NSW green slips rise
NSW motorists face a hike of up to $70 a year for green slips so the NSW Government can cover an increase in insurance premiums.
NSW Finance Minister Joe Tripodi told insuranceNEWS.com.au the increase in green slip prices comes after the Motor Accidents Authority (MAA) approved a 7% base premium rise for CTP fees from yesterday.
“The global financial crisis has seen a very large drop in investment returns, and to ensure that they have adequate funds to make claim payments insurers have had to increase premiums,” he said.
Mr Tripodi says the average car owner will be looking at a $25-$30 increase, which, combined with an increase last July, adds up to a $45 increase over the past year.
“The average green slip price has dropped around $150 in real terms since the MAA scheme was reformed in 1999,” he said.
The latest increase means drivers have seen their base CTP rate jump 14% – three times the national inflation rate.
NSW Finance Minister Joe Tripodi told insuranceNEWS.com.au the increase in green slip prices comes after the Motor Accidents Authority (MAA) approved a 7% base premium rise for CTP fees from yesterday.
“The global financial crisis has seen a very large drop in investment returns, and to ensure that they have adequate funds to make claim payments insurers have had to increase premiums,” he said.
Mr Tripodi says the average car owner will be looking at a $25-$30 increase, which, combined with an increase last July, adds up to a $45 increase over the past year.
“The average green slip price has dropped around $150 in real terms since the MAA scheme was reformed in 1999,” he said.
The latest increase means drivers have seen their base CTP rate jump 14% – three times the national inflation rate.