If you’re buying a green slip for the first time – or need a quick refresher – these are our top 10 tips.
1. Know who the greenslip insurers are ›
2. You can get a greenslip up to 3 months in advance ›
3. Are you getting a green slip for 6 or 12 months? ›
4. Type of vehicle affects the green slip price ›
5. You need your vehicle model variant ›
6. Your driving record affects the green slip price ›
7. All greenslip prices include the Fund Levy and GST ›
8. Greenslip prices should be the same wherever you find them ›
9. Greenslips are nothing to do with comprehensive or third party property insuranc ›
10. Always compare greenslip prices first. ›
1. Know who the green slip insurers are
Only six insurers are licensed to sell compulsory third party (CTP) green slips in NSW. However, two insurers sell green slips under other brand names as well:
- AAMI
- Allianz
- GIO – also sold by Apia and Shannons
- NRMA Insurance
- QBE – also sold by Australia Post and Kogan
- Youi
Whenever you are getting a green slip, it always comes from one of these six licensed CTP insurers.
2. You can get a greenslip up to 3 months in advance
You can register your vehicle 3 months in advance, so you can buy a green slip 3 months in advance. Why would you want to register your vehicle in advance? Perhaps you know you will be overseas for a couple of months and don’t want to have to worry about it. Or perhaps you wish to take advantage of your current cash flow.
You can compare prices using the greenslips.com.au Calculator for a date 3 months ahead. Even if you buy a green slip 3 months in advance, prices will not change for that registration date. So you pay the same price, whether you are getting a green slip in advance or just before the registration date.
3. Are you getting a green slip for 6 or 12 months?
In NSW, light vehicle vehicle owners must register for 6 or 12 months. The option of 3 months is for trailers and heavy vehicles only. However, there are cases when you have to buy a green slip and register for 12 months:
- First registration of the vehicle
- Late renewal – If you renew a 6 or 12-month registration more than 21 days after renewal was due
- Needs a blue slip – When you have just moved to NSW, your vehicle is from interstate, or its registration has been cancelled.
Over two fifths of our calculator visitors had bought their last greenslip for 12 months rather than 6 months.
4. Type of vehicle affects the green slip price
The price of your green slip depends on what type of vehicle you drive. There are three main types: motor car, light goods vehicle/ute or motorcycle.
In the greenslips.com.au Calculator, choose your vehicle type carefully. In general, greenslip prices for light goods vehicles are higher than for motor cars. Some larger SUVs are classified as light goods vehicles rather than motor cars. Owners who classify their utes as motor cars will receive inaccurate quotes that are too low.
5. You need your vehicle model variant
You need to know your vehicle model variant to get accurate green slip prices from all insurers. Find your vehicle model variant in three steps:
- Use your own basic knowledge, eg, 4WD, dual cab, manual, 1.8 litres etc.
- Check Registration using your number plate to find out more details.
- Choose the correct vehicle model variant in the greenslips.com.au Calculator.
While the greenslips.com.au Calculator allows you to choose ‘unsure or other’, quotes would be indicative only. It takes longer to choose the right vehicle variant, but means the prices you receive are 100% correct.
6. Your driving record affects the green slip price
Insurers need to know about your driving record and claims history to give you an accurate price. They will ask about:
- Number of demerit points on your licence (and licence of any other drivers)
- Road accidents in the last 2-5 years that were your fault
- Any drivers licence suspensions, disqualifications, cancellations or restrictions in the last 3 years.
If so, any drug and alcohol convictions or fines in the last 3 years.
Driving convictions result in licence suspension and involve a court appearance. You don’t have to consider parking fines, low range speeding fines or other minor offences, except for stating any demerit points. Your driving record is important when getting a green slip.
7. All greenslip prices include the Fund Levy and GST
All greenslip prices include GST on the premium and the Fund Levy. After using the greenslips.com.au Calculator, you can see a breakdown of the greenslip price from each insurer. Under Next Steps, click the + sign next to any insurer and you will see this (example only):
12 months price breakdown
Premium $280
GST (on premium only) $28
Fund Levy $144
Total $452
Find out what the Fund Levy pays for.
8. Greenslip prices should be the same wherever you find them
Greenslip prices should be the same wherever you get them because no insurer, broker or agent can legally quote prices other than the regulated prices. What happens if prices in the greenslips.com.au Calculator don’t seem to match the insurer price?
Check your greenslips.com.au calculation for particular important details:
- Vehicle type – Some SUVs are classified as light goods vehicles, not motor cars.
- Vehicle variant – Use Check Registration or registration renewal notice.
- Age at registration commencement date – Using the wrong age could put drivers into another price bracket.
- Number of demerit points – Even one point can make a difference.
- Number of years of continuous relationship with NRMA – This is vital for an accurate NRMA price.
When in doubt about any details of your calculation, please contact us.
9. Greenslips are nothing to do with comprehensive or third party property insurance
CTP greenslips protect people, not cars. If you want to protect your car, you need to buy comprehensive or third party property insurance.
Many people wrongly take the word ‘comprehensive’ to mean insurance cover for everything and everyone. In fact, it’s comprehensive because it covers your car and property and the car and property of others. Others confuse compulsory third party (CTP) insurance with third party property insurance. However, third party property insurance only covers the cars and property of others and is not compulsory.
10. Always compare greenslip prices first
Before getting a green slip, always compare prices. Prices change at least once a year, sometimes more often, and can be quite competitive. The insurer you chose last year may not be the cheapest insurer this year. When your current insurer sends you a renewal, you may still choose another insurer.
Use the greenslips.com.au Calculator to help you make an informed choice. Find the cheapest green slip prices now.
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