All over Australia, Compulsory Third Party (CTP) insurance gives financial protection to drivers against personal injuries caused to a third party in a vehicle mishap.
In NSW, this insurance is known as a ‘Green Slip’ because of the shade of the form it’s printed on. Drivers in NSW are allowed to pick their own CTP insurance provider. CTP insurance is the most basic level of cover, and does not give financial protection for damage to property, damage to your vehicle or any other vehicles, fire, theft or vandalism.
CTP insurance does cover compensation for any injuries or death resulting from a road mishap involving your vehicle. Costs covered may incorporate hospital, medical and rehabilitation costs, compensation for loss of earnings and/or pain and suffering, travel and household support.
Basically, you will be indemnified for claims made against you by other road users, regardless of whether they be the other driver, passengers, pedestrians, cyclists, motorcyclists or pillion passengers. There are six insurers licensed to provide Green Slips in NSW. These are AAMI, Allianz, GIO, CIC Allianz, NRMA, and QBE. Costs vary between each of the insurers so it is strongly recommended that you shop around for the best deal. All Green Slips have the similar level of cover and protection, however some insurers give additional cover like ‘at-fault’ cover.
When purchasing a Green Slip for Car you should give your insurer exact information about your vehicle, yourself and any other people who drive your vehicle. If you are a person injured, your greenslip may give limited cover, up to first $5000 of treatment costs and lost income incurred in the first six months after a mishap.
If you are driving a truck, you will need a specialized Truck Greenslip in Sydney before you hit the road. For smaller trucks, of up to 4.5 tonne GVM, buying a truck greenslip policy is a relatively straightforward matter of comparing costs and choosing the cheapest. However, for larger vehicles, of more than 4.5 tonne GVM, you need to find an insurance broker to get a policy best suited to your business that can minimize expenses and ensure road safety.