Green Slips are a compulsory insurance in NSW Australia. For people not from Australia who may be planning a visit, NSW stands for "New South Wales." In order to find all that you need to know of Green Slips in NSW Australia it is necessary to pinpoint what some of the acronyms mean. Once this is done, finding out all that you need to know of Green Slips in NSW Australia becomes much easier.
"Green Slips" is actually the slang term for Compulsory Third Party insurance (CTP) in NSW Australia. This is important to know because then, if a person is not from Australia, they can equate it with Uninsured Motorist coverage in their own country. Once you understand the global definition of this type of insurance you have a starting point in learning all that you need to know of Green Slips in NSW Australia.
CTP Green Slips began for the same reason that Uninsured Motorist coverage began in the United States. Too many people were driving around uninsured and passengers in cars that did not have mandatory insurance were injured or killed with no recourse to recover any money for treatment. Green Slips work the same way, this insurance covers injury to other people when your vehicle is in an accident. Like Uninsured Motorist Coverage, it does not cover your vehicle, the other vehicle, theft, or damage to buildings, posts, or whatever you hit.
Just as with Uninsured Motorist coverage, a car must have CTP Green Slip coverage to be registered each year. The difference is that in NSW Australia there are only seven insurance companies that offer CTP Green Slip insurance, where Uninsured Motorist coverage in the United States is offered as part of an insurance package that is received when the policy is put into place. So, the benefit of Green Slip coverage is that the owner of a vehicle must have it to register their car. The system is designed so that owners of vehicles are incapable of registering their vehicle without this insurance and they can't get proof of insurance unless they pay the premium. In the United States owners of vehicles are "supposed" to have insurance when they register their vehicles, but because of flaws in the system it is possible to register a vehicle without insurance. Thus, if there is an accident in NSW Australia the injured party is guaranteed that the car they are a passenger of has a Green Slip policy, while in the United States only people who add Uninsured Motorist coverage to their established policy actually are covered for injuries to passengers in uninsured cars. This is important to travelers, especially those visiting the United States from Australia who may be injured in an accident and asked to write a cheque before the ambulance will take them to the hospital.
Zones and MCIS (Medical Care and Injury Service) is also important for all that you need to know of Green Slips in NSW Australia. NSW Australia is divided into nine zones which charge different rates for CTP Green Slips. In addition, there is a 32-49% levy on CTP Green Slips to cover MCIS. This can create a strain on the premium for the CTP Green Slip Insurance and it is important to know that there is no set premium rate for CTP Green Slip Insurance. You can call each of the insurance carriers and get a quote for your CTP Green Slip Insurance and select the most affordable for you. CPT Green Slip Insurance is not only important, it is the law and you need to contact your insurance carrier today to secure your policy.
To learn more about saving money on your
car insurance in NSW visit the online car insurance page at http://www.freedomactivists.net for more information and how to get a quick quote.
