How Green Slip Prices Are Set

 

• You may find it interesting to know that a variety of licensed insurance companies provide CTP insurance and, in what is a very competitive market place, they set the level of premiums for Green Slips insurance. In order to do this, they may take into account a number of factors that could include some or all of the following: -
• Your vehicle’s age
• Any accidents that you may have had
• The type of vehicle that you are to drive
• How old the regular drivers are that will be driving your vehicle
• Whether this is a new Green Slips insurance policy or the renewal of an existing one
• Whether your vehicle is to be used for private or business purposes
• Whether you require third party or comprehensive insurance

The criteria that an insurance company providing Green Slips insurance uses will be a reflection of the risks that it feels will be associated with the above factors. In addition, CTP insurers have the discretion to provide discounts as well as place loadings on insurance premiums within a range that has been agreed under the MAA Premium Determination Guidelines.

 

(Source maa.nsw.gov.au Nov 2011)