Getting insurance is always recommended and when it is for personal or commercial vehicle then the Australian Government ensures that every vehicle gets insured under the Compulsory Third Party insurance policy. CTP covers the basic risks that should be covered for all the vehicles on road, yet certain people opt for additional insurance policy with added features that widens the scope of auto insurance.
Why is it compulsory to have Car Insurance?
In Australia, getting “green slip” insurance is legally compulsory and mandatory. It gives you a financial protection and cover from the risk of accident, theft or any other injury caused while driving. Though opting for a Third Party cover is not compulsory yet it is always advisable to opt for one as it saves you from the potential risk of paying huge sum of money if by any chance you meet with an accident.
What is the parameter to calculate the Compulsory Third Party Insurance Amount and Premium?
The CTP amount is determined according to the laws prevalent in each state. It also depends on the type of vehicle, the age or the date of manufacture and number of years of use, condition of the vehicle and the driving history. Usually in most of the states CTP insurance is included in the cost of the car at the time of purchase when it gets registered with the state. There are certain states in Australia like Queensland and New South Wales where the car owners have the liberty to select the insurance policy for their automobile.
Do not fall into the trap of not taking Insurance just because it’s too expensive.
Many people do not opt for additional car insurance as they feel it is avoidable and not worth the extra cost. They assume that they are safe and cautious drivers and have never encountered any accident, so they shall never need to cover any kind of risk. But you should not fall into this trap of being a “cautious and experience driver” and avoid taking any insurance.
Even if your car is old or you do not drive much, you should always take an extra cover for you never know when you might need one. There are many examples, where people have to face huge financial losses at the cost of others mistake or rash driving. So a safe and a decent insurance policy cover for your car is must.
Which is the best Car Insurance Company in Australia?
If you are seeking to avail insurance for your luxury car, or want to know any kind of information or get genuine car insurance comparison Australia results, you should surely check iSelect.com as it is the most recommended car insurance provider in Australia.
It is one of the best and most preferred car insurance service providers as they are experts in this field. The entire staff is experienced and friendly in approach and shall answer all your queries without any hesitation. You shall compare all the insurance service providers and take a decision that suits you the most.