How Greenslip Prices are Set

Greenslip insurance is provided by a number of licensed insurance companies who set greenslip premium prices in a competitive market. They may take into account such factors as:

-your accident history

-age of the owner and youngest driver of your vehicle

-the age of your vehicle

-the type of vehicle

-comprehensive or third party insurance of the vehicle

-the purpose for which the vehicle is used

The criteria used by a greenslip insurer reflect its views on the risk associated with those factors.

Greenslip insurers also have discretion to offer discounts and impose loadings on greenslip premiums within the range allowed by the State Insurance Regulatory Authority (previously the MAA) Premium Determination Guidelines. Decisions about greenslip discounts or greenslip loadings vary between CTP greenslip insurers. It is therefore important that vehicle owners shop around and obtain a number of greenslip quotes.

Greenslip prices are not set by the Government, the RMS or SIRA.

(Source maa.nsw.gov.au Nov 2008)