Accidents are not events that we plan for, yet we have to plan for them after they happen anyway. Without any solid arrangements when you get into an accident and there are damages, it would be hectic dealing with the situation financially on your own.
It is a legal requirement for all registered Australian drivers to have a green slip to freely drive around the country. Getting your own compulsory motor vehicle insurance gives you some compensation if you get into an accident; if anyone is killed or injured at that point.
As much as it is a legal requirement for all registered drivers, if you have a trailer you will be exempted from this. Usually, trailers already have theirs covered under the insurance of the towing vehicle. The other term that is commonly used for this insurance is ctp (compulsory third party insurance)
If you are looking to purchase this insurance, you will be participating in two schemes. The first is the Third-party Insurance scheme and the second is the Lifetime Care and Support Scheme. Before you sign up with any Australian insurance provider giving the same, you should know go through the insurance policy and find out what is fully covered and left out.
The policy will provide compensation for anyone killed or injured in an accident that is; passengers, cyclists, drivers of other vehicles, motorcyclists, pedestrians and passengers. To the lesser extent, it may sort you out if you are the driver at fault.
The insurance does not cover you to a full extent unless you are catastrophically injured as described in the Lifetime Care and Support scheme. It also does not cover any damages or theft of your vehicle. On the other hand, you can be rest assured that the policy operates everywhere in Australia hence no restrictions.
