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What are CTP Greenslips/life insurance australia?
Greenslips / life insurance australia or CTP Greenslip is a third-party insurance policy. The third party policy means, If your vehicle is involved in an accident, this policy covers you for the people injured or killed during the accident. This policy does not cover the vehicle or the injuries of the driver or first party.
If you own a vehicle in Australia, greenslip is a mandatory legal requirement. People in Australia use different names for this policy like CTP Insurance, CTP Policy, CTP Greenslip, Greenslips. To know about greenslips in detail Click Here
What your greenslip does and what it doesn’t, how to claim, where to claim and much more such things strike your mind when you are about to purchase a greenslip. You need to be very sure before you purchase greenslips.
Here we are to explain everything about the greenslips/life insurance australia. We will answer all your questions to the point.
What are GreenSlips?
Greenslip is fundamentally an insurance policy, it covers people. This policy compensates the third party for bodily injuries or deaths that occurred in an accident of motor vehicles. Motor Vehicle accident here includes everything from cyclists, motorcyclists, pedestrians or any other such vehicles present on road.
If you own a vehicle at NSW Australia then like general motor insurance Greenslip is mandatory and important legal requirement
This insurance policy comes under third party insurance scheme and covers every cost after a motor vehicle accident. There are several other terms that may be used instead of green slips. They are CTP and CTP insurance, green slip insurance or CTP green slips.
Four Good Reasons Why You need Greenslips.
- Road accidents are very common in Australia and sometimes even the best drivers make mistakes.
- You won’t be affected financially after the accident as greenslip will cover injured financially.
- Greenslip is very helpful for people (third party) involved in a road accident. It covers all the serious and long-lasting injuries.
- After a serious crash, people generally get stressed. Greenslip gives you peace of mind as you get away with the burden of paying for third-party injuries.
What happens when I purchase this Policy
As soon as you purchase this insurance policy, you start getting the benefits of two schemes. Third party insurance scheme and Lifetime care and support scheme. This insurance scheme comes under Motor Accidents compensation act 1999 and Motor Accident Act 2006.
This means this policy will compensate people killed on injured in an accident. This policy does not cover your car or any other property.
What happens when I purchase a Greenslip Policy?
When you purchase a greenslip in NSW, You immediately start getting benefits of two insurance schemes. These are Third-party Insurance scheme and the Lifetime Care and Support scheme.
CTP Greenslip life insurance australia providers
There are six registered greenslip providers in life insurance australia Australia. They are AAMI Green slip, QBE Green slip Allianz Green slip, CIC Allianz Green slip, GIO Green slip, NRMA Green slip
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