If you’ve ever shopped around for greenslips before, you should know that greenslip prices can vary greatly among the 6 greenslip providers in New South Wales. That’s why it’s always a good idea to do a thorough greenslip comparison before making your purchase, not only in terms of greenslip prices but also in terms of other factors such as driver-at-fault cover, which is an added benefit offered by some insurers.
It is also important to understand the factors that affect the price of your greenslips. For instance, for one particular owner and vehicle type, the price of your greenslip can differ by hundreds of dollars just because one is a 2013 model while the other is a 1998 model. Knowing these things may help you make decisions, not only in purchasing greenslips but in your choice of vehicles. As in the example presented above, if you have been thinking of replacing your old vehicle with a brand new one, knowing the savings that you get in the long run having newer model vehicles may help you make a decision.
Here are some of the factors that play into the greenslip quotes you are getting:
- Your driving record
Your driving record may include the number of demerit points on your licence, the number of traffic offences or at-fault accidents for a particular period, the number of years you have held you licence.
- Vehicle age
In general, for common light vehicles, greenslips are cheaper for newer model vehicles.
- Vehicle shape
Vehicles are categorised into classes and different classes of vehicles are priced differently. The shape of your vehicle as listed on your registration documents allows the insurer to properly categorise your vehicle into the correct class. Sedans, hatchbacks, and wagons, for instance, are in a class different from motorcycles. And even within the motorcycle category, the vehicles are further classified according to engine capacity.
- Age of the owner/s and/or driver/s
Insurers may ask you the date of birth of the vehicle’s registered owner/s and any other driver/s of the vehicle. In general, greenslips are dearer if there are drivers below 25 years old.
- Post code
Insurers will usually ask the post code where the vehicle is garaged as declared in your vehicle registration. New South Wales is divided into 5 regions, namely Metropolitan, Outer Metro, Newcastle/Central Coast, Wollongong, and Country. Greenslip prices usually vary among these regions or zones. The MAA prohibits further differentiation within each region.
- Registration Status
The status of your registration may affect the price of your greenslip, i.e., whether you are doing a standard renewal, re-registering a vehicle whose registration was cancelled, registering a vehicle that is being transferred interstate, or registering a brand new vehicle.
Insurers, in general, base greenslip prices on these items, and possibly other factors. Each insurer place different weighting on each of these, resulting in greenslip prices that may vary significantly given a particular vehicle and client profile. This is why it is always good practice to get a greenslip comparison before finalising your greenslip purchase.