If you’re asking, “Should I switch CTP insurer?” you’re not alone. Every year, thousands of NSW CTP policyholders face the same question when their green slip invoice arrives.
The short answer: comparing prices before renewal is always worth your time. The State Insurance Regulatory Authority (SIRA) confirms that CTP green slip prices vary between insurers, even for identical coverage. But switching isn’t right for everyone.
This guide explains when to switch, when to stay, and how to make an informed decision about your NSW CTP insurance policy.
But first, for those new to CTP insurance, here’s a quick review.
What Is CTP Insurance and What Does a Green Slip Cover?
Compulsory third-party CTP insurance, known as a green slip in New South Wales, is mandatory for every registered vehicle. You must purchase CTP insurance before completing vehicle registration through Service NSW.
Your green slip covers compensation for people injured in a motor vehicle accident, including:
- Medical treatment and hospital costs
- Lost income for injured parties
- Care for severe brain injury or spinal cord injury victims
- Statutory benefits for the at-fault driver (limited)
- Hospital fees and rehabilitation
Unlike comprehensive car insurance, CTP covers people, not property. Your green slip doesn’t cover damage to vehicles or property theft. For that protection, you need separate comprehensive insurance or car insurance products.
Do All CTP Insurers Offer the Same Coverage?
Yes. The CTP scheme in NSW is regulated by the State Insurance Regulatory Authority. All six licensed CTP insurers — AAMI, Allianz, GIO, NRMA Insurance, QBE, and Youi—provide identical statutory benefits under the law.
The only differences between insurers are:
- Green slip price (base premium varies)
- Claims handling costs and service quality
- Administration fee structures
- Optional driver protection cover (NRMA offers “At-Fault Driver Cover” as extra cover)
Since green slip insurance coverage is standardised, price comparison makes sense for most drivers.
Why CTP Prices Vary Between Insurers
Every NSW CTP insurer uses different rating factors to calculate your premium:
- Your postcode (Sydney metro pays more than regional areas)
- Vehicle age (some insurers penalize older vehicles more heavily)
- Driver age and history (demerit points and claims history)
- At-fault accident record (weighting varies by insurer)
This explains why Allianz CTP, NRMA green slips, and QBE green slip prices differ for the same driver profile.
When Should You Switch CTP Insurers?
When should you switch CTP insurers? One of the clearest signals is when your renewal price suddenly jumps, and that’s your cue to dig deeper into whether it’s time to move.
1. Your Renewal Price Jumped Significantly
When your green slip invoice shows a large increase, run a green slip price check. SIRA’s official comparison tool shows quotes from all insurers based on your vehicle details and personal circumstances.
According to SIRA’s 2025 Performance Report, average premiums rose 7% ($35) from June 2024 to June 2025 due to average claims costs, fund levy increases, and legislative changes. But individual insurer pricing varies—one insurer’s increase may exceed another’s.
2. You Have Zero Demerits
Drivers with zero demerits typically receive the most competitive quotes across insurers. If you’ve maintained a clean driving history, multiple insurers will compete for your business.
3. You’ve Moved to a New Postcode
CTP green slip prices vary by location. Metro areas generally have higher premiums than regional South Wales due to accident frequency. If you’ve moved, your current insurer may not offer the best rate for your new address.
You Want Better Claims Service
SIRA publishes quarterly data comparing insurer performance. According to SIRA’s CTP Insurer Claims Experience report, key metrics include:
- Percentage of claims accepted (ranges from 93.9% to 98.5% across insurers)
- Time to first income support payment (3.7 to 5.5 weeks)
- Treatment approval within 4 weeks (93.7% to 97.4%)
If claims service matters to you, review the report before switching.
When Should You Stay With Your Current Insurer?
When should you stay with your current insurer? In the same way there are clear triggers to switch, there are also situations where staying put is the smarter move: starting with what happens if you already have an active compensation claim
1. You Have an Active Compensation Claim
If you’ve been in a motor accident or road accident with an ongoing compensation claim, your green slip stays with your current insurer until the claim resolves. You cannot transfer mid-claim.
