CTP-Factors that determine CTP insurance rates

Factors that determine CTP insurance rates

When it comes to purchasing CTP insurance, there are some questions the insurer usually asks. Perhaps you were asked one time and wondered why the insurer was so interested to have such information. It may interest you too to know that such information helps insurance providers to determine and set your rates. For them to set rates that match your needs, there are several factors that they consider. Check out some of them below.

Accident history

Your accident history plays a significant role in determining your insurance rates. If you have been involved in several accidents previously, you are considered a risk, meaning your rates will go up. Driving safely on the road is thus beneficial in many ways. Insurers will consider the number of accidents involved in when determining your CTP insurance rates.

Your residential location

The place where you live is another factor that determines your rates. For example, if you reside in an accident prone area, you are also considered a risk. Regions that are especially crowded with vehicles are prone to accidents. Such areas include urban centers.  If you live in a locality that records few accidents in a year or so, you are lucky. It can help lower your rates.

Claim history

This is where you should be careful with your insurance. If you make claims unnecessarily, then this might affect your rates when you go to apply for another insurance policy. Insurers always check your previous insurance level and the number of claims that you were at fault. You are not only keeping the law when you drive safely but also creating a good record.

Did you require an additional cover?

CTP insurance does not provide coverage for damages caused to your vehicle or other people’s property. If you want to cover for damages of that kind you will need to include an additional cover on your insurance policy. With that in mind, the cost of your insurance will go up.

Your driver’s age

Though you own the vehicle, you may not be the one driving it. If you have a driver, is important. According to statistics, young cause more accidents as compared to the elder drivers. Since CTP covers for your driver and anyone who might drive the car, experienced drivers are an option. In this case, you can consider a company offers money off for experienced drivers.

Type of your vehicle

You bought that expensive and high-powered car and got excited. But take note of this; high powered vehicles are linked to dangerous driving behaviors. This, in turn, raises your rates because there are chances of you getting into accidents.

Bottom line

Everything about you and the vehicle is important for the insurer to know. If at any time you change your location or driver, it is necessary to inform your insurance provider. This might help lower your rates. Your compulsory third party insurance rates may vary depending on the factors and your insurer. Before you choose your preferred boat insurance provider, think about your needs.

 

CTP-CTP claims

CTP claims: Who can file a claim?

People who do not have insurance find hard time dealing with the increased expenses that come as a result of accidents that were someone else’s fault. But you do not have to struggle again. Compulsory Third-Party Insurance is the easiest way to protect yourself and the people around you. If you were at one time involved in an accident and didn’t know if you can file a complaint, we are here to help you understand it.

People who can file a claim

If you fall in the following group of individuals, then you obviously are eligible to file a CTP insurance claim;

Injured people

If you get injured in an accident that was the owner or driver’s fault, you can file a claim against the guilty person’s CTP insurance provider.

Loss of life

Life is short, and accident can claim several lives in a single accident. If you are a relative to the deceased, you can file a CTP claim for the loss of your loved one if the car accident crash was entirely at fault of the driver or the owner.

How will I be compensated if I make a claim?

Compensation payment amount depends purely on the type of treatment you need, the effect your injury has on your daily routine as well as the status of the accident. The amount you receive may be lowered if you partly caused the crash. For instance, if you were not wearing your safety belt when the accident occurred, you be partially guilty.

What claims can the injured make?

When an accident occurs, you or the other injured person is likely to incur losses in different ways. Below are some of the claims you can make:

Treatment and care expenses: The injured individual can claim for compensation of the previous and approximated potential costs of the medication and attention required due to the injuries sustained.

Financial loss: Accidents can cause serious injuries and some might lender you unable to work for some period or the rest of your life. CTP insurance protects you, the passengers, and anyone injured from such situations. You claim compensation for a financial loss in case you can’t go to work meaning you can’t earn your salary as before.

Non-economic loss: This is also referred to as compensation for general damages. You are not going to be treated just because you saw a wound on your body, but that wound will be associated with [pain and suffering in that period you are sick. For example, the accident occurred the day you were also supposed to get a promotion all attend an interview. You can hence claim compensation for the pain and suffering you have experienced after the accident

Conclusion

Making claims is only necessary if you get injured in an accident. But some people take advantage of the situation to claim for compensation of what did not happen. It is imperative to note that if you provide false information regarding an accident, you risk going to jail.

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CTP-4 things you need to know about Compulsory Third

4 things you need to know about Compulsory Third-Party Insurance

You may have registered for compulsory third-party insurance, but do you know everything regarding CTP? Compulsory Third-Party Insurance (CTP) is also called green slip. It is paid together with your motor vehicle registration. Getting CTP insurance is one of the essential and compulsory steps that you have to take before registering your vehicle and get on the road. I know you are reading this post because you are interested in getting more information about this insurance. We are about to share the things that you should be aware of CTP insurance.

It is a must have

Perhaps you are wondering if you can have this insurance or not. Just as the name suggests, green slip insurance is a must have in all Australian states when registering your vehicle. The reason why it is required is that you and anyone involved in the accident and is being injured will be protected by the insurance provider. It covers not only the driver but also the passengers, cyclists, and pedestrians. Many states include CTP in your registration fees. This helps to avoid worrying about how to get it CTP or the charges included. But some states allow you to get the insurance separately.

It doesn’t cover unregistered vehicles

This is one thing that you should take into consideration when borrowing a car from a friend. Unregistered vehicles are not included. Apart from being not covered, driving an unregistered vehicle is illegal. If you cause an accident when driving an unregistered vehicle and you injure someone, the individual can make a claim which might result in you paying thousands of dollars.

States have different CTP requirements and factors

You might be thinking that since it is a must have insurance in most states, the factors, and requirements when having one are the same. Factors such as injury, fault, compensation or liability vary from one state to another. When it comes to conditions, different states have different requirements for identity and vehicle safety checks, and they must be fulfilled before registration. Therefore, familiarize yourself with the terms of your particular state before registering your vehicle.

Vehicle damages are not covered

This is what you should expect in almost every state. Having the CTP insurance doesn’t mean damages to your car or that of a friend will be covered. This also includes theft. Compulsory third party insurance will not cover theft. Alternatively, you will need to purchase a policy that covers damage to property as well as theft.  Knowing this earlier can help getting surprises when your vehicle is damaged.

Bottom line

Whether you have commercial insurance or pet insurance, having a policy pays. Although CTP only covers the injured people in an accident, it helps to reduce the financial burden that you might have to carry in the event you are involved in an accident. Additionally, it also insures you against any loss in case you are at fault. One way to get the most out of your CTP cover is by familiarizing yourself with your state requirements.