, it’s a good idea to get Comprehensive, Third Party Property or Third Party Fire and Theft cover in additional to your CTP insurance.
CTP insurance does cover compensation for any injuries or death resulting from an accident involving your vehicle. Costs covered might include hospital, medical and rehabilitation costs, compensation for loss of earnings and/or pain and suffering, travel and household support.
Basically, you will be indemnified for claims made against you by other road users, whether they be the other driver, passengers, pedestrians, cyclists, motorcyclists or pillion passengers.
The cost of your CTP insurance premium includes a levy paid to the Medical Care and Injury Services (MCIS). This levy funds the Lifetime Care and Support Scheme, which is designed to provide a higher level of benefit and ongoing care for people catastrophically injured in a motor vehicle accident, regardless of fault.
If you’re injured and at fault, your Green Slip may provide limited cover up to $5,000 for treatment costs and lost income incurred in the first six months after an accident.
Even if you drive out of NSW, rest assured that your Green Slip provides you with cover anywhere in Australia, 24 hours a day.
Looking for more cover? Get total peace of mind with a Comprehensive or Third Party policy. Start comparing car insurance policies now, or call iSelect HQ on 13 19 20 and let us help find you a comprehensive policy with the features you need at a price that fits your budget.