Premiums
How are CTP prices set?
Private and business use
In NSW, CTP insurance policies are sold in a competitive market, which is regulated by the State Insurance Regulatory Authority (SIRA).
Insurers set their own Green Slip prices which must cover the cost of future claims as well as the costs of doing business.
The total price of your Green Slip is made up of the insurance premium, fund levies and GST.
An insurer may apply a variety of risk rating factors that will either increase or reduce the cost of your premium. Insurers may consider factors such as:
- where the vehicle is garaged
- type of vehicle and it’s characteristics
- age of the vehicle
- age of the driver or rider
- driver’s or rider’s safety record.
The Fund Levy and GST are always included in the CTP premiums. The Fund Levy funds the Lifetime Care & Support Scheme, which pays for the lifetime treatment, rehabilitation and care of people who have been severely injured on NSW roads. It also pays for public hospital and ambulance services for anyone injured, as well as the administration costs of running the CTP Green Slip scheme.
Prices vary between insurers, which is why you should always shop around. You can use SIRA’s Green Slip Price Check to find the best deal for you.
Taxi and rideshare vehicles
For information on how CTP prices are set for taxis and ride share vehicles in NSW, visit the SIRA website.