Baulkham Hills State Liberal MP David Elliott has welcomed the NSW Government’s announcement to conduct a major review of the NSW Compulsory Third Party (CTP) Green Slip Scheme to drive down costs for motorists and better protect those seriously injured in a road accident
Mr Elliott said the current scheme, which has been operating since 1999, is now 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. We have seen a 70% rise in premiums since 2008 and without reform, we are likely to see further significant price rises in coming years” Mr Elliott said.
“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.
“We need to ensure more of the money collected through Green Slip Premiums ends up where it was intended – in the hands of the most seriously injured road users” Mr Elliott said.
The NSW Government has released a CTP Options paper and is seeking public comment.
The review focuses on achieving four key objectives:
1) Increasing the proportion of benefits to seriously injured road users
2) Reducing the time it takes to resolve a claim
3) Reducing opportunities for claims fraud
4) Lowering Green Slip prices
“I encourage residents to visit www.sira.nsw.gov.au before 22 April to have their say on how we can create a CTP scheme that is more efficient, fairer and sustainable,” Mr Elliott said.