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 factors such as:
-
your accident record
-
the age of all regular drivers that drive your vehicle
-
the age of your vehicle
-
the type of vehicle
-
comprehensive or third party property insurance
-
the purpose for which your vehicle is used (private or business)
-
renewal or new greenslip
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 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 RTA or the MAA.
(Source maa.nsw.gov.au Nov 2008)