Be careful about buying green slips because you may become the victim of fraud. Insurers have identified a substantial fraud involving several thousand CTP policies and many unauthorised agents.
These agents issue green slips using the wrong information and then charge lower premiums than would normally be paid. They also on-sell invalid green slips for cash at inflated prices.
Many of these fraudulent policies are coming from the west and south west areas of Sydney. Already, insurers are cancelling these policies and arranging with Roads and Maritime Services to cancel vehicle registration. Insurers are also making sure policyholders who have underpaid pay extra premium that is due.
How do you know?
It is possible you are a victim of green slip fraud if you:
- Bought a policy from an insurer other than AAMI, Allianz, CIC Allianz, GIO, NRMA and QBE
- Bought a policy from an agent showing an insurer other than the six above
- Did not pay in full for the green slip when you bought it
- Paid cash and have not confirmed with an insurer that you have a valid policy.
If you are in any doubt about your green slip, you can ring State Insurance Regulatory Authority (SIRA) on 1300 137 131.
The greenslips.com.au calculator helps you compare prices from each of the six authorised CTP insurers and identify the best available for your vehicle and details. The website also carries a lot of information about green slips to keep you well informed.