From January 2019, you could save up to $13 on green slip premium because of a levy cut. The average NSW premium will fall to $501, the lowest since 2011.
Green slip prices have already tumbled from a record high of $654 to around $514 under the new NSW CTP scheme, starting December 2017. The levy cut will make green slip premiums the cheapest they have been in 7 years.
Each green slip premium breaks down into insurer premium, GST and Fund Levy. The Fund Levy has two parts:
- Lifetime Care and Support Scheme for catastrophic injuries
- State Insurance Regulatory Authority (SIRA) Fund (9.25% of premium)
The Fund Levy is a flat rate, based on type of vehicle and garaging address. These are the current rates for a motor car:
- $142.01 in Metro areas
- $113.59 in Newcastle
- $126.50 in Wollongong
- $110.15 in Country areas
The Fund Levy is cheaper for motorcycles and dearer for light goods vehicles.
Exact rates of Fund Levy from January 2019 are not yet known.
Meanwhile, AAMI and GIO recently decided to drop CTP premiums by 4.7% across all vehicle classes.
With this kind of competition, you should shop around and use the greenslips.com.au calculator to get the best possible price.