Finding cheap green slips in NSW seems to be getting harder and harder with the constantly inflating fees of registering your vehicle. In this article we will look at what you need to know about Australian insurers, CTPs, and how to get the best CTP deals.
What is NSW CTP Green Slip Insurance?
CTP is short for 'compulsory third party insurance' and it is required by the Australian government and the RTA for a car to legally be able to drive on the roads. The reason they are called 'green slips' is based on the colour of the original slip of paper and for simplicity.
What the CTP actually does is it provides coverage for the CTP holder in the event of an accident for the health costs and property costs of any other people involved in the accident. Without this coverage you would have to pay the medical costs and for any damage to their car and contents. You can also be liable for any of the other person's lost wages due to injury. All of these costs are easily more than the average person can afford and hence the reason why CTPs are compulsory.
How to Find the Cheapest CTP Insurance - CTP Quotes from the MAA Green Slip Calculator
The best way to find the cheapest overall price on your CTP is to use a specialized comparison tool like the MAA (Motor Accident Authority) green slip calculator. This tool allows you to enter in your information like your vehicle and license history and it will then return a quote and cost comparison between each of the top seven insurers. The amounts returned are estimates though they are fairly accurate. However, you should be aware that further discounts available elsewhere might tips the scales in one insurers favour. An extra feature of the MAA's comparison tool is that it will also return the contact details for each insurer so that you can easily contact them.
Comparing the Premium
Make sure you don't just consider the initial and renewal fees because the premium is very important too. The premium is not very interesting to consider because you may feel like you do not plan on having an accident in the first place but it is important to think about how the premium might affect you in the event of a write off accident. The premium can end up being quite expensive and it comes right at the toughest of times - right after an accident. In some cases the premium can leave you with not enough money to even buy another account.
Comparing At Fault Driver Cover Between the Top Seven Insurers
Another important thing to consider before deciding on which insurer to go with is each insurer's at fault driver cover on accident claims. Some insurers do not cover people for accidents where they are the cause of the accident and this can be a serious issue.
Insurers Who Offer At Fault Driver Cover
Allianz, GIO Insurance, NRMA, and Zurich all offer at fault coverage on some green slips. Usually the driver has to be over 25 and oftentimes motorcycles are not covered.
Insurers Who Do Not Offer At Fault Driver Cover
QBE, CIC ALLIANZ and AAMI all offer no at fault driver coverage on their CTP offerings.
The following are common questions that are asked about CTP green slip insurance and reading through them should address most of your further concerns.
What are not Covered by the CTP Green Slip?
Damage to your car and self is not covered by third-party insurance. Comprehensive and health insurance are needed to cover you for these things.
What is the MCIS Levy?
The MCIS Levy is a scheme that is regulated by the Motor Accidents Compensation Act 1999 for the coverage of medical care and injury services. The MCIS isn't very visible because it is covered as a percentage of the green slip premium, which varies depending on where you live. Essentially, the MCIS levy covers things like ambulances and rescue services, which are crucial in times of accidents.
Are There Any Differences Between the Different CTP Green Slips?
The short answer is that there are not any differences between CTP insurance through the different providers. However, the long answer is that there can be a difference on the level of coverage depending on your age and the insurer you are with. The difference in coverage is only ever limited to at fault driver coverage as this is the only part that is not considered compulsory by the Australian government.
When You Buy a Vehicle Does the CTP Insurance Come With it?
This is a common concern because this insurance is expensive and it could cause buying a vehicle to be much more expensive. Luckily, the CTP always moves to the new owner so provided there is a decent amount of time left on the registration there should be no additional costs for you outside of stamp duty.
What Causes My CTP Insurance to Cost more than Someone Else's?
The main factors in the price of your insurance are: your age, your vehicle type and size, the way you use your vehicle, and your driving history. So a person under 20 driving a large car frequently with 1 point left on their licence will have a very expensive green slip.
How to Save More on Your CTP Green Slips
It is possible to get some discounts on your CTP insurance costs and finding out which ones you can get is a great idea as this is a major expense that you have to cover every year just to keep your car on the road. The first way that you can get a discount is through your employer. Some employers will offer discounts if you use their preferred insurance company and this can save you a lot of money. This type of discount is typically seen from employers that require you to drive a lot for your work. Another way to get a discount on your insurance is to sign up for a comprehensive insurance program with an insurer that offers a discount when you combine their services. Taking out all of your insurance, or even insurance on multiple vehicles with the same insurer can present you with the opportunity to get cheap green slips in NSW.