The objective of motor vehicle insurance is to pass on the financial risk of an accident, damage or theft of a motor vehicle to an insurance company.
There are three main areas of motor vehicle insurance.
Firstly, there is third party compulsory insurance, known as a green slip in N.S.W. This insurance covers the driver for personal injuries they may inflict on themselves or a third party in an accident.
Generally, this type of insurance doesn’t cover your vehicle for repairs or theft.