What You need to learn about green slips

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Green slips refer to a type of insurance policy that is mandatory for every driver in NSW, Australia and which covers a driver if he’s in an accident that causes injury or death to a third party through his negligent driving. It’s basically like buying compulsory third party insurance.

According to recent news, the prices and classifications of greenslips are going to change from July 2010. The changes are quite significant, and while the prices may go up for some people, for others they may actually go down. Where greenslips are concerned, motorbikes were categorized according to certain criteria.

These categories include under 100 cc, 101 cc to 300 cc, and over 300 cc. but starting July 2010, the categories have changed to under 225 cc, 226 to 725 cc, 726 cc to 1125 cc, 1126 cc to 1325 cc, and lastly over 1325 cc. The main reason given for this change is that this way pricing can be fairer based on the capacity of the motorbike’s engine, and on claims experience. Price wise though the hardest hit motorbikes are the ones at the lower end of the 225 cc to 725 cc category.

On the other hand, the motorbikes at the upper end of the same category will benefit from a price decrease, as high as almost 27%. You may also be able to save even more money if you have a good claims record. Find out more about CTP insurance and greenslips in your state.