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Why greenslips are about to get cheaper for NSW drivers

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CTP greenslips will be cheaper for NSW drivers from December 1, and car owners may even be entitled to a refund.

"The refund will apply to the owner of the vehicle as at midnight November 30 and will be calculated on a pro-rata basis. That is, the closer you purchase a policy to December 1, the greater your refund will be," says the State Insurance Regulatory Authority (SIRA).

The owner of a a Class 1 car in the Sydney metro area, for example, with a current premium of $710 taken out in October, will be entitled to a $114 refund and a new premium of $554 from December 1.

The SIRA says all people who are entitled to a refund will be notified and given information on how refunds will be provided.

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Motorists will start to receive their refunds in early 2018.

Visit sira.nsw.gov.au for more details.

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Sharyn McCowen is Money's online producer. She has a degree in journalism from Charles Sturt University, and was a newspaper reporter before moving to magazines and finance.
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