Location: Epping, Sydney.
Registered: January 2004
transfer of insurance question.
Tue, 11 January 2005 06:05
if someone could be kind enough to clear this up for me it would be much appreciated...
if you have a registered car with 3rd party insurance which you have held for 6 months and then you sell the car and you go buy basically the same car.
i know that when you buy the 2nd car you are covered for the CTP if it is registered but what about the 6 months of Third Party Property that you previously held on the original car.
seeing as you have paid for 1 year of third party insurance, and have only used 6 months thus far, can you transfer the remaining insurance over to the new car.
hope my question makes sense...
thanks for your help
cheers.
Firstly, to save confusion - there are two types of Third Party (technically 3, but 2 will do for now)
1 - Compulsory Third Party (CTP / Greenslip)
** COVERS INJURY TO PERSONS CAUSED BY YOUR CAR **
This stays with the car as long as it remains registered - so if the car has 8 mths rego left on it, the buyer gets your 8 mths of CTP insurance with the rego.
2 - Third Party Property Damage (TPPD)
** COVERS DAMAGES TO PROPERTY CAUSED BY YOUR CAR **
This insurance is not compulsory (but highly reccomended as a minimum cover) and when you sell your car or dispose of it however - the remaining TPPD cover can be cancelled or transferred to your new vehicle - just ring your insurance company and give them the details of the new car etc..
Tue, 11 January 2005 06:05
