There are various types of insurance connected with a vehicle in Australia so let’s have a look at one of those insurances – a green slip.
Green slip is actually a generic phrase for compulsory third party (CTP) personal injury cover and is also known as green slips, CTP, CTP Greenslips, greenslip insurance and CTP Insurance. It must be arranged when you register your motor vehicle.
Green slip insurance will provide cover should you or another person that is driving your vehicle be involved in an accident that is deemed to be the fault of the person driving your vehicle and sometimes regardless of who may be at fault.
Green slip insurance will cover you or any one else driving your vehicle found to be at fault for the injury or death of any other road user due to your vehicle being involved in an accident. The passengers of any vehicles, including yours, that are involved in an accident are covered as are cyclists, pedestrians, motorcyclists and their pillion passengers.
When you take out a green slip insurance policy you are participating in the Third-Party Insurance scheme, that is regulated by the Motor Accidents Compensation Act 1999 and the Lifetime Care and Support scheme, that is regulated by the Motor Accidents (Lifetime Care and Support) Act 2006.
Under the Third-Party Insurance scheme, should a person die or be injured due to a fault based vehicle accident compensation is available.
Under the Lifetime Care and Support scheme, which is not based on fault, it provides treatment and care for life for such things as brain or spinal cord injury, blindness and serious burns due to a vehicle accident.
There are numerous personal injury cases due to road accidents that are pursued through the courts resulting in compensation payouts for very large sums of money. You will be pleased to note that green slip is an ideal form of insurance cover to meet such claims.
Green slip insurance does not cover damage to any vehicles or property. There are other types of vehicle insurance policies available to cover these risks.
Hopefully, the above information provides you with a clearer understanding of what a green slip is.