How to Find the Cheapest Green Slips to Save Money on Your CTP
Cheap Green Slips can save you a lot of money in the long run when getting your car on road. Since CTPs are compulsory for all registered vehicles, it is a cost you are going to have to front no matter what. As such, it's best that you can save as much money on it as you can each time it comes up for renewal.
What Are CTP Green Slips?
If this is your first time registering a motor vehicle for use on Australian roads then you may not be familiar with what the CTP is. CTP stands for 'Compulsory third party insurance' and they are also referred to as 'green slips' because of the colour of paper used on the CTP form.
CTPs provide the owner with insurance against any damage cause to third-party property or people for which the owner may be liable. To put it simply, if you hit someone without one and you are liable to cover all of their medical expenses, work pay lost as a result of the accident and for any damage to their vehicle and it's contents. All of these things would add up to be far outside of the average persons ability to pay for and they would be forced to declare bankruptcy. Because this is a likely scenario green slips are compulsory and you cannot legally register a vehicle and drive it on the roads without one. Knowing this, it is not so bad that you are forced to pay for this each year.
The CTP Insurance Comparison Calculator
The easiest way to find the cheapest CTP prices is to use the green slip price calculator provided by the Motor Accident Authority, or MAA. The MAA's calculator is pretty easy to use, you just go through each step in fill in your details such as the type of vehicle you own, how often you use it and for what, and your insurance history. Based on this information the calculator will give you an estimate for each of the seven major insurers. This estimate may not always be completely accurate but it is usually within a dollar or two. In addition to this the calculator will also provide you with the contact details of each of these seven insurers so that you can easily find the most inexpensive third-party insurance and renew your CTP quickly.
Contacting Each Insurer Directly
This should only be necessary if the CTP comparison calculator provided by the MAA does not cover your specific model of vehicle. This can happen with particularly uncommon vehicle types so if this happens to you then you are going to have to take some time to make a lot of phone calls. The benefit of this method, at least, is that you can talk to another human and get help along the way in figuring out what your CTP will cost you.
Another Important Factor to Consider Besides Cost - At Fault Driver Cover
Aside from cost and perhaps customer service there is nothing to distinguish different compulsory third-party insurance suppliers. However, one extra factor you should be aware of is at fault drive coverage. This extra coverage is supplied by some insurers but not all so it is worth checking each suppliers terms in the event that the driver in the accident is at fault. Below is the at fault driver coverage offered by each of the major insurers, consider it before deciding on your insurer.
AAMI - No at fault driver coverage through CTP incusrance coverage.
ALLIANZ - At fault coverage offered. Excludes Motorcycle, persons under 25 years, and older vehicles.
CIC ALLIANZ - No at fault driver coverage available on their CTP.
GIO - Cover offered on some CTPs. Excludes motorcycles, persons under 25 years, and vehicles carrying loads greater than 4.5 tonnes.
NRMA Insurance - At fault driver coverage on some coverage. Excludes motorcycles and hired vehicles.
QBE - No at fault driver coverage available on their CTP.
ZURICH - At fault driver coverage available on some CTP packages. Excludes motorcycles, persons under 25 years of age, vehicles carrying load greater than 4.5 tonnes and quarterly or half-yearly CTPs.
Finding the Best Compulsory Third Party Insurance for Motorcycles
Motorcyclists use the road very differently to normal drivers and have their own set of risks. Typically, most of the risk of injury and damage is to the motorcycle rider and not standard vehicle drivers. Oddly, however, CTPs are more expensive than standard vehicle drivers. Additionally, none of the seven major insurers offer at fault driver cover for motorcyclists. As such, the only concern for motorcyclists is in finding the absolute cheapest possible CTP to get their bike on the road.
One thing to note, however, is that it can be cheaper to combine your Motorcycle's CTP insurance with regular comprehensive insurance. As such you should seek out the best comprehensive insurance available to you to combine with your CTP green slip.
What to Look For When Combining a CTP Green Slip with Regular Insurance for a Motorcycle
The most important things in comprehensive motorcycle are: third-party fire and theft coverage, gear and worn accessories coverage, motorcycle add-ons and improvements coverage, and premiums. You should pick one that best suits your needs and riding habits. If you regularly commute, for example, gear coverage is important, as it will cover an attached bag and any contents within in the event of an accident - even laptops. Finding the cheapest premium, however, is quite difficult. Many premiums are so high that they take away a huge chunk of any insurance payout, especially if you are under 25. The best insurer to start with is QBE as they offer insurance programs tailored to motorcyclist and have many of the extras you will need. In short, to save money on getting your vehicle on the road motorcyclists should consider the best comprehensive insurance in addition looking for a cheap green slip.