Mandatory CTP Green Slip coverage

CTP Green slips or Compulsory Third Party Insurance provides a third party with protection. Prior to the founding of laws in Australia requiring the use of this type of third party insurance, the individual purchasing car insurance for themselves would normally take out an additional amount of insurance to provide for third party liability and injury protection. Yet, this was never a compulsory element of being insured.

As a result, many felt that innocent victims were left with large, costly bills because the driver of the vehicle chooses not to carry this type of third party insurance product. This changed after a public outcry over a few accidents that seemed to gain extra coverage. Rightly so, the change in the NSW State Government's law, Motor Accident Act 1988, was amended. It now includes a requirement that drivers have compulsory third party insurance for all of their registered vehicles.

Coverage Under General CTP Green Slip Policies:

There are various types of car insurance products on the market, but you cannot escape having CTP Greenslip protection. Nearly all car insurance providers will offer this type of protection along with other car insurance plans such as comprehensive coverage. Under this type of insurance, the driver is protected from any liability of personal injury to anyone that has been hurt due to a motor vehicle collision you have caused or are found responsible for. Should someone be hurt while you are driving and cause their injury, this insurance will cover their personal injury claim against you.

Your CTP Greenslip coverage does not provide any type of insurance protection from damage to property or to the other person's car. It will not give you any cover for your personal medical expenses.

CTP Greenslips will cover:

* Other people who are on the road with you that are involved in the accident

* Pedestrians pedal cyclists or others on foot

* The people you have in your vehicle

* Injuries that are caused by your trailer

Questions for Your Provider:

CTP Greenslips are available through a variety of lenders, all of which you should talk to. You will be able to shop around for the right level of insurance protection at the right price. There are currently 7 insurers that provide CTP Greenslips as required by law. This includes:

* AAMI

* Allianz

* CIC Allianz

* GIO

* NRMA

* QBE

* Zurich

The pricing on these plans differs from one insurer to the next, but is depending, at some level, on your own situation. For example, premium prices for CTP Greenslips is set by a combination of factors including your driving and accident record, the age of those people who will drive your car, the type and age of the vehicle you have, the use of your vehicle (private use as compared to business use) as well as if the purchase will be a renewal or new.

Find out from these potential insures how your driving situation compares to the types of insurance they offer.

How to reduce the cost of CTP Green Slip insurance:

Perhaps the best way to get the lowest costing CTP Greenslips possible is to use the Motor Accidents Authority's website where you can use a very helpful calculator. This calculator will take some basic information from you and compute the various quotes from each of the seven insurers. By giving you the lowest price CTP Green Slips possible, this not only saves you time, but money as well.

You can also call and get each of these insurers to provide you with information on the insurance packages they can offer to you. While more time consuming, this more personal approach will deliver the best results for you in terms of cost.

Additionally, take into consideration your driving habits and your vehicle a well. Realize that your costs may be more if you are a reckless driver, but improving these habits over the long term will get you lower rates.

Beware Before Signing:

Before you sign on the dotted line with any insurer for your CTP Greenslips, do your homework. Read through the contract to know what you are signing and how much it will cost you. Do the figures mirror the quotations you were provided with? Because the government regulates who can provide CTP Greenslips for you, you are likely to have no problem trusting the company, but that doesn't mean you shouldn't take note of the contract's fine details.

Additional Coverage to Consider:

While CTP Greenslips are a very necessary type of insurance coverage for your vehicle (you can't drive or get a registration for your car without it) this is not the only type of insurance that you need to remain safe. Comprehensive insurance is also necessary. It will provide you with protection from loss of your vehicle as well as that of another person you are involved with in an accident.

Article Source: http://myarticlezine.com

Insurance Compared works with consumers and businesses providing explanations and information on most sorts of CTP Green Slips on the market today. Insurance Compared is working to take the mystery out of third party insurance policies so that people can find the best insurance for their needs. Find out more at => www.insurancecompared.com.au/explained/vehicle/ctp.php

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