The average CTP Green Slip prices have dropped to an eight year low of $495, since the NSW Government’s new scheme which came into effect in December 2017. 

This will drop further from 23 March 2019, with four of the five insurers offering the best market price of less than $450 for Sydney motorists. 

The 2017 scheme has resulted in cheaper premiums, faster benefits paid to those injured on the roads, and partial refunds up to $120 for most motorists. 

“In 2016 an independent report showed that without reform, average CTP premiums may have exceeded $785 by 2018. As a result of the scheme overhaul, there has been nearly a $300 turn around on what motorists would have been paying now,” Minister for Finance, Services and Property Victor Dominello said. 

“These savings have been made possible by reducing insurer profits, cracking down on fraudulent and exaggerated claims and slashing legal costs,” he added. 

The below insurers will offer the best market prices of less than $450, which will all come into effect from 23 March 2019. 

For AAMI, the best market price was $475 at 1 December 2017. This has fallen by 6.1 per cent, as they will offer the best market price of $446. 

GIO had the best market price of $475. This has also fallen by 6.5 per cent to $444. 

NRMA had the best market price of $468 in 1 December 2017. This dropped by 4.3 per cent to $448. 

Lastly, QBE had the best market price of $470 in 1 December 2017. This has also dropped by 4.7 per cent to $448.  

However, Allianz will offer a slightly higher price of $454 from 23 March 2019.