A compulsory third party (CTP) green slip is an insurance policy that covers all passengers in a vehicle in the event of an accident. It protects drivers from being charged with damage claims and provides compensation for any vehicle occupants that are injured.
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Description
The term, green slip, automatically refers to a CTP insurance policy in Australia, where this type of policy is used most.
Location
Green slips are prevalent in New South Wales (NSW), Australia. In fact, drivers are required by law to have a CTP Green Slip to register a motor vehicle in NSW.
Coverage
A CTP green slip provides compensation for anyone involved in a motor vehicle accident, including pedestrians and cyclists. A vehicle is covered while traveling in all parts of Australia.
Exceptions
CTP green slips do not cover any vehicles or property involved in accidents, nor does it provide coverage for vehicle theft. It also does not provide compensation to a driver that is at fault, unless his injuries are extensive.
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