Household budgets are continuing to benefit from the NSW Government’s CTP Green Slip reforms, with the average state-wide premium dropping to an eight year low of $495.
Minister for Finance, Services and Property Victor Dominello said the new scheme, which came into effect in December 2017, has resulted in cheaper premiums, faster benefits paid to those injured on our roads, and a partial refund worth up to $120 being returned to most motorists.
“We promised an average premium of $528 on day 1 of the new scheme. Not only have we delivered on that, we’ve been able to drive down premiums even further,” Mr Dominello said.
“In 2016 an independent report showed that without reform, average CTP premiums may have exceeded $785 by 2018. As a result of the scheme overhaul, there has been nearly a $300 turn around on what motorists would have been paying now.
The table indicates the expected best market prices for a Sydney metropolitan passenger vehicle from 23 March 2019 (these are best prices not averages).
|Insurer||Best market prices 1/12/2017||Best market prices from 23/3/19||Changes in prices from 1/12/2017 to 23/3/19|
|$ change||% change|
|AAMI||$475||$446||– $29||– 6.1%|
|Allianz||$488||$454||– $34||– 7.0%|
|GIO||$475||$444||– $31||– 6.5%|
|NRMA||$468||$448||– $20||– 4.3%|
|QBE||$470||$448||– $22||– 4.7%|
“These savings have been made possible by reducing insurer profits, cracking down on fraudulent and exaggerated claims and slashing legal costs.” Mr Dominello encouraged motorists to use the Green Slip Price Check website to compare prices before renewing their Green Slips.
“Four of the five insurers will have a best market price of less than $450 from 23 March, which is welcome news for Sydney motorists,” Mr Dominello said. The NSW Government has given back more than $200 million to people in NSW over the last year alone through its various cost of living rebates and incentives, including free rego for regular toll users, Active Kids vouchers and Energy Switch.