CTP insurance is compulsory in all states of Australia.

What is third party compulsory motor vehicle insurance. Many car owners want to know Is third party car insurance compulsory As per the Motor Vehicles Act 1988 anybody who owns buys or drives a vehicle must purchase such type of insurance coverage. No motor vehicle can ply in a public place withoutsuch insurance. It covers only your legal liability for the damage you may cause to a third party bodily injury death and damage to third party property while using your vehicle.

CTP insurance covers compensation payments for people injured or killed in a motor vehicle accident. The insurance of motor vehicles against damage is not madecompulsory but the insurance of third party liability arisingout of the use of motor vehicles in public places is madecompulsory. Motor third-party insurance or third-party liability cover which is sometimes also referred to as the act only cover is a statutory requirement under the Motor Vehicles Act.

The liabilities which require compulsory insurance are. Benefits of third party motor insurance. Even if you do everything you can to prevent damage or injury they still happen.

As the name suggests this will only protect you from damages and losses caused to a third-party and wont cover for your own damages. However compulsory third-party insurance doesnt cover you for vehicle damage or theft. 1 No person shall drive or cause or permit any other person to drive a vehicle on a road unless he has a valid vehicle insurance coverage against third party risks in relation to such vehicle.

Continued negligence of the compulsory third party motor insurance policy among road users in Lagos and other parts of the country despite efforts to curb this by insurers through the Nigeria Insurance Industry Data Base NIID is starting to have a multiplier effect on Nigerians and huge revenue loss to insurers THISDAY investigation has revealed. Benefits of Buying a Third-Party Car Insurance. What is Compulsory Third Party Insurance CTP.

CTP insurance covers those injured in a crash for. The insured and the insurance company. Unfortunately accidents often result in legal proceedings and lawsuits.