Ctp Is Required As Part Of Your Car Insurance In Australia
While some forms of insurance in Australia are compulsory and others are not
, CTP is one of the must haves for Car Insurance and in every Australian state it is a law. Compulsory Third party (CTP) insurance is compulsory. It covers anyone for who is injured or killed by the car as a result of an accident up to a set limit (or unlimited in some cases).
One may also opt for third party property car insurance which covers one against damage caused to another car. If so chosen, it may also include limited cover against damage caused to your car by an uninsured. One may choose this in addition to the mandatory CTP insurance as well as cover for risks one feels are likely like theft either of the car or contents stolen from the car. This is especially important for those who live and work in high crime areas. A car owner may also opt to take out comprehensive car insurance which would ensure compensation for all forms of damage or loss of the car as well as damage caused to other people's property by it. It is however the most expensive option as it includes benefits like meeting the cost of repairing the car or even replacing it even if you are the one at fault.
Depending on which area of Australia one lives in, it is important to note that in all the states apart from New South Wales and Queensland, CTP is only provided by a single state-owned or a government-licensed insurer. In these two states, it's therefore worth it to take the time to compare the different rates insuring firms are offering. The rates offered do vary and you can get incentives in the form of discounts if you have another policy with the same insurer and discounted premiums if you are a safe driver and make no claims. You may also get an insurer who takes care of your transportation costs in case your vehicle is damaged by another on the road and you need to take a cab.
If you haven't got your car get and are looking for an insurer first, you might consider choosing Car Insurance according to the make of car. Some models attract lower premiums than others. If money is tight and you just need something practical for example as a student or if you don't have a particular model at heart, you could consider going for the models that cost less to insure.