Insurers set their own Green Slip prices in a competitive market, which is why we want you to shop around or use our Green Slip Price Check to get the best deal.
This is general advice only. Give us a call if you need more information.
Insurers set their prices depending on a number of factors. These factors affect the price you pay.
These factors include:
The insurers set their own base premium. In simple terms the premium must:
- be able to fully fund the present and likely future claims liability
- not be considered excessive
- conform to premiums determination guidelines
Insurers then apply weighting factors (called premium relativities) to the base premium.
These depend on the vehicle class and where the car is garaged. These are reviewed regularly.
A per cent increase or decrease is applied, according to ‘risk rating factors’ that relate to the vehicle, the owner and information on who drives the vehicle.
Risk factors can include:
- the age of the owner/driver and their driving record (eg number of at-fault crashes, insurance history, demerit points and no claims bonus)
- the age of the vehicle
A higher risk group is one that has resulted in more claims in the past.
These are determined by each insurer within limits that are set and reviewed by us from time to time.
A Goods and Services Tax (GST) is added into the price you pay. No GST is payable on the MCIS levy.
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Insurers set their own Green Slip prices in a competitive market, which is why we want you to shop around or use our Green Slip Calculator to get the best deal for your passenger vehicle, light goods vehicle or motorcycle.
You can read the Motor Accidents Compensation Act 1999 (MAC Act 1999) for a full explanation of these requirements.
These guidelines are what we and insurers follow when setting CTP insurance prices: