Types of Car Insurance
If you own and operate a private motor vehicle in Australia, there are four main types of general motor vehicle insurance you need to be aware of Compulsory Third Party (CTP)/mandatory motor vehicle accident personal injuries insurance – required by each state and territory.
It protects any person that you might injure while you are driving.
It is not an alternative to taking out a motor policy to cover your financial liabilities, such as damage to another vehicle or property, or your own vehicle Comprehensive – covers damage to your own – vehicle and other people’s property, as well as theft and some other risks, plus legal costs.
Third Party Property – covers damage to other people’s property and legal costs, but not damage to your own vehicle.
Third Party Fire and Theft – Third Party Property with some add-on features that cover your vehicle