New CTP Scheme Continues To Drive Down Green Slip Prices

01 Dec 2020 living_cost

NSW vehicle owners continue to reap the benefits of the State Government’s overhauled CTP Green Slip scheme, with new data revealing Green Slips are at a decade low.

Minister for Customer Service Victor Dominello said the new scheme, which came into effect on 1 December 2017, has delivered cheaper Green Slips, faster benefits to injured road users, cracked down on fraudsters and eliminated insurer ‘super profits’.

“The new scheme has been a big win for vehicle owners – drivers have gone from paying some of the highest premiums in the country, to now paying some of the lowest,” Mr Dominello said.

“The average driver now pays $486, a saving of $149. Under the old scheme premiums reached a record high of $635 for the average NSW vehicle owner and would have continued to grow.

“Don’t be complacent. Do yourself a favour – go online to Green Slip Check and shop around to make sure you’re getting the best deal.”

Mr Dominello also said that insurer Youi will be entering the CTP market today, making them the first insurer in more than 20 years to be granted a licence to offer CTP insurance in NSW.

Youi’s entrance into the market will boost competition and brings the total number of CTP insurers to six.

Green Slip Check can be accessed at https://www.greenslips.nsw.gov.au/price-check