Most commonly when we obtain an insurance all of us have our own benefits in mind regardless of the fact that if the third party property or vehicle is damaged by us, we may also have to compensate for that.
In Australia, there is a lot of emphasis on obtaining the third party insurance because in case if you are engaged in an accident you may get your car damaged and in addition to that you may also get other vehicles damaged or your car may be collapsed on the wall of a house or another property that is owned by another person, then you may have to compensate for that as well.
So we can say that when it comes to getting the ctp green slip or any kind of third party insurance then no ignorance should be practiced because if you do so you will be in great trouble for sure.
Most of the times when people consider the minimum third party insurance they are always on the safer side because they have got the cover when in case they get into an accident and third party property or vehicle gets damaged.
Definitely, when the third party is involved they are not actually the cause of the accident and their belongings get damaged due to an accident or happening nearby. They are surely intended to file a claim to get the compensation of the damage and if you have the third party damage coverage then the insurance company will surely help them get the right compensation.
So, if we talk about the significance of having the third party insurance we can say that it is as important or maybe a bit more important than any other kind of insurance coverage because it offers an easy escape from lots of issues that may surround you otherwise.