Time to clarify common CTP green slip misconceptions
Let’s separate the facts from the fiction when it comes to purchasing your CTP green slip.
1. From 1 December 2020, six insurers provide CTP green slips in NSW. All insurers deal directly with purchasers. Contact details for the six insurers are on this site.
2. The price for an insurer’s CTP green slip must be the same regardless of where or how you purchase the CTP green slip. If the CTP green slip price is based correctly on your vehicle and details, the price must be the same whether you purchase the CTP green slip directly from an insurer, from an agent or from a broker, by phone, online or in person.This requirement is monitored by State Insurance Regulatory Authority (SIRA). Breaches of this requirement can be reported to SIRA.
3. Insurers use different factors and apply different weightings to those factors to determine the price they will charge for a CTP green slip. Insurers adopt different pricing strategies and are more competitive for some purchasers than they are for others. No insurer is always the cheapest or the most expensive across all purchaser profiles. When comparing prices, it is important therefore to compare prices for each of the six (from 1 December 2020) insurers. Compare prices by using the greenslips.com.au Calculator on this site.
4. As a product, CTP green slips are identical except for At-Fault Driver Cover. The only differentiating feature, other than price, is At-Fault Driver Cover. At-Fault Driver Cover is offered by two of the five insurers. Inclusion of At-Fault Driver Cover is not affected by where or how you purchase your CTP green slip. An explanation of At-Fault Driver Cover, including insurer by insurer analysis is on this site.
5. All insurers electronically notify Transport for NSW (TfNSW) when you purchase your CTP green slip. Notification from an insurer is usually received by TfNSW within one hour.
6. No organisation should purport to offer a CTP green slip price or product different to that available directly from the insurers.