Meta: Knowing the secrets behind the necessary third party insurance requirements in the form of the compulsory third party insurance in Australia or the CTP.
In Australia, getting the ctp has been made necessary for all vehicle owners. It is important to note that when people have their vehicles registered in any of the states, they must also obtain the compulsory third party insurance before they can drive the vehicle on the road. This is a necessary insurance you will need and without having it, you may find yourself in legal trouble because it has been compulsory for every vehicle owner.
Bike owners, car owners and drivers on the road need to keep their CTP so that they are legally allowed to drive on the road.
CTP, or compulsory third party insurance is also termed as the green slip which represents as a token for the insurance owner signaling their legality to drive on the road without any legal obligations.
Many people require to have an insurance plan that offer some sort of coverage against the possible accidents on the road. But, in most cases, people are always looking for the safety and financial support for keeping them away from the hazards and support finances when they are in trouble.
Regardless of the fact, the third party insurance is to compensate the damages done to the third party and not the one who has obtained the insurance. The reasons behind the compulsion of this sort of insurance plan is that, you may feel safe and secure in case if you are a victim of an accident or have become a part of an accident.
Mostly, if the driver who has the insurance is at fault, the damages are not covered for them but if they have the insurance for driver at fault, it may help in getting compensation for the damages caused in the accident for insured person as well. The reason behind the compulsion of the third party insurance is that, this always help in giving the third party their compensation without you paying their dues off. In this way, every CTP owner is protected and stay safe from third party compensations.