If you are the registered owner of a car in NSW, then the Government might owe you some cash!
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The NSW Government has announced that CTP Green Slip prices will be reduced from the 1st of December 2017, so anyone that has renewed their policy before then will start to receive a refund from January 2018.
Most people who have a passenger vehicle can expect a refund. Amounts will vary depending on where the vehicle is located and other factors, such as when the Green Slip was purchased in the previous year.
The refund will be calculated on a pro-rata basis, meaning the closer you purchase a policy to December 1st, the greater your refund will be.
The exact amount of the refund will vary depending on your type of vehicle and when you purchased your policy, but drivers can expect to receive a $124 refund on average, up to $163 for passenger vehicles in some cases.
There is however one catch. Green Slip prices will remain unchanged for motorcycles and will therefore not be part of the refund scheme.
This is because in 90% of accidents involving motorcycles, the rider is deemed to be at fault (often single vehicle accidents) and cannot claim against another policy. Under the current scheme, motorcycle riders receive little benefits.
For more information, visit the NSW State Insurance Regulatory Authority website.