Why there should be no price difference

Thousands of people use the calculator every day of the week. It is a fast, anonymous way to compare prices from all five NSW green slip insurers. Occasionally, the price quoted by the insurer is different to the one in the calculator. This should not happen and we will explain why.

Prices are highly regulated

Prices used by the calculator are the same as those submitted by the five licensed insurers to the CTP regulator. They are not allowed to charge any other price than these. So it does not matter where you get quotes, they should always be the same.

Prices are based on accurate information

It may be tempting to rush through the calculator just to get it over and done with. But prices are based on whatever information you give it. If the information is even slightly wrong, the prices will be wrong.

Prices directly from an insurer are also based on the information you give them. But sometimes an insurer may assume the same information as last time. Or they may ask for information in a different form, such as dates of birth rather than actual ages.

It is important to give exactly the same information to the calculator and the insurer to get the same price.

Common discrepancies

Where there is a discrepancy between the calculator price and the insurer price, there is always a reason. Here are a few common ones:

  • Many insurers correctly classify an SUV as a light goods vehicle. If you do a calculation with vehicle type as motor car, the price will be around $200 too low. This is the most common mistake. Check your rego papers for the code.
  • The calculator asks for actual ages at the date of registration and some insurers ask for dates of birth. Sometimes the age is important for putting you or the youngest driver into another price bracket.
  • NRMA quotes particularly rely on correctly stating the number of years of continuous relationship.

What to do next

The reference number of your calculation is for your use only and is of no relevance to insurers. Some people expect insurer call centres to know all about the calculator to explain discrepancies.

If you have a question about a discrepancy in prices, you are welcome to email your reference number to us so we can investigate further.

Next time you use the calculator, you can key in your reference number to bring up your details. Check these details carefully and be as accurate as possible. That way you can be sure of an accurate price with no nasty surprises.

Corrina Baird

Writer and expert

Corrina used to lend her car to her kids and discovered first hand what Ls, Ps and demerits mean for greenslips. After 20 years of writing and research in financial services, she’s an expert in the NSW CTP scheme. Read more about Corrina

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