General insurance Compulsory third party insurance (greenslip)

[Holicent]

Compulsory third party insurance is a type of insurance that covers you if you cause damage to another person or their property, or get sued for causing damage. The most common form of compulsory third party insurance is road traffic accident (RTA) cover. This covers you for the cost of repairing your own car in case of a crash if you are at fault. It also protects your legal liability for damages caused to another's car or property during an accident.

Compulsory third party insurance (greenslip) is an insurance policy which requires all motorists to have this type of insurance in place before they can drive on public roads. You can find this in Australia. Motorists who don't have compulsory third party insurance will be fined and prosecuted for driving without it.

The main advantage of this type of insurance is that it covers all risks related to accidents, regardless of who was at fault, which makes it cheaper than other types of insurance. The main disadvantage is that if you do not own a car, or if you do not have any savings or assets with which to buy a car, then this type of policy will be very difficult for you to obtain.

 

[sharonknight]

It's better to have third-party insurance than to have no insurance at all. With this insurance when you hit another car and cause damage, you can use it to pay for their damages but for your own car damage, you have to pay from your pocket. It also covers third-party bodily injury as well as third property damage up to a certain limit, which is defined in the insurance policy you opted for with a particular company. It covers minimum requirements not providing as much coverage as other insurance plans.