NEW CTP GREEN SLIP SCHEME TO REDUCE COSTS FOR MOTORISTS
Written on the 8 December 2017 by Kevin Conolly
The new CTP Green Slip Scheme in NSW has started, which will deliver refunds to the vast majority of current vehicle owners, significant premium reductions moving forward, and an expanded safety net for injured road users.
Member for Riverstone Kevin Conolly MP said that business customers, including taxi owners, would be the first to receive their refund.
"From March 2018 individual policy holders will be able to access their refund online via Service NSW. So it's great news for motorists in 2018 the vast majority of whom will receive cheaper Green Slips as well as refunds," Mr Conolly said.
An estimated $300 million will be returned to vehicle owners in NSW, with $66 million being returned to business customers.
If a motorist purchased or renewed their Green Slip before 1 December they may have paid pre-reform prices. So the closer they purchased a policy to 1 December, the greater their refund will be; up to $116 for a Class 1 motor vehicle.
Refunds will be delivered through Service NSW, with an advertising campaign commencing from March to inform motorists of how to claim their refund and other benefits of the new scheme.
The new scheme will also deliver significant savings for motorists moving forward. The average Green Slip price for motorists next year will be down around $157 on average from $710 this year to $553 next year. The average premium for taxi owners will come down $3,300 during the same period.
Packaged into the new scheme is a new safety net allowing all injured road users, regardless of fault, to access benefits for loss of income, medical expenses and care for up to six months, with lump sum compensation retained for those with long-term injuries.
The CTP reforms are one of a raft of NSW Government measures helping to ease cost of living pressures for households. The Government has this year also introduced free car registration for people who pay more than $1,300 on motorway tolls per year, cheaper hospital car parking and the FuelCheck app.
For further information on the new scheme visit www.sira.nsw.gov.au
Author: Kevin Conolly
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