In Australia, all registered vehicles must have compulsory third-party insurance. Here is why you need truck green slip insurance.
What is Green Slip Insurance?
Truck Green Slip Insurance, also known as CTP (compulsory third party) or MAI (motor accident injuries) insurance, is a mandatory insurance policy for all registered vehicles that provides cover for third-party personal injury or death due to an accident where you or the driver of your vehicles is at fault. In some situations, CTP may cover you no matter who was at fault. CTP does not cover you for damage to your vehicle and other vehicles & property.
Additional policies, such as comprehensive motor vehicle insurance, will cover theft and damage to your vehicle and other vehicles.
CTP schemes are state-regulated. Some states issue CTP insurance automatically with rego, whereas if your vehicle is registered in NSW your CTP insurance must be issued by an NSW CTP insurer. You can find more detailed information about the CTP insurance scheme on the State Insurance Regulatory Authority (SIRA) website.
Truck Green Slip Insurance for Businesses in NSW
If you own a business that operates at least one commercial vehicle or has a fleet of commercial vehicles you will need Business CTP Green Slips or Fleet CTP Green Slips insurance. If you register GST for your business, this will also affect your green slip insurance quote and premium price in NSW.
How Much Does Truck Green Slip Insurance Cost?
The cost of CTP varies from vehicle to vehicle and is dependent on various factors such as:
- Number of vehicles
- Type of vehicle(s)
- The state your vehicle is registered in
- Age of vehicle(s)
- Age of driver(s)
- Claims history
Get a FREE Quote With Truck Insurance HQ
Truck Insurance HQ is Australia’s leading insurance broker for the truck, transport, and heavy machinery industry. In addition to CTP insurance, we can tailor an insurance solution for any truck type and size to fulfill your business operations and requirements. Call us on 1300 815 344 or click on the button below to get a FREE online quote.