Over 4 million NSW vehicle owners can now claim for a refund on their CTP Green Slip Insurance. The refunds are a result of reforms, which saw CTP premiums reduced by up to $172 a year for drivers.
How much will my refund be?
NSW motorists previously paid the highest Compulsory Third Party (CTP) Insurance in Australia, with the average premium for those in urban areas averaging around $710.
Now with CTP’s lower prices, which came into effect on 1st December 2017, refunds of between $10 and $120 are available, depending on when you renewed your CTP Green Slip.
Am I eligible for a refund?
If you were the registered owner of a private vehicle at midnight 30 November 2017, you may be able to claim a CTP Green Slip refund for insurance policies bought or renewed before 1 December 2017.
How do I apply for a refund?
Getting your refund is easy and can be done online between 7pm and 7am Monday to Saturday and all day Sunday. Go to the ServiceNSW website and follow their four-step refund process.
You’ll need a MyServiceNSW account and your banking details.
Refunds take about 10 days to hit your bank account. You have until 30 September to claim your refund.
What happens to any unclaimed money?
All surplus and unclaimed funds will be returned to motorists through a reduction in the CTP Fund levy next year, according to Service NSW.