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NSW motorists are set to benefit from cheaper CTP Green Slip prices by on average $19 per annum in 2022 as the Government’s reform continues to take effect.
Premier Dominic Perrottet said the Government was committed to helping families and driving down costs with the reform slashing almost $91 million in excess insurance fees for NSW motorists.
“It’s a common complaint that bills only ever go up, but in this case we have managed to drive the cost of premiums lower and that means money stays in your bank account,” Mr Perrottet said.
“As we continue our economic recovery from COVID-19 every dollar people save counts and this reflects our focus on helping families.”
Minister for Digital and Customer Service Victor Dominello said the landmark 2017 reform to the CTP scheme – which had already delivered the lowest premiums in over a decade - had also been designed to eliminate ‘super profits’ of the past.
“In addition to delivering cheaper premiums through the reforms, we committed to recoup excess insurer profits over 10 per cent and return them to motorists,” Mr Dominello said.
“Today we have delivered on that commitment, with an average $19 being returned to CTP policy holders across NSW, bringing the average premium to below $470, the lowest it’s been in more than a decade.
“From a state-wide average high of $635 in 2016, the Government’s reforms will have delivered a 27 per cent reduction in premiums by early 2022.”
The 2017 reforms have also delivered continued benefits for injured people, who now receive earlier access to income support, treatment and care.
For instance, under the new scheme, 78 per cent of injured people receive benefits within 3 months of their accident compared to 26 per cent before reforms.
As the price of Green Slips vary by vehicle type and region, the savings will be applied as a 35 per cent reduction in levies that form part of the price, so that the savings can be shared fairly among motorists.
Motorists can expect cheaper Green Slips from 15 January 2022.
The NSW Government offers more than 70 rebates and savings. People can use the online Savings Finder to work out what they are eligible for.