A guide to getting cheap CTP green slip quotes to save money
Many people are unaware of this, though the price of CTP greenslips can vary greatly depending on which CTP greenslip provider you talk to.
Each provider has its own method of calculating the price of a CTP greenslip – this means one providers greenslip price may vary to others. This is both good and bad; good in that I am about to show you how to quickly save money and bad in that not many people actually know this tip and in turn continue to waste money.
What the CTP greenslip providers don’t want you to know
If you currently own a car, chances are that come time to renew your registration and CTP greenslip, you will be mailed a greenslip renewal form preemptively from your existing provider.
Don’t renew your green slip this way.
Often a greenslip provider will increase their prices, year on year, without formally telling you. While the greenslip you currently have may have been the best value in the past (or simply the one that was given for free when you bought the car) it does not imply that it is still the cheapest CTP greenslip on the market.
Avoid the temptation to simply renew then and there. The CTP providers rely on us as consumers to be lazy and simply say ‘sure thing, why not, let’s get this out of the way’.
Compare CTP greenslips every year
Every time your greenslip is up for renewal, aim to compare the latest prices of greenslips online before agreeing to pay.
This willl take you around 5 minutes and has the potential to save you up to $100 (speaking from past experience).
In 5 minutes of your time can save you $100, that makes your hourly rate worth around $1200. As you can see, a huge saving for such a small amount of time each year.
Using that formula above, the effective hourly rate you are worth is $1200
CTP greenslip providers you should compare
Often the hardest thing to do is think of all the main providers you need to compare with. From my past experience, the best place to start is with the likes of; NRMA, Allianz, AAMI, GIO, QBE, and Zurich.
While this is not a definitive list of CTP greenslip companies; it does provide a starting point and some inspiration to hunt down a cheap green slip.
However, if you wish to run a generic comparison search of CTP green slips, simply visit the ‘Motor Accidents Authority’ CTP greenslip calculator (NSW only) by clicking here.
If you live in QLD and want to compare QLD greenslip prices – visit the Queensland Government’s CTP premium calculator here.
Important note: there are many sites that claim to help you ‘compare’ greenslips. Often these sites are aligned with a single CTP provider and in turn don’t truly compare greenslips – they simply promote the one that gives them the most commission.
If you want a cheap CTP greenslip, the way I see it; you have to do the hunting yourself.
How are CTP greenslips priced? What is the criteria?
Providers of CTP green slips look to judge and assess you based on a number of criterion. They use this set criteria to identify the risk you pose to them as an insurer (of crashing) and in turn mix it with their own pricing model to spit out a cost for the greenslip.
CTP pricing criteria includes:
- Your accident record history.
- Age of regular driver(s).
- Male/female (this is debated).
- Age of car.
- Type of car.
- Comprehensive or third party property insurance.
- The purpose for which your vehicle is used (private or business)
- Renewal or new green slip.
How can you save money on CTP greenslips?
Based on the above points, you now know what the CTP providers are looking at when setting your CTP price. Using this information, you have the ability to understand who a car is best to be registered to in your family.
For instance, if you and your wife/husband have a single car – perhaps consider which of you has a better accident history and more ‘mature’ age. These two facets can dictate higher prices so should be considered if you have a choice of who the car should be registered to.
Perhaps consider doing a quote for both of you to compare which is better. Remember though, it is very important that you are truthful to insurance companies. Do not falsify the true use of your situation or your car – always tell the truth as if you don’t – and get caught – there is a severe penalty and risk of nonpayment on any insurance claims.
Remember, a CTP greenslip is non-refundable if you decide to dispose of your car. If you plan on getting rid of your car, read about 6 month CTP greenslips to save money.
Example of how this saved me money
My wife and I have a car. Previously I was the one who registered it, insured it and generally did all the paperwork behind it. I, however, was only driving it once a month or less (as I use public transport most days) – doing a quick check found that our CTP and other forms of car insurance were significantly cheaper if put into my wife’s name (better history, slightly older, female & much better looking in case she is reading this).
We did just that and saved a tonne of money. Simple.