Green Slip refunds

If you are a car owner, a partial refund on your Compulsory Third Party (CTP) car insurance will be offered to you from 1 December 2017 after action by the NSW Government to reduce premiums.

If you purchase or renew your CTP, also known as a Green Slip, before 1 December 2017, you will be paying pre-reform prices but you will get a pro-rata refund on that payment.

So, the closer you purchase a policy before to 1 December 2017, the greater your refund will be, because most of your cover is for 2018 when the new premiums apply.

So, if you are renewing your Green Slip now, there is no need to take out a six month policy. In fact, six month policies are more expensive than 12 month policies so in the long run you may be better off financially to renew for 12 months and wait for your refund.

Everyone who is entitled to a refund will be notified in early 2018.

The premium reductions are the result in a reduction in benefits to claimants.

The NSW Premier has gone on record to claim too many people were gaming the system, making exaggerated claims over years for injuries such as soft tissue damage and minor psychological trauma.

Under the reforms, all injured people, regardless of who is at fault, will be able to access benefits for loss of income and medical expenses for six months.

After that, people who believe they have long-term injuries will need to apply for lump-sum compensation, which will be assessed more vigorously under increased powers given to the regulator.