Greenslip and CTP Money Saving Tips

Saving money is something we all try to find ways to do, and this includes saving on greenslips. I’ll start by explaining briefly what greenslips are. CTP (Compulsory Third Party) greenslips are insurance policies that cover the passengers in a vehicle if an accident occurs. Cyclists and pedestrians are also covered under greenslip protection.

CTP greenslips are a great protection for drivers to avoid damage claims and to compensate any insured passengers in the event of an accident. In New South Wales, all drivers are required by law to have current CTP greenslips. A greenslip covers a driver when travelling in all areas of Australia.

Greenslips and Exceptions

A greenslip does not provide any coverage for vehicles or property damaged in an accident, nor do they cover a stolen vehicle. A driver at fault is also not compensated unless the injuries are considerable.

Saving Money on Greenslips

One of the primary ways of saving money on greenslips is having your insurance agent combine your policies together, meaning the CTP coverage and your regular car insurance as an example. The savings you can obtain by bundling in this matter generally runs around 5%. That equates to $50 savings on $1000 worth of insurance coverage.

Other insurance bundles you can find with some agents offer even more savings. The more protection and coverage you bundle together, the more you can save. Typical examples include:

• CVC (Comprehensive Vehicle Coverage) bundled with CTP = 5% discount
• CVC bundled with CTP and Home Owners Coverage = 10% discount
• CVC bundled with CTP, Home Owners, and Health Insurance = 12.5% discount
• CVC bundled with CPT, Home Owners, Health Insurance, and Roadside Assistance = 15%

You can easily see that obtaining your insurance coverage from a company that offers bundling discounts is a great way to save money. The more types of coverage you need, the more you can save.

Factors that Affect the Price of Greenslips

You will find when pricing a CTP greenslip that prices vary among insurance providers. There are some factors that affect the price of a greenslip. Some of these include:

• your driving record including moving violations and accident history
• the age and type of your automobile
• the comprehensive coverage you carry on your car
• whether your car is driven for personal or business use
• whether you need a new greenslip or are renewing an existing one

CTP providers will assess a risk factor using the information you provide to come up with a price for your greenslip. As long as the providers stay within the guidelines of the MAA (Motor Accidents Authority), there are no pricing standards they are required to abide by.

It is not advised to automatically accept the renewal option from your previous provider. As with any other type of insurance coverage, you should always comparison shop at renewal time. Only by comparing prices at each renewal period can you be certain you are obtaining the best price available.

It is possible to save $100 or more in exchange for a few minutes of your time to shop around for your CTP greenslip.

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