For anyone trying to find out how the cost of a taxi CTP in NSW, we have all the necessary information for you. There is good news. The old CTP scheme saw taxis paying much higher premiums than other point-to-point services. i.e. Uber.
The new CTP scheme helps taxis reduce premiums by up to 40 per cent. This comes in response to some challenges that were introduced by ride-share services such as Uber within the point-to-point transport market.
The State Insurance Regulatory Authority (SIRA) conducted a public consultation process to review green slip insurances for point-to-point vehicles, i.e. taxis. This was to ensure that the CTP insurance framework supports both ride-sharing services as well as traditional forms of point-to-point transport, like hire cars or taxis.
The results followed one simple logic: premiums paid by point-to-point transport vehicle owners will be based on kilometres driven. Simply put, vehicles that are more frequently on the road than traditional vehicles will pay higher rates for their CTP car insurance.
This balances the cost for everyone working in this field and, in some ways, ensures that taxis can exist in the world of the ride-sharing craze. Most taxis used to choose either a fixed annual fee or select an instalment payment. Instalment payments are based on a forecast of kilometres travelled which are subsequently adjusted for actual kilometres driven. A fixed annual fee, if chosen, is based on kilometres driven in excess of 107,000kms. Now, taxi drivers will pay an upfront premium and thirdly payments according to how far they actually drive.
With a usage-based charge for Greenslips, the CTP price for point-to-point services becomes more equitable, helping reduce premiums for taxi drivers by an average of 40 per cent.
The balance of the rules for professional taxi drivers still apply. It is mandatory that all taxis are registered and roadworthy, just like any other motor vehicle. They also have an added responsibility: thye must also get a vehicle safety inspection every four months and keep a record of all maintenance and repairs.
In addition, it is granted that all professional taxi drivers have a demerit point threshold of 14 versus the usual 13. They are also obliged to show correct signs and markings, be competent in handling wheelchairs, use valid fare calculation tools amongst other necessary compliances matters like zero-tolerance alcohol limit when providing passenger services.
If you want to get fair pricing for your CTP greenslip the best way to do it is by contacting us by phone so that we can provide a proper quote. Fleet discounts may be available for vehicles over 10 units and instalments are available for Taxis depending on the insurer. G4E also has access to major insurer markets so getting the cheapest rate is assured.
Apart from giving you a fair CTP price, Greenslips 4 Earth has partnered with environmental experts to reduce greenhouse gas emissions. With every Greenslip sold we plant a tree and help create a safer and more sustainable world for all.