Does CTP cover other car?

Does CTP cover other car?

Damage to your vehicle and damage to other people’s vehicles or property aren’t covered by CTP Insurance. That’s why it’s a good idea to consider cover such as Third Party Property Damage Car Insurance or Comprehensive Car Insurance, in addition to CTP Insurance.

Can I transfer my green slip to another car?

The greenslip stays with the vehicle and is transferred to the new owner of the vehicle. If you buy a vehicle which is already registered, make sure the registration is transferred to you. You will not need to buy a new greenslip for that vehicle until the current registration expires.

Do I need car insurance if I have CTP?

Every certified vehicle has to be covered by CTP insurance, whereas comprehensive car insurance is optional. CTP insurance only protects you from the personal injury liability that might arise if you injure anyone involved in an accident you caused.

Do you cancel CTP insurance when you sell a car?

If you sell your registered vehicle, you can’t get a refund from your insurer because the CTP policy stays with the registered vehicle. Any unused CTP amount should be considered as part of your sale price.

Why is green slip so expensive?

The higher the investment returns for a given period, the lower the costs of claims for the period and the lower the cost of a compulsory third party insurance for NSW motorists. The higher the cost of capital, the higher the cost of the green slip and conversely so.

Can you just have CTP insurance?

They need to be purchased separately. CTP Green Slip is required before you can register your car in NSW, while Comprehensive Car Insurance (or Third Party Property Damage Car Insurance) is not — but driving without it means you could be liable for large out-of-pocket costs if you’re ever in an accident.

Can you get a refund on car insurance if you sell the car?

Your insurance provider will often charge a cancellation and administration fee. If you took out the insurance through a broker, they may also charge a cancellation fee. This means you are unlikely to receive a full refund for the outstanding amount.

What’s the difference between CTP and car insurance?

While CTP Insurance covers personal injury claims in an accident, it doesn’t cover the cost of damage caused to your own vehicle or anyone else’s property. But that’s where Car Insurance comes into play. Car Insurance is what you need to help protect your vehicle and others from accidental damage.

Do you need CTP insurance to register your car?

In certain states, CTP insurance may also offer limited benefits to the driver of your vehicle (including yourself) if injured but at fault in a motor vehicle accident. CTP insurance is required before you can register your vehicle. Important: CTP insurance does not cover damage to your vehicle, other vehicles or property.

What happens if I have a CTP accident?

It’s important to be aware that in an accident, CTP will not insure you for any damage caused to you or anyone else’s car or property. One of the safest ways to protect yourself from nasty surprises is to consider a comprehensive policy, which will protect you over and above any imposed state regulatory cover.

How does compulsory third party insurance ( CTP ) work?

Compulsory Third Party (CTP) Insurance is attached to the registration of your vehicle and provides protection to the at-fault driver against compensation claims from people injured in a motor vehicle accident.

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