After 1 July 2017, vehicle owners will see a welcome 5% price cut for their green slips. This means many motorists in Sydney will pay less than $600. It is a long time since prices for CTP insurance have fallen in NSW.
Originally, the government forecast price cuts from December 2017, when new reform legislation comes into effect. But from 1 July, motorists everywhere in NSW should start to benefit. These reductions are stated government estimates:
- In Sydney - $180 cheaper
- Country - $50 cheaper
- Taxis – 40% decrease.
The reason for the early price cuts is because of the massive clampdown on fraud. Several people have already been charged for defrauding the NSW CTP scheme. Meanwhile, insurers have seen a noticeable decline in claims for soft tissue and minor injury and more claims being withdrawn.
Minister for Finance, Services and Property, Victor Dominello, claims, when the new scheme starts in December 2017, the government will “deliver on the elusive trifecta of improving benefits to those injured on our roads, significantly reducing premiums for motorists and taxis alike and putting an end to insurer super profits”.
Competition among insurers helps to bring down prices, so always compare green slip prices before renewing your policy.