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In Australia, you must insure each registered vehicle with CTP insurance, sometimes known as Green slip insurance.
You buy your policy from one of a handful of insurers your state has selected to take part in its CTP scheme – all of these state-regulated policies cover you for the medical bills of anyone you injure in an accident. Some states will cover some of your medical bills, even when you're at fault.
In most states, your Green Slip automatically comes with your registration but you have to organise it on your own if you're in NSW, ACT or QLD.
You can choose between three types of additional insurance to go along with your CTP. These are:
This covers any damage you cause to another's property, including cars, homes, land, pets and personal items. But it won't cover repair costs for your car.
This covers everything TPPD does plus two specific events that cause damage to your car: when it catches fire or when someone steals it. It doesn't cover your car when you cause a crash or when it's damaged by any other type of natural disaster, besides fire.
This covers you for everything TPPD and TPFT does, plus, all other ways your car can get damaged: storms, natural disasters, vandalism, uninsured drivers, hit-and-runs and at-fault accidents.
Additionally, there are specialist types of car insurance that you might need depending on your circumstances. Examples include multi-car insurance, which lets you insure all your cars together – and rideshare insurance, to cover you if you're an Uber or Ola driver, for example.
CTP may be the only form of insurance that's compulsory, but that doesn't mean you should go without more cover.
If you want to stop yourself from potentially severe financial hardship, it may well makes sense to get extra cover. Here are 3 reasons why:
Causing an accident can be expensive. Even if you forget about the damages to your car, you'll still be responsible for damaging other people's cars plus any other property you can think of, like road signs, bus stops, homes, lawns, shopfronts and animals.
If replacing your car would hurt your wallet, consider these situations where CTP won't pay for your car: you cause the accident, an uninsured driver hits you, someone hits you and drives off, someone steals or vandalises your car or there's a natural disaster like a flood or hailstorm.
If you borrowed money for your car, your lender might insist that you take up additional cover to protect the loan.
Everyone needs some form of additional insurance in case they damage someone's property, but only certain people will need more than that. It really depends on the individual, since not everyone has the same car or the same driving record.
Here are some questions you can ask yourself to determine which level of cover is right for you:
Put simply, comprehensive car insurance is your go-to policy to get peace of mind that you'll be protected against a wide range of risks on the road.
Everyone should have some level of additional car insurance on top of their CTP, including those who drive old cars. An old car can cause just as much damage to a BMW as any other car on the road, maybe even more so, since older cars tend to be heavier.
That's why it's important to consider getting at least third party property protection – as a minimum.
You should also consider whether or not you'd be in the financial position to replace your car if it was damaged. If replacing your old car would be too much of a burden, getting third party, fire and theft or comprehensive cover will ease some of that worry.
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I am in QLD on WHV 417 and want to buy a car to travel around the country. If I buy a car i understand i must register it as the new owner – do you know how much that is? and then I must insure it with a green slip if I sort this in QLD am I then covered for insurance across all australia?
Hi Corrine,
Thank you for reaching out to finder.
Depending on the vehicle number of cylinders, your vehicle registration in QLD may range from $350-$670. The rules of CTP insurance vary from state to state. For example, drivers in New South Wales, Queensland, South Australia and the Australian Capital Territory have the power to choose their CTP/Green Slip insurance provider. All vehicles in Australia must have CTP insurance before they can be registered and legally driven in any road in Australia. Hope this helps!
Cheers,
Reggie
Can you insure the car you are driving if it is not registered in your name/
Hi Sue,
Thanks for reaching out! You may certainly insure a car you’re driving that’s not registered under your name. Non-owner car insurance allows you to drive someone else’s car and be protected.Typically this insurance only provides liability coverage, not optional coverage like damage to the car, rental reimbursement or medical expenses. Do your research by viewing this list of car insurance providers on our page and ask if they offer this type.
As a friendly reminder, carefully review the Product Disclosure Statement of the product before applying. You may also contact the insurance provider should you have any questions about their policy.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki