Wednesday, 16 April 2008

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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  4. Interesting. Here in the US car insurance is fairly reasonable although it depends on the state you live in. Some states are pretty bad like Massachusetts. Plenty of people have complained which I think will lead to a change in laws.