What is Third Party Property insurance and how does Third Party Property insurance work?
Third Party Property insurance is an insurance policy that covers you in the event you cause damage to another person’s car or property as the result of a motor accident. It’s a basic level of cover that mainly protects your legal liability with coverage up to $20 million.1
Third Party Property insurance doesn’t cover damage to your own car caused by yourself or someone else, unless the other driver is uninsured. We will cover up to $5,000 after excess if you are in an accident and the other party is uninsured, found to be completely at fault for the accident, and you provide the required details.2
What happens if you don't have Third Party Property insurance?
If you don’t have Third Party Property damage car insurance, you could be liable for tens of thousands of dollars if you cause damage to another vehicle or property as the result of an accident.
If you are at fault for the accident, you’ll have to pay for the repair or replacement of the other vehicle out of your own pocket. If neither party is insured, neither will be able to make an insurance claim.
Is it better to get Third Party Property insurance or Comprehensive car insurance?
While Third Party Property car insurance only covers you for the damage you cause to other people’s cars or property, Comprehensive car insurance covers damage caused to your car, as well as a host of other events like malicious damage, hail damage, natural disasters, fire and theft.
If your car isn’t worth a lot of money and you can live without it, you may decide that Third Party Property insurance is enough for you. However, Comprehensive insurance can save you thousands if you can’t afford to pay for repairs to your own car (or you just can’t live without it), as well as if you live in an area that’s prone to weather events or has a high crime rate.
Is Third Party insurance mandatory?
Third Party Property insurance (which covers damage caused by you to someone else’s car or property) is not compulsory. However, Compulsory Third Party (CTP) insurance is (you guessed it) compulsory. CTP insurance covers your liability to pay compensation for injuries to other people if your vehicle causes an accident.
Can you get just Third Party Property insurance?
No, you cannot register a car in Australia without Compulsory Third Party (CTP) insurance (also known as a Green Slip in NSW).
How is the cost of Third Party Property insurance calculated?
Third Party Property damage car insurance is calculated using a number of different factors you provide to us. Here are some of them.
- How old you are. If you’re a young driver (under the age of 25) you may have to pay more for your car insurance.
- Your car. The make and model, value, age, condition and even the colour of your car all play a role in how your Third Party Property insurance is calculated.
- Where you live. For example, if you live in an area with a low crime rate, you’d likely pay less for your car insurance.
- Demerit points incurred. The number of demerit points you’ve incurred on your licence could impact the cost of your car insurance.
- Your insurance history. How long you’ve had active car insurance with other companies could also have an impact on your premium.
- Your driving history. If you’ve been involved in any car accidents or incidents in the past three years (whether you made a claim or not), this could impact your future cost.
- Where your car is usually parked in the day and overnight. Whether you park your car in a garage, on the street, in a carport or another location will play into your insurance cost.
Does Third Party Property damage have an excess?
For every Third Party Property insurance claim you make under your policy, you may be required to pay an excess. Your excess will be the combined total of the basic excess amount and any other applicable excesses.
Which car insurance cover should I choose?
We get that one-size-fits-all car insurance doesn't actually fit all.
Take a look at each option to see which might suit your insurance needs and situation best. Then get in touch to start a quote.
Does Youi offer CTP Green Slip insurance?
Youi offers CTP Green Slip insurance cover in NSW and SA only. To register your vehicle in NSW, you'll need to have CTP Green Slip insurance, and you can choose who you purchase your CTP insurance from.
What is business use?
Business use means a car that is used as an essential part of any work or
business, or that is used to generate income or reward.