Green Slip, Whats the point ?

Lukeyson · 25-05-2005, 05:12 PM

ok, did a small search on here for something on this topic, but couldnt find anything.
Whats the point of a green slip ? iknow its compulsory 3rd party insurance, but thats it.
I have always had comprehensive insurance, and if i have an accident, i am to believe the said comprehensive insurance will be what i use to cover the accident.
So where does the hard earned bank i pay for the green slip go if i dont use it in the event of an accident ?
Or am i completely wrong ?? Someone please enlighten me.
Reason i ask is, I am 24, my wife is 21, i am about to renew her rego, they asked the youngest drivers age for the green slip, if i say 24, its about $330, if i say 21, its $420.
Sorry its so long, just been wondering this for a while.

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AUII_Forte · 25-05-2005, 05:15 PM

I'd say it'd be to cover you if your claim was knocked back for some reason, or you happened to cancel your insurance after you got the car registered.

EA2BA · 25-05-2005, 05:19 PM

Its got nothing to do with property damage, it covers physical damage to people in an accident, your comp insurance does not, it just covers everything else.

Twisted · 25-05-2005, 05:29 PM

Quote:

Originally Posted by Dellboy999

Its got nothing to do with property damage, it covers physical damage to people in an accident, your comp insurance does not, it just covers everything else.

Confirmed by an insurance guru guy (me).

4.9 EF Futura · 25-05-2005, 06:06 PM

Quote:

Originally Posted by Twisted

Confirmed by an insurance guru guy (me).

Confirmed by a second insurance guru type guy (me)

lol

Im not sure how it works in other states, I understand that you guys have a choice in who underwrites the CTP bodily insurance... in SA it is all paid through the agency responsilbe for registering motor vehicles - the premium goes to the motor accident commission who underwrites the risk. Claims management outsourced to Allianz...

Whatever premium they charge should cover you for $5 million - which should correspond to the max payable under tort law (i.e. the most you can be sued for under the law). Ring around and see what kind of premium for a $5 million liability policy... I think you'll find CTP rates to be fairly competitive

Lukeyson · 25-05-2005, 06:48 PM

2 insurance gurus cant be wrong !
thanks for clearing that up guys

deesun · 25-05-2005, 08:45 PM

And just in case you haven't checked greenslip prices here's a link to MAA site that compares all Greenslip quotes. http://www.maa.nsw.gov.au/index.htm

Kryton · 25-05-2005, 11:21 PM

ok im gonna be the mexican noob and ask what the hell is this green slip stuff?

Psycho Chicken · 25-05-2005, 11:27 PM

They need to get it every year for rego. Just like a road worthy. Errrr, is a road worthy pretty much.

26-05-2005, 12:48 AM

Quote:

Originally Posted by Psycho Chicken

They need to get it every year for rego. Just like a road worthy. Errrr, is a road worthy pretty much.

no, that's the pink slip.. The green slip is the way the nsw government was able to initially lower rego costs, by splitting the rego and personal injury costs, before jacking the prices up again. other states still have the personal injury costs built in to the rego costs...
understand now.....

Psycho Chicken · 26-05-2005, 12:54 AM

Oh that's right. Must be all this cold Mexican weather messing with my head.

bindi · 26-05-2005, 08:08 AM

Davway, don't you have a spider to hunt down and exterminate??? :hihi:

Anyway yeah you can't get a green slip without having a pink slip (roadworthy). Years ago I remember (showing my age here!) when I used to pay for the pink slip and RTA only. It was very expensive. Then when the gov't said "Ok we're gonna let you get the insurance part of the RTA with whichever insurance agency you choose" that year my rego went down $400! It was awesome!

Now it's back up there unless you really seriously shop around. And they are age discriminatory (totally unfair IMHO). My green slip this year was gonna be $488 with the NRMA, who I had been with for years... then I rang around and found AAMI for $313. Still don't know why there is such a difference? And I am... let's just say Over 29.

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26-05-2005, 12:28 PM

Quote:

Originally Posted by bindi

Anyway yeah you can't get a green slip without having a pink slip (roadworthy).

Yes you can, you just can't register the car without both.

Quote:

And they are age discriminatory (totally unfair IMHO). My green slip this year was gonna be $488 with the NRMA, who I had been with for years... then I rang around and found AAMI for $313. Still don't know why there is such a difference? And I am... let's just say Over 29.

:

the stats show that certain age groups, areas, age of cars etc have a higher risk, so it is right for the higher risk to pay more.

With the NRMA though, never ever pay on the renewel, always go to them as new business, it's cheaper... I think they use the "people to lazy to shop around" principle. In a similar vein, I went from 40%NCB to 65% NCB by cancelling my comprehensive with NRMA and taking it out again, when I changed cars.
41 yo here...

EA2BA · 26-05-2005, 12:32 PM

For mexicans the TAC charge = greenslip in NSW.

merlin · 26-05-2005, 12:48 PM

so what is the extent of the personal injury cover?

E.g. if i was in an accident would it pay for all the hospital expenses? What about if physiotherapy was needed ect.?

EA2BA · 26-05-2005, 12:50 PM

I am not celar as to wether it covers the at fault driver in any way, but as to everyone esle, yes all of that up to a point as like any insurance.

4.9 EF Futura · 26-05-2005, 01:32 PM

Quote:

Originally Posted by merlin

so what is the extent of the personal injury cover?

E.g. if i was in an accident would it pay for all the hospital expenses? What about if physiotherapy was needed ect.?

No. It's essentially an indemnity policy for you. i.e. if you hit a pedestrian, chances are they will sue the living daylights out of you. The CTP insurance covers this.

The above costs would/could/should be covered by a private health insurance policy for yourself.

Quote:

Originally Posted by bindi

Now it's back up there unless you really seriously shop around. And they are age discriminatory (totally unfair IMHO).

That does suck, but is fairly typical of policies issued by private insurance company. Based on claims experience and premiums required to generate reserves to cover claims and claims expenses...

In SA its only based on number of cylinders. Is all charged through rego i.e. there is a breakdown of rego, admin fees, CTP insurance premium and stamp duty charged on CTP premium. Based purely on number of cylinders. $790 per annum for a V8 - rego, CTP insurance and admin fees....

And no roadworthy checks :thebirds:

merlin · 26-05-2005, 02:12 PM

Quote:

Originally Posted by 4.9 EF Futura

No. It's essentially an indemnity policy for you. i.e. if you hit a pedestrian, chances are they will sue the living daylights out of you. The CTP insurance covers this.

The above costs would/could/should be covered by a private health insurance policy for yourself.
:

So if I/anyone here was in an acco and required hospitalisation this would not be covered unless you had Private Health Insurance? The reason I ask is I don't have Private Health Insurance - maybe worth gettiing?