Drivers in New South Wales pay amongst the highest car insurance premiums in Australia, so your car insurance may end up costing more than it would in other states.7
There are several risks on the road for NSW drivers that could affect your insurance.
- Motor crime – When your insurance premium is being calculated, the likelihood that your car will be stolen is taken into account. NSW currently has the lowest rate of theft in the country, averaging just over 2 thefts for every 1,000 registrations.8
- Road crashes – NSW tends to have a higher number of road accidents due to the higher population when compared to other states and territories. For example, New South Wales had 245 road fatalities from January 2022 to October 20229 – the highest number of all the states and territories.
- Weather risks – NSW can be prone to extreme weather events like thunderstorms, floods and hail that can cause damage to vehicles and property. The risk of extreme weather events could affect your NSW insurance, and should be taken into consideration when deciding which type of car insurance you should take out.
You need mandatory Compulsory Third Party (CTP) insurance to be able to drive on NSW roads. This type of car insurance protects you from the financial impact of causing injury or death to others as the result of a motor accident.
From there, you can choose from a range of car insurance options depending on your personal situation. Explore Youi’s Comprehensive insurance, Third Party Fire & Theft insurance, and Third Party Property Only insurance to see which cover might suit your individual needs.
It’s easy to get your Green Slip and Comprehensive car insurance confused. However, they’re actually two totally different things.
Whether you’re driving in Sydney or along Seven Mile Beach, every registered vehicle in NSW must have a ‘Green Slip’ (more formally known as Compulsory Third Party insurance), as it covers an at-fault driver’s liability for costs related to a third party’s injuries or death after a motor vehicle accident.
On the other hand, Comprehensive car insurance is optional but could be an ideal purchase depending on your circumstances. Comprehensive car insurance might be the right level of cover if you want your car to be protected from accidental damage, malicious damage, theft, storms, fires, floods, and more.3
It is illegal to drive without Compulsory Third Party (CTP) insurance in NSW, as this type of insurance provides financial compensation in the event of bodily harm in an accident.
According to the Transport for New South Wales website, in NSW you’ll risk heavy fines for driving a vehicle that’s unregistered and/or uninsured. Maybe not the best idea, right? So if you’re in need of CTP insurance, consider Youi’s cover.