Today, everyone would agree to the importance of having an insurance for own’s safety. May it be for health, property, and vehicle. However, many a times, the risk of injuring others is overshadowed by the importance of preventing oneself from the damage and losses. Example, one would agree unarguably to having a car insurance for prevention against theft, accidents, and damages. But,
What about the damage incurred to others due to a fault of yours? What would happen if you are sued for causing this damage, and are held liable to pay for the losses or damages to other person and property?
Third party property car insurance would come to your rescue in such scenarios. It usually provides you cover for the damages you cause to others – vehicle or individual. Its cover usually includes:
- Death or injury to the third party by the insured
- Accidental death of the insured vehicle owner or driver
- Damage to third party property
- Permanent total disability of the insured vehicle owner or driver
In Australia, most states would have their own regulatory requisites as far insurance and vehicles are concerned. Example, to drive in New South Wales (NSW), you would be required have a compulsory third party insurance nsw, also commonly referred to as ‘greenslip’. It provides cover to the driver for any legal liability or injury/ death of any pedestrian, cyclist, passenger, or driver, due to an accident caused by the insurer. Many providers offer compulsory third party insurance (CTP), and is often covered in the registration fees. CTP differs from third party property car insurance, in a way that it does not offer any protection to you for the damage caused to your vehicle or anyone else’s vehicle or property.
Be safe, be liability free – choose your right insurance policy.
