Motorists across NSW may be able to look forward to cheaper CTP green slips from 1 July 2017. The NSW government is keen to improve the hugely inefficient CTP scheme, which was last reviewed in 1999, and has come up with a hybrid package of defined benefits and lump sums.
Many NSW drivers could enjoy much cheaper green slips from July 2017, according to Minister for Innovation and Better Regulation, Victor Dominello. At last, people injured on the roads will also get faster, better support.
CTP insurance claims in Sydney are through the roof. In fact, claims on green slips in Sydney rose 39% this year, even though road casualties were lower. It’s a suspicious trend, as claims on all types of insurance were up 30%. Insurance fraud is estimated to cost the industry a staggering $2 billion a year.
Most people seem to agree that the current CTP scheme in NSW isn’t working well. This is why the NSW government called this year for submissions to its proposals for reform.
Greenslip prices in NSW have climbed more than 70% in the last 7 years and by over $40, or 8%, in 2015. The NSW government says fraudulent CTP claims are part of the problem. So alarming is the trend, it has established a taskforce to investigate fraud and a fraud hotline to encourage people to come forward and share information.
Minister for Innovation and Better Regulation, Victor Dominello, says the average greenslip price for a car in Sydney is now more than $600. This is more than 34% of average weekly earnings compared to 28% in 2007.
South Australian (SA) motorists will from 1 July 2016 get compulsory third party (CTP) vehicle insurance from four private CTP insurers, rather than the Motor Accident Commission (MAC).
From 1 July 2016, four private insurers will provide CTP insurance:
Zurich to cease offering NSW CTP green slips from 1 March 2016, subject to approval from State Insurance Regulatory Authority (SIRA).
Purchasing your green slip has become much easier. As of 6 November 2015, your insurer is able to get some of your details directly from Roads and Maritime Services (RMS).
This saves you the trouble of providing these details and it means you will be charged the correct amount for the premium.
After you buy your green slip, your insurer will send your green slip details to the RMS straightaway. Hard copy receipts will no longer be required for new registrations..
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