Having Third Party Insurance is a Wise Investment - If you drive in Australia then purchasing third party car insurance in addition to owning compulsory third party personal (CTP) insurance is one of the wisest choices you can make, especially if you are unable to purchase comprehensive coverage. Many drivers believe that having compulsory third party personal insurance is enough simply because it’s required by law and is included in your registration, but fail to remember that CTP insurance does have its limitations.
CTP insurance, or “green slip” insurance as it is more commonly called, only provides coverage for medical and healthcare claims made against the liable driver; it covers personal injury to another party when the owner of the vehicle or the person driving the vehicle is at fault. While CTP insurance covers your passengers and others that are using the road, it does not cover property damage or damage done to other vehicles by yours. This gap in coverage is where third party property car insurance takes over.
What does third party property insurance provide?
Third party property insurance covers damage done to any vehicles and the property of others by your vehicle in an accident were you are at fault. However, it does not cover damage to your own vehicle. Having third party property insurance is a no-brainer when you consider how costly even the slightest accident can be. Why risk paying thousands of dollars of out-of-pocket expenses when cheap third party insurance is widely available from a number of insurers in Australia?
Benefits of owning third party fire and theft car insurance
Motor vehicles are not just subject to being involved in accidents; fire and theft are also realities of automobile ownership. Third party fire and theft insurance is substantially cheaper than comprehensive coverage and owning a third party fire and theft policy definitely has its benefits- if you are involved in an accident and the other driver is at fault and your car catches on fire, live in an area that is considered high risk, or have your car stolen then you are covered by this insurance plan. Depending on which company you choose, sometimes property within the vehicle is also replaced by the insurance company.
Even if you can’t afford comprehensive car insurance coverage, third party car insurance provides a suitable alternative. There is no reason to risk financial ruin when third party insurance can provide you with just the coverage you need. Contact your insurer today to find out the best policy for your vehicle and your budget today.