How much have Green Slip premiums reduced by?
Under the new CTP scheme the average price of a Green Slip has been reduced by around $124 (statewide).
How much have Green Slip premiums reduced by?
Green Slip premiums have reduced significantly since introduction of the 2017 scheme, from an average (all vehicles) of $635 pre reform, to an average of $486. SIRA publishes real time data about premiums on its Open Data Portal.
Why have Green Slip premiums become more affordable in NSW?
SIRA’s role as the regulator of the NSW CTP scheme is to ensure that the scheme continues to be fair, effective and affordable for policy holders, and for people who make a claim today, or in the future. The 2017 CTP has achieve cheaper premiums because:
- there has been a shift to focusing on recovery rather than compensation
- claims being resolved faster than the previous scheme under the Motor Accidents Compensation Act 1999
- benefits are supporting the most seriously injured motorists * less fraud and scope to exaggerate claims
- SIRA has greater control and regulation of insurer profits.