In between the busy schedule and long drives, it’s easy to forget that your Compulsory Third Party Insurance scheme (also known as CTP Insurance, Green Slip, or CTP Green Slip Insurance) is about to expire.
Your insurer will send you a reminder a few weeks before the expiration date on your policy, but many people don’t realise their policy is ending until just a few days before it happens. If you find yourself in this situation, your next question might be: I wonder if I can just extend my existing heavy motor CTP insurance, rather than having to buy a new policy right away?
The short answer to your question is: No, you can’t extend your CTP Insurance.
However, you can renew your CTP Insurance, which saves you from having to shop around for other options.
Today, we’re taking a look at everything you need to know about renewing your CTP Insurance—from the requirements to what happens if you don’t renew it before the expiry date.
How do you renew your CTP Insurance?
Typically, your insurance provider will send you a renewal notice four to six weeks before your renewal due date. These last few weeks of your policy are known as the ‘renewal registration period,’ but you don’t have to wait until you receive the notice to renew your policy. If you want to, you can renew your CTP Insurance within 21 days of the start of the renewal registration period.
Plus, now you can renew your CTP Insurance online for an easier and more convenient setup. All you need to do is click the website link that your insurer sends you via email.
However, if you still prefer to do it in person, some insurance providers allow that option. It’s best to call your insurer first to know what to prepare and if you need to book an appointment first.
What do you need to prepare for the renewal of your CTP Insurance?
It’s frustrating to find out that you don’t have all the requirements for your CTP Insurance renewal when you’re already halfway done. So you look for those missing documents. But by the time you go back to your renewal page, you have to start all over again!
That’s why it’s so important to prepare your CTP Insurance documents beforehand, so you don’t waste any time and the process will go as smoothly as possible.
What do you need to prepare?
Here’s a checklist:
- The vehicle’s plate number or billing number stated on your renewal notice
- A copy of your current CTP Insurance policy (some insurers will send you and the TfNSW a copy electronically)
- A safety inspection report, or a pink slip for vehicles over 5 years old
- Your payment information
- Your concession details (if applicable)
How long can I buy CTP Insurance?
There are three durations for CTP Insurance, and it depends on the type of vehicle you’re registering and its conditions.
Here’s a quick breakdown of the options:
- 3-month CTP Insurance
- Type of vehicles that can apply for this:
- Trailers and heavy vehicles that are over 4.5 tonnes Gross Vehicle Mass
- Who can’t apply for this type of insurance:
- First-time applicants (new vehicle owners can only avail of the 12-month CTP Insurance)
- Vehicles that didn’t register within the renewal registration period
- Note: Not all insurers provide this option
- Type of vehicles that can apply for this:
- 6-month CTP Insurance
- Type of vehicles that can apply for this:
- Trailers and vehicles up to 4.5 tonnes Gross Vehicle Mass
- Who can’t apply for this type of insurance:
- First-time applicants (new vehicle owners can only avail of the 12-month CTP Insurance)
- Vehicles that didn’t register within the renewal registration period
- Type of vehicles that can apply for this:
- 12-month CTP Insurance
- Type of vehicles that can apply for this:
- All
- Note: No restrictions for this type of insurance.
- Type of vehicles that can apply for this:
What happens if you don’t receive a renewal notice?
While insurers generally send you a renewal notice before your CTP Insurance expires, there are some instances when they don’t. There are dozens of reasons behind this, and some of them are as follows:
- You’re not yet eligible for renewal because:
- You haven’t registered your vehicle for more than three months.
- You ordered special number plates, but you haven’t received them yet within the renewal period.
- Your vehicle is conditionally registered, and you need to have it inspected.
- Your vehicle is conditionally registered, but you have to change the operating conditions.
- When an insurer, recycler, or dealer has written off your heavy motor. When this happens, they’ll determine if you can still re-register your vehicle or if it’s a ‘total loss.’
A third possible reason is when the insurance company discontinued their operations such as what happened to Budget Direct.
In their latest post, the company announced that they will no longer issue Budget Direct Green Slips starting December 31, 2019. They also mentioned that they’re no longer associated with QBE Insurance.
If you own a Budget Direct CTP Green Slip and you haven’t received a renewal notice, you can contact QBE directly to know what you can do about your CTP Insurance.
For other cases when you haven’t received your CTP Insurance renewal notice, contact your insurer immediately to find out why. This way, you can understand what the issue is and take the appropriate steps to resolve it.
Can you choose not to renew your CTP Insurance?
Even if insurers automatically send a renewal notice, it’s still the responsibility of the truck driver or heavy motor owner to follow through and renew their CTP Insurance.
You can, however, intentionally choose not to renew your CTP Insurance if you want to change your insurance provider. For example, when you don’t renew your Budget Direct CTP Green Slip because you choose to go with another insurer. By doing so, your current insurance policy will simply lapse.
You can also choose not to renew your CTP Insurance if you want to change the terms and premiums of your policy. However, it’s important to note that some insurers allow you to change your policy and, at the same time, renew your insurance, so check first before you allow your policy to lapse.
What happens if the expiration of your CTP Insurance lapses?
Once your CTP Insurance expires, so does your vehicle registration. As a result, it’s now illegal to drive your vehicle. Doing so will not only expose you to heavy fines but hefty lawsuits, as well. Your Motor Insurance policy will also be null and void and damages to your or a third party vehicle will not be covered.
If you still want to renew your CTP Insurance, you can still do so within three months after it expires. However, this doesn’t mean that your expiration date will now start on the day that you renewed it. Your expiration date will always continue to be your original expiration date.
For example, if your CTP Insurance expiration date is on May 8 this year, it will still be May 8 next year, even if you renew it on July 25. This means that you paid for more than two months’ worth of insurance that did not offer the protection is intended.
To avoid this, some vehicle owners choose to get a new insurance policy instead of renewing their old one when they go past their original renewal date. However, you will still need to talk with your insurer to decide the best course of action for you, as every case is different.
Renewing Your CTP Insurance Made Easy
We’ve discussed the requirements for CTP insurance—including how to apply for it and what happens when you don’t have one. Now that you know everything there is to know about the renewal process, it’s time to take action!
If you need help with any aspect of this article or are in search of a new provider for your CTP Insurance needs, feel free to contact us anytime. We don’t only make renewing your CTP Insurance convenient, accessible, and efficient, but we also help you decrease your carbon emissions by planting a tree every time you register with us.
