There are always questions about third party insurance by the people, who are new to enter the field. The term is third party insurance is though explanatory, but it needs to have a proper explanation.
Compulsory Third Party Insurance is a cover for the driver against any damage to the third party, when he is driving the car. It is valid for injury to the other person, while you are driving the car that the insurance company will pay the compensation to the third party. Though it is not applicable when you damage someone’s property. So always learn best driving in top school like onroad driving school in blacktown.
Before registering your car with RMS, you need to get a Compulsory third party insurance. You can get quotes from different insurance companies. The insurer sends the details through RMS to the buyer so that registration process can be taken further.
It is better to take one more insurance other than CTP. CTP covers only third party human injuries and compensations. In case, if you damage anyone’s property then it can be a difficult situation for you. Since you have to pay huge bills. At this point of time, it is good to have one more insurance covering all these aspects. There are many other types of insurance such as Third Party Property Insurance, third party, fire and theft insurance and comprehensive insurance. If driver thinking that he will be driving vehicle best person then he will be needed corporate driver training certificates. It is not compulsory but necessary.
Third Party Property Insurance
Third party property insurance covers the other person’s car damaged in the accident. But this in no way means that the insurance will cover your car. Still, there are chances that you get the compensation from the other party’s insurance cover. But it depends on the policy of the other party. It also depends on the fact that you are not at fault in the accident.
Comprehensive insurance covers damage to both the vehicles damaged in the accident. Comprehensive insurance policies have many aspects. Some have additional features such as fire and theft insurance. So it is always advisable to look around for options before taking the insurance. You should compare the premium rates and benefits involved.
You can cancel insurance within 14 days of opting for the policy. You need to have a CTP for registration so if you cancel one, your registration is immediately cancelled. So, you have to immediately get another. Till then you cannot drive your car.
After 14 days you have to bear few charges such as administration fees and government surcharges. They will also deduct a certain amount of payment as per the days you were under the insurance cover.