What is CTP Greenslip Insurance?
CTP or Compulsory Third Party insurance is also known as a Greenslip. It provides compensation for third parties injured or killed in an accident where your vehicle is deemed to be at fault. Third parties can be other drivers, passengers, cyclists or pedestrians.
Do I need it?
All vehicles driving on Australian roads require this cover, however in some states it is automatically included as part of the registration fees. In NSW, ACT and QLD drivers must arrange this cover prior to registration.
If your organisation registers more than 10 motor vehicles you may be eligible to get a Fleet Policy providing you with discounted rates and other benefits.
What does it cover?
Most Corporate Travel Insurance policies will cover you to some degree for:
- Emergency hospital and medical expenses,
- Replacement of lost travel documents and luggage,
- Accidental death, disability and loss of income,
- Hire care access,
- Cancellation expenses due to delayed flights or illness, Kidnap and ransom,
- Personal Liability.
- It’s possible to purchase CTP Greenslips that cover at-fault drivers, however, this is not included in all policies.
- When purchasing a registered vehicle, the existing CTP insurance is automatically transferred to you when you complete the registration transfer paperwork. You are not required to do anything further until the registration is due for renewal.
- Likewise, when you sell a registered vehicle your current CTP Insurance Policy is transferred to the new vehicle owner
If you are caught driving a motor vehicle without a current CTP Greenslip Insurance policy you can expect a hefty fine and may receive demerit points, depending on the state.