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.