Why a CTP green slip comparison ?
All drivers in Australia must have a ctp insurance (CTP = Compulsory Third Party), except people driving cars which are the property of Commonwealth of Australia.
Australian auto insurances, just as auto insurance in most of foreign countries, include a minimum coverage in their policies, and this minimum coverage is required to protect drivers liable for an accident against claims and damages. Of course, you can choose a larger coverage which applies in case of an accident.
So, having these basic rules in mind, how do we conduct a CTP green slip comparison ?
Step 1:
Decide whether you want a minimum coverage as required by the law, or an extended coverage for a better protection. The first one is mandatory in order to protect at-fault drivers. The second one will save you a lot of hassle in the case of an accident, as it offers additional protection to the at-fault driver. Several insurers sell such extended protections.
Step 2
Be careful when reviewing the policy specifics of the at-fault driver coverage. Indeed, each insurer will offer you a coverage with its own restrictions. Is is very important that you seriously analyze these restrictions, as for instance limits on the types of injuries insured and the amounts paid for covered injuries.
Step 3
Recent changes have occurred to policy verbiage, mostly concerning at-fault driver coverage. There are five insurance companies offering this kind of policy . One of them (Allianz) has not amended its policy to reflect the legislative change that occurred on April 1, 2010, which provided up to $5,000 for at-fault drivers for lost wages, etc ... The at-fault driver policies of QBE, NRMA, GIO and Zurich insurance companies have updated their at-fault driver policies to reflect the change, and do provide additional benefits to those they insure.
Step 4
Price, ease of purchasing and at-fault driver coverage options are the criteria you should focus on when conduction your CTP green slip comparison. And not necessary in that order. Price should not be your primary criterion. In a case of an accident, it is always good to know that insurance coverage will not be a problem to worry about;
So, are you ready so start your own CTP green slip comparison ?
All drivers in Australia must have a ctp insurance (CTP = Compulsory Third Party), except people driving cars which are the property of Commonwealth of Australia.
Australian auto insurances, just as auto insurance in most of foreign countries, include a minimum coverage in their policies, and this minimum coverage is required to protect drivers liable for an accident against claims and damages. Of course, you can choose a larger coverage which applies in case of an accident.
So, having these basic rules in mind, how do we conduct a CTP green slip comparison ?
Decide whether you want a minimum coverage as required by the law, or an extended coverage for a better protection. The first one is mandatory in order to protect at-fault drivers. The second one will save you a lot of hassle in the case of an accident, as it offers additional protection to the at-fault driver. Several insurers sell such extended protections.
Step 2
Be careful when reviewing the policy specifics of the at-fault driver coverage. Indeed, each insurer will offer you a coverage with its own restrictions. Is is very important that you seriously analyze these restrictions, as for instance limits on the types of injuries insured and the amounts paid for covered injuries.
Step 3
Recent changes have occurred to policy verbiage, mostly concerning at-fault driver coverage. There are five insurance companies offering this kind of policy . One of them (Allianz) has not amended its policy to reflect the legislative change that occurred on April 1, 2010, which provided up to $5,000 for at-fault drivers for lost wages, etc ... The at-fault driver policies of QBE, NRMA, GIO and Zurich insurance companies have updated their at-fault driver policies to reflect the change, and do provide additional benefits to those they insure.
Step 4
Price, ease of purchasing and at-fault driver coverage options are the criteria you should focus on when conduction your CTP green slip comparison. And not necessary in that order. Price should not be your primary criterion. In a case of an accident, it is always good to know that insurance coverage will not be a problem to worry about;
So, are you ready so start your own CTP green slip comparison ?