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Compulsory third party (CTP) car insurance, or a Green Slip in New South Wales, is a legal requirement for anyone who owns a registered vehicle. If you, or anyone driving your car causes an accident in which someone else is injured, it’ll cover certain costs of their compensation claim. It doesn’t cover damage to your car or to other people’s cars or property. Other types of car insurance offer additional levels of protection. Comprehensive car insurance covers accidental loss or damage to your car if you have a collision, it’s stolen or damaged by fire or during a weather event, such hail or flood.
It also covers you for damage that your car causes to other peoples’ property. Comprehensive car insurance is not compulsory, but it does offer peace of mind that you won’t be left facing a major bill alone without insurance if things go wrong.
Comprehensive Car Insurance insures your vehicle against accidental loss or damage in events such as accidents, theft, vandalism, fire2, hail2, storm, or flood2 damage. Plus it can cover your vehicle for the damage caused to another person’s vehicle or property while using your vehicle.
Compulsory Third Party (CTP) Insurance generally covers the driver of your vehicle for injuries they may have caused to other road users in a motor accident.
Third Party Property Damage generally can cover your vehicle for damage cause to someone else’s vehicle or property while using your vehicle but doesn’t cover for damage to your vehicle.
Learner drivers are automatically covered to drive your car under supervision and there is no need to list them on your Policy.
Contact your insurer and ask about adding your child to your car insurance policy before they take to the road. If they drive your car, become involved in an accident, and aren’t listed on your policy as a regular driver, you could be hit with an unlisted driver excess on top of your excess if they are at fault.
Also, ensure you don’t have a driver age restriction in force on your policy. If you have declared that no drivers under the age of 25, for example, would drive your car and your child is 18, your claim could be rejected if they are involved in an accident.
Does car insurance cover aftermarket parts?
You may or may not be covered for aftermarket parts or vehicle modifications, so it’s vital you check with your insurer to be clear of any limitations or exclusions in your policy. If you have already modified your car in any way, be sure to notify your insurer today, so you can learn whether or not your current policy is suitable for your needs.
It’s possible that if you haven’t declared any aftermarket parts to your insurer, you may not be covered if you make a claim.
For instance, if you added a custom bumper to your car, didn’t notify your insurer, and you were involved in an accident, it’s possible your insurer could deny your claim to fix any damage to the bumper.
After you become involved in an accident, contact your broker right away with details of your accident.
Be sure to provide as much information to your insurer as possible, including:
If your broker requires more information, they’ll contact you and keep you updated until a decision is made and your claim is finalised