I'm buying a new car and car invoice includes compulsory third party insurance for $496.10, I'm organising my own comprehensive insurance which is required by the bank that gives me loan for this can. I believe that the comprehensive insurance already includes third party one. Can I get back this amount for compulsory third party included into the car invoice?
Refund for Compulsory Third Party Insurance
picant on 08/08/2023 - 15:36
Comments
They can't be. I'm guessing OP is in their 30's at least, going by years of membership here. Surely everyone 30+ knows this.
Surely everyone 30+ knows this.
Nope.
🤦🤦♀️🤦♂️
Three delete in 3…2…1.
The "compulsory third party" insurance is for personal injury. It's part of TAC charge in Victoria that's required for registration.
The "third party" that's "included" in comprehensive insurance is for damage to property only.
Oh dear. At least you're buying comprehensive insurance … If only because you're taking out a loan on this car.
If only because you're taking out a loan on this car.
haha yes, that!
Thanks all. I'm past my 30th but I didn't know the difference. Never had a chance to make use of any of my insurances :)
OK here is another opportunity to shame me. How long does this CTP that's included into the registration last (in VIC)? Is it linked to a vehicle or to a driver? Are you supposed to buy/extend it after the original one expires?
It should be tied to the rego. If your rego is only three months, so is your CTP. It's linked to the vehicle and yes, you have to buy it every time it expires otherwise you can't register your car and god forbid should you hit someone and cause them injuries. So make sure you note when your CTP and rego are about to expire as there's fines for driving around unregistered and imagine if you hit someone while driving an unregistered car.
Is this your first car or something?
Not at all. It wasn't addressed by @picant.
I did some research and yes CTP is linked to a car. In VIC it's part of vehicle registration and I could not find any info for VIC that explicitly states when CTP expires. My feeling is that it expires along with registration so when one is renewed you automatically get the other. In TAS and NSW rules are very different.
This is not my first car. I guess I didn't know much about it because here in VIC it's part of car rego so one doesn't need to do anything special about it.
part of car rego
That doesn't give you enough info to determine expiration?…
In TAS and NSW rules are very different.
NSW & VIC rules are quite similar in that you need CTP (in NSW a "greenslip") before you can register the vehicle.
You obviously have no idea.
NSW & VIC rules are quite similar in that you need CTP (in NSW a "greenslip") before you can register the vehicle.
Plus, you have to keep the CTP current or the rego is invalid.
@Euphemistic: Isn't it the way around: keep rego current and CTP will automatically be current as well. I don't think in VIC one can buy CTP separately from rego or am I wrong again?
@picant: NSW the ‘green slip’ CTP is purchased separately. Assume you can therefore apply to cancel it and apply for a refund. Maybe you need to prove the car has been deregistered, but it wouldn’t surprise me if you could do it without. Obviously IF it is cancelled the rego is no longer valid.
@Euphemistic: You can definitely cancel and apply for a pro-rata refund.
Source: Had to do it last year when my car was written off
CTP is charged by the state and covers the persons injured and is linked to the vehicle…
Your comprehensive covers the car.I worry if people driving around with CTP actually think their car is covered in a crash.
CTP/Greenslip = if you crash into someone and its your fault, it covers their medical costs. Compulsory and nothing else replaces it - you must have this cover to even register a car (and conversely, if your car has valid rego, you have a valid CTP policy).
Additionally you can also buy insurance to cover more costs in case of incidents:
- Third Party Insurance = if you crash into someone and its your fault, it covers the cost of repairing/replacing their car/bike/house/etc for you. But you've got to pay for repairing/replacing your own car/bike.
- Comprehensive Insurance = if you crash into someone and its your fault, it covers the cost of repairing/replacing their car/bike/house/etc and your car/bike. This policy also covers repairing/replacing your car/bike if you damage it in a one-person accident (e.g. you hit a pole).
CTP is also Third Party insurance. It’s what the TP stands for.
When referring to the non compulsory Third Party Property (TPP) insurance you should use TPP to help differentiate.
Third Party could mean either.
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
Always good to have a laugh at the end of the day…
You're mixing up CTP with car (property) insurance.
What’s the difference between comprehensive and CTP insurance?