Ctp Insurance Switch In Nsw: A Guide To Changing Your Insurer

In New South Wales, Compulsory Third Party (CTP) insurance, also known as a Green Slip, is a type of motor insurance policy that covers death and personal injury when you or the person driving your vehicle is at fault in an accident. CTP insurance is compulsory by law and must be purchased before registering a motor vehicle in NSW. While you can choose your CTP insurer, you can only change your provider at the start of each registration period. To do so, you must cancel and re-establish your registration. This involves cancelling your vehicle registration through Service NSW and then providing proof of cancellation to your CTP insurer to receive a refund for the unused portion of your premium. You can then select a new insurer and renew your registration.

Changing CTP insurance provider at the start of a registration period

Changing your CTP insurance provider at the start of a registration period is a straightforward process. Here's a step-by-step guide to help you through it:

Step 1: Choose Your Preferred Insurer

When selecting your new CTP insurance provider, it is essential to consider your needs and compare the benefits offered by different insurers. You can use the CTP premium calculator or contact the insurers directly to gather information about their products. It is worth noting that all CTP insurance policies in NSW provide the same level of protection, but some insurers may offer additional cover.

Step 2: Find Out the New Fee

You can calculate the new fee for changing insurers by using the CTP premium calculator or contacting your preferred insurer directly. This step will help you understand the cost difference between your current and new insurer.

Step 3: Make the Change

The process of changing your CTP insurer depends on whether you have received your registration renewal notice. Here are the steps to follow based on your situation:

If You Have Received Your Registration Renewal Notice:

• Renew your registration online at the Services NSW website or the Department of Transport and Main Roads (DTMR) website, depending on your state.
• Contact DTMR by phone before the expiry date on the renewal notice to register your change of insurer. Only the registered operator can make this change, and identity details will be required.
• Complete the CTP Nomination section on the back of your renewal notice.
• Pay your registration on or before the due date, following the payment options provided.

Note: The change of insurer must be received by DTMR on or before the expiry date on the renewal notice for it to be effective for that renewal period. If you pay early, the change will only take effect from the next renewal period.

If You Haven't Received Your Registration Renewal Notice Yet:

• You can change your CTP insurer online through the DTMR website or by contacting the DTMR Call Centre.
• Provide confirmation of your identity, such as your driver's licence number and date of birth. This option is usually not available to organisations.
• Complete a CTP insurance nomination form, which you can obtain from DTMR or any licensed CTP insurer.
• Write to your local DTMR branch, providing the following information: the full name and date of birth of the registered operator (if an individual), the driver's licence or customer reference number (for organisations), the registration number, make, model, and body shape of the vehicle(s), and the name of the CTP insurer you wish to change to.
• Post your nomination form or letter to the specified address for DTMR.

Note: Written advice from organisations must be on official letterhead and include the customer reference number and ACN/Business Number.

Important Things to Keep in Mind:

• You can only change your CTP insurance provider at the start of each registration period. Once your CTP insurance has been used to register your vehicle, changing insurers becomes more complex and usually involves cancelling and re-establishing your registration.
• The period of cover of your CTP insurance policy must match your registration term. For example, a six-month registration requires a six-month CTP insurance policy.
• CTP insurance policies have a use-by date. Ensure you use the policy to register your vehicle before this date, or it will become invalid, and you'll need to purchase a new policy.
• In NSW, your CTP insurance must be issued by a NSW CTP insurer for vehicles registered in the state.

Cancelling and re-establishing registration to change insurers

Cancelling and re-establishing registration to change CTP insurers

You can only change your CTP insurance provider at the start of each registration period. Once your CTP Green Slip has been used to register your vehicle, the only way to change insurers is by cancelling and re-establishing your registration.

To cancel your CTP policy, you must first cancel your registration with Transport for NSW (TfNSW). You will be provided with a letter that can be used as proof that your vehicle's registration has been cancelled. You will need to provide this letter to your CTP insurer, who can then process your policy cancellation and refund any unused portion of the premium.

Any refund for the unused premium is calculated from the date TfNSW confirms deregistration. You may get a pro-rata refund of the Fund Levy, but your CTP greenslip insurer may charge an administration fee for the cancellation.

Once you have cancelled your CTP policy, you can then establish a new registration with your chosen CTP insurer.

Comparing insurers using the CTP premium calculator

The CTP premium calculator is a tool that allows you to compare the prices of CTP insurance across different insurers. CTP insurance, or Compulsory Third Party insurance, is a type of motor insurance that provides compensation to people who are injured or killed in a road accident involving your vehicle. In NSW, it is known as a green slip.

