NSW compulsory third party (CTP) premiums will fall to an average of $501 next year, the lowest since 2011.

Finance, Services and Property Minister Victor Dominello says recent reforms have turned the scheme around. Without action, premiums were expected to rise to more than $700 last year.

“As a result of our reforms, today’s average premium is $514 and, with upcoming levy reductions, it will drop to $501 in January,” he said.

“Changes to the greenslip scheme continue to deliver faster access to benefits for those who are legitimately injured on our roads, while reducing exaggerated claims [and] giving more of the premium dollar back to those seriously injured.”

Treasurer Dominic Perrottet has encouraged motorists to take advantage of the State Government’s greenslip price check website.

“We know only 30% of motorists change CTP insurer each year,” he said.

“With more competition in the market, all motorists should shop around to make sure they get the best possible price.”