i don't understand car insurance... (1 Viewer)

[almost done now]

Hi there!

I am thinking about inheriting my brother's old car, so I am trying to work out the costs of insurance.

I looked up quotes for CTP Greenslips and they are about $500

3rd party property insurance quotes are about $490.

my question is that if I want 3rd party property insurance, do I have to pay for the CTP GreenSlip as well (thus the annual cost for insurance for me would be about $990)?

thank you!

 

[47.46.45]

Hi there!

I am thinking about inheriting my brother's old car, so I am trying to work out the costs of insurance.

I looked up quotes for CTP Greenslips and they are about $500

3rd party property insurance quotes are about $490.

my question is that if I want 3rd party property insurance, do I have to pay for the CTP GreenSlip as well (thus the annual cost for insurance for me would be about $990)?

thank you!

Yes you need to pay for CTP as well. The C is for Compulsory.

Third Party Person - CTP - You have to have this, will cover injury to others person if you ram them with your car or whatever.

Third Party Property - Not required but definitely advised. Covers repairs to other peoples property if you're at fault.

Comprehensive - Covers repairs to your car, their car, whatever, regardless of who is actually at fault in the situation.

 

[chicky_pie]

Ways to Lower Your Car Insurance Costs


1) If you get into an accident and the damage is not bad and its your fault, convince the other driver not to go through insurance but say you’ll pay for the damages. This is because if the damage is around $2000, your insurance premium will probably go up around $500-$1000 per year for the next few years. So you gotta look at the cost benefit analysis.

2) If you get a ticket, you must fight it till the death. Usually, getting more than three tickets and being under 25 is like giving out free money to your big bad insurance company.

3) Pay your bills on time. Not that many people know but insurance companies in the US are allowed to use your credit history to factor in to the costs of your auto insurance. I know you must be thinking wtf. But this is because there is a correlation between people with bad credit and bad driving. I know crazy, but pay your credit card bills on time.

4) Shop around every year for new insurance quotes. It was so funny seeing some people get rapped on their insurance premiums when all they had to do was shop around. This means go to different insurance companies or get a better insurance broker whose going to help you find the best deal. You can also compare insurance companies quickly on the internet at places like MyQuoteWizard.com. It compares some of the cheapest insurance rates around, I personally know this for a fact. So make sure you shop around every year and don’t just forget about it.

 

[47.46.45]

I'd be thrilled if my insurance costs were only a grand a year, my CTP alone is $613. And that's the cheapest I can get it too.

 

[Pace_T]

Without all the discounts that come with my comprehensive insurance, e.g. full no claim bonus for life, it would be about $12,000 a year, so dont complain!

 

[almost done now]

thanks for the replies!!

i think i'll just get the CTP and try not to crash into anyone - its only an old magna worth $3000 - and i only earn a very average $13 per hour so every dollar counts....

 

[47.46.45]

thanks for the replies!!

i think i'll just get the CTP and try not to crash into anyone - its only an old magna worth $3000 - and i only earn a very average $13 per hour so every dollar counts....

Get third party property as well. If you loose concentration or your brakes fail or god knows what and you hit somebody, you need that third party property. Covers you up to $10 or $20 million for $600 a year. Probably a good investment.