What’s the difference between Beyond Bank Third Party Property Damage Motor Insurance and Compulsory Third Party cover?

Compulsory Third Party (CTP) insurance is a pivotal component of your vehicle registration, in fact you can’t register a vehicle in Australia without CTP which is also known as a Green Slip in NSW. When driving your vehicle, CTP covers your liability for injuries you or other drivers of your vehicle cause to other road users in a motor accident. CTP insurance doesn’t provide cover for any damage to your vehicle or any damage you cause to other people’s vehicles or property.

Beyond Bank Third Party Property Damage Motor Insurance provides you with cover for loss or damage you cause to other people’s vehicles or property, while using your vehicle.

Neither CTP Insurance nor Third Party Property Damage Motor Insurance covers damage to your own vehicle.