If you’ve received medical treatment after a car accident, your insurer handles that claim regardless of where you buy your next CTP policy.
2. The Price Difference Is Minimal
If quotes show less than a $20-30 difference, the time spent switching may not be worthwhile, especially if you’ve had good claims experience with your current provider. This is a practical rule of thumb, not a SIRA rule.
3. You Receive Multi-Policy Discounts
Some insurers offer discounts when bundling CTP insurance with other insurance products like comprehensive car insurance. Calculate whether the bundle discount exceeds potential savings from switching.
How to Compare and Switch CTP Insurers
Before you change providers, it helps to follow a simple, step-by-step process so you can compare options confidently and avoid any gaps in cover. Here’s how to get started, beginning with your renewal date.
Step 1: Check Your Renewal Date
Find your expiry date on your current green slip invoice or through Service NSW. Note: A green slip is different from a pink slip (safety inspection)—don’t confuse them.
Step 2: Use SIRA’s Official Comparison Tool
Visit greenslips.nsw.gov.au and enter your vehicle details:
- Registration number
- Driving history (including incurred demerit points)
- Garage postcode
The tool shows real-time quotes from all six NSW CTP insurers.
Step 3: Review the Product Disclosure Statement
Before purchasing, read the product disclosure statement for your chosen insurer. While core coverage is identical, understand any optional extras or exclusions.
Step 4: Purchase Your New Green Slip
Buy your new NSW CTP green slip before your current policy expires. The system updates automatically; you don’t need to cancel your old policy manually.
Step 5: Request a Refund If Applicable
If you switch before your current policy expires, contact your old insurer about refunding the unused portion. If your registration is cancelled or your CTP policy was not used to register a vehicle, you may be eligible for a pro‑rata refund from your insurer, less an administration fee.
For vehicles being sold or written off, you’ll need a cancelled registration letter or cancelled registration confirmation from Service NSW to process refunds.
- 2022 changes now fully reflected)
- Fund levy increases (now $196.96 for Sydney metro)
- Rising claims frequency and costs
- Inflationary pressures on treatment costs
What About GST Input Tax Credit?
Business owners using vehicles for work may claim a GST input tax credit on CTP premiums. The fund levy portion is GST-free, but the premium component includes GST. Consult your accountant for eligibility based on your business use.
Compare Prices First Before the Big Switch
Should you switch CTP insurers? For most NSW CTP policyholders, comparing green slip price quotes takes 10-15 minutes and may reveal meaningful savings.
But price isn’t everything. Consider claims service ratings, your personal circumstances, and whether you have active claims before deciding.
Use our greenslip calculator to see current quotes, then make an informed choice about your NSW CTP insurance.
People also ask about switching providers
If you’re still weighing up your options, you might also be wondering about some of the most common questions other NSW drivers ask when switching CTP providers.
1. Does switching insurers affect my claims history?
No. Your claims history follows you through the CTP scheme, not your insurer. SIRA maintains centralised records, so switching won’t erase past claims or give you a “fresh start.” However, insurers weigh claims history differently in their pricing models.
2. Can I switch mid-policy?
CTP green slips are typically 6 or 12-month policies that align with your registration. You can’t cancel mid-term for a refund, but you can choose a different insurer at your next renewal. Plan your comparison 2-3 weeks before expiry.
3. Why is my renewal quote higher than new customer prices?
Some insurers use introductory pricing to attract new customers, then increase premiums at renewal. This “loyalty penalty” is common across insurance products. Always compare your renewal quote against fresh quotes from competitors.
4. Do all insurers cover the same things?
Yes. NSW CTP coverage is legislated under the Motor Accident Injuries Act 2017. Every insurer provides identical statutory benefits for injury compensation. The only differences are price and claims service quality, so compare both before deciding.
