Don’t Pay Too Much For Your Greenslip

It’s that time of year again. Car registration.

I don’t know what I was thinking buying a car so close to my birthday, but I did and now I have to live with that.

Greenslips or Compulsory Third Party (CTP) insurance is a form of car insurance that protects vehicle owners and drivers from legal liability for personal injury to any other party in the event of a personal injury claim. CTP Greenslip insurance does not cover damage to property or other vehicles. It is compulsory and is a condition of motor vehicle registration in NSW, Australia.

CTP insurance is provided by a 7 insurers (AAMI, Allianz, CIC Allianz, GIO, NRMA, QBE, and Zurich) who set their prices in a competitive market.

They take factors into account such as:

• Your driving record
• The age of all regular drivers of your car
• The age of your car
• The type of car you have
• What other kinds of insurance you have (comprehensive or third party property insurance for example)
• How you use your car (private, business or a combination of both eg: pizza delivery on weekends)
• Whether or not it’s a renewal or a new green slip

How this weighs out for each insurer is a reflection of the risk profile associated with those factors for each company.

I received a renewal offer from the NRMA this week with a quote of $614.43. Now I know I can do better than that.

The NSW Motor Accident Authority provides a free Green Slip price comparison service on its website which will quote the price from all 7 insurers in less than 5 minutes based on your details.

So I entered all my details and received a quote from QBE for exactly the same coverage for only $337.85! That a saving of $276.58 for only a few minutes filling out an online form!

Not too shabby.

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