Compulsory third party insurance is also referred to as green slip in NSW. It covers the injured parties and their property in case of an accident. The fact that it’s mandatory doesn’t mean that you buy it from any provider. You should put some effort into finding an affordable cover as well.
The amount of compensation, losses and injuries payable is provided for by legislation. You green slip does not include coverage for your damaged vehicle or that of another party. It doesn’t cover theft or fire cases either. For a new vehicle to be registered in NSW, the owner has to pay for ctp insurance first. It is often paid as part of the registration fee. At all times, the green slip period has to be similar to the registration period.
Several insurance companies provide green slip insurance. As such, its prices vary widely depending on the insurer. Other things that affect the prices of ctp insurance include vehicle type, registration status, location, and driver’s claims history, age and driving history. To determine insurance prices, a green slip calculator is used.
Therefore, you have to compare quotes before buying your insurance. There are six registered ctp insurance providers in NSW; you should compare their prices and choose them accordingly. Your vehicle type and personal details will be needed for this comparison. Apart from determining the rates, the calculator will also inform you about other benefits that the different insurers offer.
Once your mind is made, you will be provided with contact information so that you can complete the transaction. Finally, the insurer will notify the concerned authorities that you have purchased the insurance. The notification is done electronically. With this simple procedure, you will get an affordable insurance policy and additional features that will be helpful during times of need.