The State Insurance Regulatory Authority (SIRA) has an online calculator to help you compare prices for CTP insurance. The greenslips.com.au Calculator is another tool that allows you to compare prices from all six NSW insurers in just 3 to 4 minutes. This calculator uses the exact prices that insurers have submitted to the regulator, and it will give you the cheapest price available for your vehicle.

When comparing insurers, it is important to consider the following factors:

• Relationship with a CTP insurer
• Accessibility to an insurer for payment or renewal
• At-Fault Driver Cover

Step 1: Choose Your Preferred Insurer

When choosing your insurer, consider any additional benefits or incentives offered by the insurers. You can use the premium calculator to compare benefits and incentives, and contact the insurer for more information on their CTP insurance product.

Step 2: Find Out the New Fee

You can calculate the new fee for changing CTP insurers by using the CTP premium calculator or by contacting your preferred CTP insurer.

Step 3: Make the Change

Changes can be made at any time during the year, but the process depends on whether you have received your renewal certificate. If you have received your registration renewal notice, you can change your insurer by renewing your registration online or by phone before the expiry date. If you have not received your renewal notice, you can nominate to change your insurer at any time during the registration period of your vehicle. However, the change will only take effect from the commencement date of the next registration renewal.

Factors Affecting the Price of CTP Insurance

The price of CTP insurance is influenced by factors related to the driver, their driving history, and their vehicle. Important factors include the location, type of vehicle, age of the youngest driver, demerit points, and other insurance held. Additionally, the price is impacted by how each insurer prices risk and their need to cover the cost of claims.

Tips for Getting Cheaper CTP Insurance

To get cheaper CTP insurance, you can consider the following:

• Buying a newer car with safety features
• Driving safely and within the law to avoid demerit points or traffic offences
• Holding third-party property or comprehensive insurance

By comparing insurers using the CTP premium calculator and considering the factors that affect pricing, you can make an informed decision when choosing your CTP insurance provider in NSW.

Cancelling vehicle registration through Service NSW

To cancel your vehicle registration in NSW, you must be the registered operator of the vehicle. You can cancel your registration at any time, including if your vehicle has been written off, stolen, or if you no longer plan to live in NSW. If your vehicle has been sold, you cannot cancel the registration; instead, you need to submit a Notice of Disposal (NOD). This can be done online on the Service NSW website or in person at a NSW Service Centre.

To cancel your vehicle registration, follow these steps:

Download and complete the necessary forms:

• Number Plates and/or Cancellation of Registration
• Request for refund of NSW registration (if applicable)
• Application for Transfer/Refund of NSW Registrations for Motor Dealers (if applicable)

Prepare the essential documents and information, including:

• Proof of identity/photo ID
• Title of Ownership/Ownership Registration (if applicable)
• Vehicle license plates or Police Event Number (if the vehicle is lost or stolen)
• Your cancellation payment

• Visit your nearest Service Centre to complete your vehicle's registration cancellation. If you wish to keep your vehicle license plates, you will need to pay an additional fee, and the service centre will hold onto them.
• There is a cancellation fee, but you can apply for a refund of any unused portion of the motor vehicle tax.

Please note that it is an offence to keep your number plates after cancelling your vehicle registration. If your plates are stolen, report the incident to the Police Assistance line, who will provide you with a police event number. This number is required to process your cancellation.

Getting a refund for the unused portion of your greenslip

To get a refund for the unused portion of your greenslip, your vehicle must become unregistered. This can be done by visiting a Service NSW centre in person. After your vehicle's registration is cancelled, Service NSW will provide you with a letter or receipt that you need to give to your insurer. The date of cancellation on this letter will be used by your insurer to calculate the refund amount. The refund will be a pro-rata amount for the number of days of the unused portion of your greenslip, minus an administration fee.

If your vehicle was 'written off', taken to an auto wrecker, or stolen, you may be able to ask your CTP insurer for a partial CTP refund.

If you sell your registered vehicle, you cannot get a refund from your insurer as the CTP policy stays with the registered vehicle. Any unused CTP amount should be considered as part of your sale price.

If you have permanently moved overseas, you can cancel your registration and get a refund. Provide your overseas address for the refund.

The process of cancellation is different if you're moving interstate. You need to hand in your number plates and provide a 'surrendered number plate' receipt issued by the interstate authority.

It is important to note that you can only change your CTP insurance provider at the start of each registration period. Once your CTP greenslip has been used to register your vehicle, the only way to change insurers is by cancelling and re-establishing your registration.

Frequently asked questions