In Australia, according to the car insurance act, people who own a car are obliged to get the green slips because it is considered to be one of the basic insurance coverage needs that each and every vehicle has to obtain before it gets on the road.
So we can say that the ACT not only assures to provide protection against any kind of financial loss but it also assures protecting all on the road whether you are the car owner or the one who is being affected by the car.
According to the car insurance ACT the following kinds of insurance policy coverage are allowed for the car owners to obtain:
Comprehensive car insurance
Comprehensive car insurance coverage is one of the expensive and the fullest coverage option for most of the vehicles because it includes all kinds of theft and damage coverage for the car that is being insured and the injuries caused during an accident. This could be perfect for new cars.
Third party property damage insurance
This includes the damages done to the third party property and the car or the contentment inside. It helps in avoiding the expenses and make sure to compensate the affected party.
CTP or green slip
This is a compulsory insurance every vehicle owner has to take and covers the third party injury and damages and not for the person who has the green slip.
Third party theft and fire coverage
This assures coverage when the car is stolen or got caught into the fire and help in compensating the car if it’s lost. It does not cover your car or injuries if you are at fault and all the mess is caused by you on your own.
Obtaining any of these insurance and the green slip as a compulsion assure safety measures for your own vehicle, you and other people who are driving on the road.