When you’re buying a new car, there are so many things to consider about the automobile that’s right for you: price, gas mileage, seating, color, amenities. The list goes on and on.
However, before you actually get on the road, you need to make sure that your auto insurance coverage is in order. In New South Wales, it is mandatory that you register for Compulsory Third Party, or CTP, insurance. Also known as Green Slip car insurance, this provides compensation for people injured or killed in a car accident. There are some things to consider when evaluating all of the options for Green Slip insurance that are at your disposal.
What Green Slip Insurance Covers
One thing you need to look at when doing a CTP compare of policies is that this Green Slip insurance policy accounts for all of the necessary liabilities. Green Slip insurance is meant to cover all injured parties in an accident, regardless of who’s at fault.
If your injuries result in having to take time off work, green slip insurance will also you to be able to claim a percentage of your weekly income. In the event you need home support services to get back to good health, you can file a claim of up to six months for attendant care. You can also file a claim for any treatment or rehabilitation services, dependent on how much your policy will permit. There are some green slip policies that will actually allow to extend benefits beyond the six month time frame if your injuries are serious, and the accident was not your fault.
It is important to note that CTP insurance cannot be utilized by a driver responsible for a crash if that crash is caused by a dangerous offense like drunk driving. Please remember to avoid getting behind the wheel if intoxicated, and learn how to stay sober and still have fun.
Who Green Slip Insurance Covers
Green slip and CTP insurance covers anyone injured by your vehicle, including:
- You and your passengers
- Anyone who is driving or riding your vehicle
- Drivers and passengers of other vehicles injured by your automobile
- Cyclists, pedestrians, and others injured by your vehicle
The average driver can choose between a 6-month or 12-month green slip policy. In New South Wales, AAMI, Allianz, GIO, NRMA and QBE all provide green slip options for drivers to review before opting in and hitting the road.
What Isn’t Covered by Green Slip Insurance
Green slip insurance is a must-have in New South Wales, but it is not the only insurance policy you should have in place, as there are omissions and exclusions to each policy depending on your insurer. Most importantly, CTP insurance does not cover the cost of damaged vehicles and property.
When it comes to having the proper coverage behind the wheel, Australians should consider other types of car insurance in conjunction with CTP. Comprehensive insurance can help cover the cost of repairs in the event of accidental damage, malicious damage, even theft, fire, and hail. It doesn’t matter who is at fault, and some comprehensive policies can cover specific items in your vehicle that are damaged in a wreck like a car seat.
Third party property insurance is also an option that will cover the cost of damage to other people’s property. However, these policies generally don’t cover the damage to your car. Third party fire and theft is basically a more elaborate version of this policy, as it will guarantee coverage for your automobile in the event it’s stolen or is damaged by fire.
Before choosing these policies, be sure to evaluate all of your options and consider pricing for what you are getting.