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.
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.
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.
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