Car Insurance

There are 2 main car insurance policies that all car owners need to consider:-

  • Compulsory Third Party Insurance (CTP)
  • Comprehensive Car Insurance

In the interests of supporting our customers with all aspects of their motor vehicle purchase, Jade Finance provides general advice on car insurance. Insurance and lending are key sectors in the Financial Services industry and while we’re not insurance brokers nor are we aligned with any insurance company, our consultants are extremely knowledgeable on insurance matters.

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Compulsory Third Party Insurance (CTP)

Your Jade consultant can provide further information, insurer recommendations and in some cases, we can include the cost of your CTP policy in your car loan. Call 1300 000 008.

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In some states, CTP is referred to as a ‘green slip’ as the policy used to be issued on green-coloured paper. Now they are primarily issued electronically or on white paper.

As the name implies, CTO is a compulsory policy that all registered vehicles in all states of Australia are required to be covered under.

You will not be able to register your car unless you have a CTP policy.

CTP covers the driver of the vehicle (in this example, yourself or eligible drivers of your car) for liability for death or injury to other persons (not the driver) sustained in an accident which is the fault of your vehicle.

CTP covers passengers, other drivers, pedestrians, bystanders, cyclists etc who are injured in an accident which is deemed the fault of the driver of your vehicle.

CTP does not cover yourself as the driver at fault or damage to your car.

CTP will not cover damage caused by your vehicle to other people’s property or vehicles.

CTP purely covers injury to people.

In many states of Australia your CTP will already be included in your car registration so you do not have to purchase a separate policy.

In NSW, ACT and Qld, car owners are required to purchase their CTP policy.

All major insurers and many smaller companies offer CTP policies. It is a very competitive market and you can save money by shopping around for the best policy.

Policies cover the same elements, but insurers price each policy according to their own company guidelines. So prices will vary.

Quotes on CTP for your vehicle can easily be obtained online at many insurance company websites, by phoning or by using a comparative website.

To do the deep dive, consider checking reviews of insurers and CTP policies and reviewing comments on consumer websites.

Comprehensive Car Insurance

  • A comprehensive car insurance can cover you and your car against theft and damage and cover other people’s property for any damage caused by your vehicle in an accident.
  • Comprehensive insurance is not a compulsory requirement under state regulations but many lenders will require their loan customers to take out a policy. Remember, if you have a car loan and you do not have comprehensive car insurance, if your car is written off or stolen you will be required to finalise your car loan as there is no longer security against the loan.
  • Many insurance companies issue these policies, the market is huge and highly competitive so it can worthwhile shopping around for the best policy for your requirements.
  • The cheapest policy is not always the best policy for you. The inclusions, terms and conditions can vary significantly across the policies.
  • You need to read and understand the fine print and be confident that you are fully aware of what will be covered and won’t be covered in your policy.
  • A few suggested items to consider: storm damage compared with flood or natural disaster damage; how many windscreen replacements you are covered for each year; adding accessories and modifications to your vehicle may add to the premium or void your policy; can you choose your own repairer; what drivers are covered under the policy, especially learners and under 25s.
  • Some insurers price policies based purely on the make, model and age of the vehicle and where it is usually garaged. Others do the deep dive and take into account how you use your vehicle.
  • Policies are usually priced on agreed market value or a fixed value – you can negotiate these aspects with your insurer.
  • Most policies include a ‘no claim bonus’ which is a discount on the premium if you have not made a claim in a certain number of years.
  • Many insurers offer a pay-by-the-month, by the quarter or half-year option.
  • You will usually select the items you do and don’t want included in your specific policy. Eg do you want a rental car provided if your car is in for repair? Sounds convenient but would this be essential to your requirements when compared with additional cost on the premium.
  • Policies are annual and must be renewed each year. Your insurer will usually send you a renewal notification with details of the premium for the coming year and a new policy document.

Your Jade consultant can provide further information, insurer recommendations and in some cases, we can include the cost of your comprehensive car insurance policy in your car loan.

For more information on car insurance, speak with a Jade Finance Consultant. Call 1300 000 008.

How we have helped Australians like you

Jaz W
Jaz W
10 July 2023
Huge shout out to Scott Clapham! From start to finish, you can't fault him. He is quick, thorough and explains everything properly. The ease of the process was fantastic and I never had a chance to follow up on how anything was going because Scott would call me first with any updates. Got my loan across the line with speed and ease and a much better rate than I was offered anywhere else. Thank you very much for all your help, we will be picking up our camper trailer in the next few days!
Shelley M
Shelley M
29 June 2023
Daine was prompt and professional and made the process seamless and uncomplicated. I would highly recommend Daine, Richard and the Team at Jade Finance for any of your Personal finance needs. Sincerest thanks from our family.
11 June 2023
Josh was great to deal with, understood what I wanted and my particular situation. Found a suitable deal which met my requirements very quickly. Great communication.
peter van echtelt
peter van echtelt
4 June 2023
thanks Josh for making my boat loan a great experience i appreciate the hard work and the updates and the help you gave me no matter the questions I had ,definitely be calling you guys when i need to take out another loan
29 April 2023
Very Happy with Ezra, Swift and honest, will use again in the future
Ben Wood
Ben Wood
22 April 2023
Exceptional service, Graham Scott was really Easy and friendly, and really does try to find the best for you
Office Teddy & CO FUNLAND!!!
Office Teddy & CO FUNLAND!!!
22 April 2023
Matt offered us a great service for 3 of our company’s vehicles. And we will go back for the 4th Highly recommended
Micayla Norris
Micayla Norris
19 April 2023
Josh and Jay helped me for finance for my new car. I had never purchased a brand-new car before so wasn't quite sure of the process. It was unbelievably quick and easy - had an approval as soon as I supplied the few documents required. Josh was extra helpful - happy to always give me a quick ring if I had any questions. Super pleased with the experience and will definitely be coming back for our next car :) Thanks again guys.
13 April 2023
This is the second time I have used Jade finance to per cure a loan & they have very easy to deal with, Chris Fahy is an excellent person too deal with, I will use again if needed. 😀
22 March 2023
Matt was great to deal with and provided excellent customer service to us through the whole process. We would highly recommend Jade Finance and will definitely be a returning customer. Thank you guys.

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