How to Compare CTP Rates
Compulsory third party (CTP) premiums are a type of auto insurance policy coverage that is mandated by the government of Australia. It is a type of car accident coverage that is required on all operating motor vehicles that are registered in the country. Different auto insurance providers will give you different quotes on CTP coverage, so you will want to find out how you can compare CTP rates.
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Instructions
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Call insurance companies within the area of Australia where you require the CTP coverage. They will ask you some basic information about both your driving history and your vehicle. If you don't select your own CTP insurance provider, you may be assigned one during the registration process.
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Determine what type of vehicle class your automobile falls into. This is a major consideration when comparing CTP rates. In Australia, there are 24 vehicle classes and each will reflect a different CTP rate.
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Look at additional options of coverage when comparing CTP rates. Many people choose to add the benefit of coverage in case of death or serious injury to the driver. This will cause your CTP premium to inflate.
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Find out the payment terms. The rates that you pay will be either annual or biannual. Divide the CTP rates into monthly figures to better compare figures.
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Know the different levies and fees that are included in various CTP coverages. In Australia, your CTP rate will reflect the following extra fees and levies: normal defendant levy, hospital services levy, transportation fees and statutory insurance scheme. To find out more details about these associated fees, you can visit the Queensland Government website.
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