Auto Insurance in Australia (also known as, GAP insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise there from the specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions.
Auto Insurance in Australia History
Widespread use of the automobile began after the First World War in the cities. Cars were relatively fast and dangerous by that stage, yet there was still no compulsory form of car insurance anywhere in the world. This meant that injured victims could often not get any compensation in an accident, and drivers often faced considerable costs for damage to their car and property.
Auto Insurance in Australia :: A compulsory car insurance scheme was first introduced in the United Kingdom with the Road Traffic Act 1930. This ensured that all vehicle owners and drivers had to be insured for their liability for injury or death to third parties whilst their vehicle was being used on a public road. Germany enacted similar/ legislation in 1939.
Auto Insurance in Australia :: Public policies
In many jurisdictions it is compulsory to have vehicle insurance before using or keeping a motor vehicle on public roads. Most jurisdictions relate insurance to both the car and the driver, however the degree of each varies greatly.
Several jurisdictions have experimented with a "pay-as-you-drive" insurance plan which is paid through a gasoline tax (petrol tax). This would address issues of uninsured motorists and also charge based on the miles (kilometers) driven, which could theoretically increase the efficiency of the insurance, through streamlined collection.
Auto Insurance in Australia
In Australia CTP is a state based scheme and only covers personal injury liability.
Comprehensive and Third Party Property insurance is sold separately to cover property damage and cover can be for events such as fire, theft, collision and other property damage.
Third Party Property Insurance covers damage to someone else's property or vehicle, but not your own vehicle.
Third Party Property Insurance with Fire and Theft is the same as above, but will cover your vehicle in the event of fire or theft up to the value stated on the policy
Comprehensive Insurance covers damage to your own property or vehicle as well as someone else's.
Auto Insurance in Australia :: CTP
Compulsory Third Party Personal Injury Insurance is commonly known as CTP insurance, and is linked to the registration of a vehicle. It travels with the vehicle ownership when a vehicle is sold and already registered. CTP insurance does not cover vehicle damage, it covers the vehicle owner and any person who drives the vehicle against claims for liability in respect of the death or injury to people caused by the fault of the owner or driver. It covers the cost of all reasonable medical treatment for injuries received in the accident, loss of wages, cost of care services and in some cases compensation for pain and suffering.
Auto Insurance in Australia :: In New South Wales and the Northern Territory Compulsory Third Party Insurance (commonly known as CTP Insurance) is a mandatory requirement and each individual car must be insured when registered. A Greenslip, another name by which CTP Insurance is commonly known due to the colour of the form, must be obtained through one of the five licenced insurers in New South Wales. Suncorp and Allianz both hold two licences to issue CTP Greenslips – Suncorp under the GIO and AAMI licences and Allianz under the Allianz and CIC/Allianz licences. The remaining three licences to issue CTP Greenslips are held by QBE, Zurich and Insurance Australia Limited (NRMA). APIA and Shannons and InsureMyRide Insurance also supply CTP insurance licenced by GIO.
A similar scheme applies in the Australian Capital Territory through AAMI, GIO and NRMA (IAL).
Auto Insurance in Australia :: In Victoria, Third Party Personal insurance from the Transport Accident Commission is similarly included, through a levy, in the vehicle registration fee. A similar scheme exists in Tasmania through the Motor Accidents Insurance Board.
In Queensland, CTP is a mandatory part of registration for a vehicle. There is choice of insurer but price is government controlled in a tight band.
In South Australia, Third Party Personal insurance from the Motor Accident Commission is included in the licence registration fee for people over 17. A similar scheme applies in Western Australia.
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