In New South Wales, there are 6 insurers authorised to provide Compulsory Third Party (CTP) insurance. The State Insurance Regulatory Authority (SIRA) sets the Price Determination Guidelines for these providers to use as guide in the pricing of their greenslips. The insurers, based on their assessment of risks, among other factors, submit a greenslip rate card to SIRA. This rate card contains the prices for all vehicles shapes and client profiles. According to the Motor Accidents Authority Annual Report 2012-2013, the MAA may reject the rates if it finds that the rates do not conform to the Price Determination Guidelines, or if it considered inadequate to fully fund the insurer’s present and future liabilities, or if it is considered excessive.
Note: On 1 September 2015, the functions of the Motor Accidents Authority (MAA) were assumed by a new organisation, the State Insurance Regulatory Authority (SIRA).
Given a particular vehicle and client profile, the price of the greenslip may vary by as much as hundreds among the 7 insurers. It may be in your best interest to make a comparison of CTP prices. SIRA has made available to the general public a greenslip calculator, which allows you to get quotes and make a comparison among the six greenslip insurers. As of now, this service is only available for regular light vehicles (motorcycles, sedans, utes, vans, and similar) of up to 4.5 tonnes in GVM.