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Setting Greenslip Prices

Primary factors used by insurers

Greenslip prices are determined by the insurers and are regulated by the State Insurance Regulatory Authority (SIRA).

Insurers use different factors and apply different weightings to those factors to determine the premiums they will charge.

Primary factors used by the insurers and which affect greenslip prices are as follows:

  • Geographic region
  • Type of vehicle
  • Age of vehicle
  • Distance travelled
  • Vehicle performance
  • Age of vehicle owner
  • Age of youngest driver
  • Driving history
    • Number of traffic offences
    • Number of demerit points
    • Number of years licensed
  • Claims history
    • Level of insurance and no claim bonus
    • Number of at fault claims

Geographic regions and vehicle classifications are designated by SIRA.

There are five geographic regions.They are Sydney Metropolitan, Outer Metropolitan, Wollongong, Newcastle/Central Coast and Country. Insurers are not allowed to differentiate on the basis of locality within a designated geographic region.

SIRA issues Premiums Determination Guidelines as a mechanism to regulate the setting of greenslip prices. SIRA also regulates the distribution and marketing of greenslips through the Market Practice Guidelines. Both documents are contained within Motor Accident Guidelines 2017 and available on the SIRA website.

Insurers are required to submit premium filings to SIRA, setting out proposed premiums and additional information in support of those premiums. SIRA may reject a filing of proposed greenslip premiums if it considers the premiums will not fully fund the insurers liability, if it considers the premiums to be excessive, or if the premiums do not conform with its Premiums Determination Guidelines.

Section 2.19(3) of Motor Accident Injuries Act 2017 says:

“The Motor Accident Guidelines may only specify maximum rates of assumptions used in the determination of premiums if the Authority is satisfied that they are reasonable and will result in insurers having sufficient premium income to meet their liabilities in relation to third-party policies and to make a reasonable profit”.

Insurers are required to submit premium filings to SIRA at least once a year. Additionally, insurers may notify SIRA that they wish to vary premiums at other times during the year by submitting a non-compulsory filing.

The issue for SIRA is to ensure that the scheme is competitive and that greenslips are affordable. The scheme will only be competitive if a sufficient number of insurers are motivated to participate. Insurers will only participate if there is sufficient profit.

Greenslip prices do vary.

It is important to shop around and compare prices.

SIRA operates a price comparison service, Green Slip Price Check. A link to SIRA’s Green Slip Price Check is on this site.

How it Works - more info

MCIS Levy >

How the MCIS levy was set and what it paid for, now the Fund levy. read more

Geographical zones >

Greenslip prices set using geographical zones by postcode. read more

Youngest driver >

Your obligations and age of the youngest driver explained. read more

Claims >

What to do if you want to make a claim from your CTP insurer. read more

Complaints >

How to make a complaint about your CTP insurer or SIRA. read more

Scheme changes 2009 and 2010 >

History of major changes to the NSW CTP scheme. read more

State Insurance Regulatory Authority >

Government authority responsible for the NSW CTP scheme. read more

At fault driver cover >

What is at fault driver cover and which insurers offer it. read more

Interesting statistics >

Statistics about motor vehicle accidents in the past year. read more

Discounts >

Discounts and ways to reduce costs on other insurance products. read more

Pensioner concessions >

What kinds of concessions you can claim as a pensioner. read more

Mythbusters >

Quickly separate the facts from fiction about CTP green slips. read more

What is a greenslip? >

Find out exactly what is meant by a green slip in NSW. read more

Who and what is covered? >

Who and what is covered by your CTP green slip. read more

Third Party Insurance Scheme >

The third party insurance scheme in NSW explained. read more

Lifetime Care and Support Scheme >

The Lifetime Care and Support Scheme in NSW explained. read more

Motor Accident Authority >

Previous authority responsible for the NSW CTP scheme. read more