In Australia, it’s mandatory for all registered vehicles to have compulsory third party insurance. Here is why you need a truck green slip insurance.
What Is Truck Green Slip Insurance?
Truck Green Slip Insurance, also known as compulsory third party (CTP) insurance or motor accident injuries insurance, is a compulsory insurance policy for all registered vehicles that provides cover for third party personal injury or death due to an accident where you or the person driving your vehicle is at fault. In some situations, CTP may cover you no matter who was at fault. CTP does not cover you for damage to someone else’s property or vehicle.
If you want to cover your truck for theft and damage of your vehicle, damage to other vehicles and damage to third party property, you will need to look at taking out additional policies, e.g. comprehensive motor vehicle insurance.
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 a Business CTP Green Slips or Fleet CTP Green Slips insurance. If your business is registered for GST, 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:
- 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 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 fulfil your business operations and requirements. You can get in touch with our brokers or find more information about truck insurance on our website.