Dominello drives down our car insurance costs

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Ryde MP Victor Dominello has welcomed the NSW Government’s announcement to conduct a major review of the NSW Compulsory Third Party (CTP) Green Slip Scheme.

Mr Dominello said the review aims to ‘drive down costs for motorists’ and better protect those seriously injured in a road accident

He said the current scheme is in urgent need of reform to ensure it remains affordable for vehicle owners and delivers the appropriate benefits to injured people in a timely manner.

“Green Slip prices in NSW are now the highest in the country with an average of $630 for a standard passenger vehicle,” he said.

” We have seen a 70 per cent rise in premiums since 2008 and without reform, we are likely to see further significant price rises in coming years.

“This is a major hit on the family budget every year, especially if a household has two or more vehicles.

“Apart from being expensive, the scheme is also very inefficient with only 45 per cent of the premiums collected being paid to injured people as benefits and some claims taking over five years to resolve.”

The NSW Government has released a CTP Options paper and is seeking public comment via the website www.sira.nsw.gov.au