NSW motorists are set to benefit from a fairer and more affordable CTP Green Slip Scheme under a proposal announced today by the NSW Government.
The changes will address problems with the current CTP scheme such as premium unaffordability, delays in payment of benefits to people injured on NSW roads, and reducing fraudulent and exaggerated claims that are driving up premiums.
State-wide average premiums will drop from $650 to $528. NSW motorists will shave around $120 off their Green Slip under the new scheme.
“Over the past decade, Green Slip prices have increased by 85 per cent, with the average Sydney motorist now paying $703, and country motorists paying $482. This is simply unfair and motorists deserve better,” Ms Upton said“
The current scheme has become the least affordable in the country and just 45 cents in every Green Slip dollar is returned to those who need it most - injured road users. The rest is chewed up in scheme costs including insurance super profits, legal fees and medical fees.
“The changes will not only stop the ongoing increases in average premiums, they will stop insurer super profits and actually reduce the cost of Green Slips for NSW motorists. This will provide a significant household saving to families in the eastern suburbs who often need to insure multiple vehicles every year,” Mr Notley-Smith said.
Minister for Finance, Services and Property Victor Dominello said the reforms fulfilled a Government promise to deliver a fairer and more affordable scheme.
“Make no mistake – this is a big win for motorists. The new scheme will deliver fast access to benefits for those who are legitimately injured on our roads; it will reduce the exaggerated claims; it will deliver more of the premium dollar back to the most seriously injured; and it will deliver cheaper Green Slips,” he said.
A Bill will be introduced today and, subject to Parliament’s approval, a new Green Slip scheme is likely to commence in December 2017. Further information is available at www.sira.nsw.gov.au.
Media: Mitchell Price (Coogee) 9398 1822