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Here's a look at why having additional insurance on top of your CTP is not just a good idea, but also essential for your peace of mind.
If you drive anywhere in Australia, there’s no getting around CTP insurance, or 'Green Slip' insurance as it's sometimes called. It is a legal requirement in every state and territory.
CTP insurance protects you from financial liability should you cause a motor vehicle accident that results in injury to a third party, including passengers in your car, other drivers and their passengers, cyclists and pedestrians.
While CTP is mandatory in Australia, you don’t have to take out additional Comprehensive or Third Party cover. However, not having additional insurance could leave you financially vulnerable if you were involved in an accident – even if you’re not at fault.
It’s really not worth the risk.
When it comes to CTP insurance, each state and territory has its own rules and regulations. Generally speaking, the amount you will pay for CTP depends on the type of vehicle being registered (for example, a car, bus or caravan), the age of the vehicle and its performance characteristics, as well as the age, driving history and claims history of the driver.
In most states, CTP insurance is included in the cost of your vehicle's registration, although drivers in New South Wales, Queensland and the ACT can choose their own provider when registering a vehicle.
While not compulsory in anywhere in Australia, it's always a good idea to purchase Comprehensive or Third Party insurance for your vehicle.
Just because you're not required by law to carry additional insurance doesn't mean you should opt out.
Have you ever found yourself saying this?
So, while not having insurance might save a few bucks in the short term, it could end up being a financial nightmare. Indeed, the benefits of having a good insurance policy may only become obvious when you need it most. Be safe and don't risk it!
There are several ways to save money on car insurance.
One way to cut costs is to not pay for features you don’t need. While Comprehensive car insurance offers the highest level of protection, you might only want to cover damage to other people’s vehicles and property through a basic Third Party Property policy.
Alternatively, a Third Party Fire and Theft policy, which includes some protection for your vehicle, might be sufficient for your needs.
Whichever policy you choose, the price of your premium may vary depending on:
The amount of cover that's right for you will depend on your personal situation and budget. As always, be sure to compare offers to find a policy that has the benefits and features best suited to your needs.
Looking for Comprehensive or Third Party insurance? Start comparing car insurance policies now, or call 13 19 20 and let us help find you a policy with the features you need at a price that fits your budget.