Will you get a refund on your CTP Insurance in 2018?
The new NSW CTP scheme, which commenced on 1 December 2017, promises a refund on premiums for an estimated 4.2 million vehicle owners.
The refunds apply to CTP insurance policies purchased on and from 1 December 2016 until midnight 30 November 2017.
The refunds are calculated on a pro rata basis, meaning the closer to 1 December 2017 that you purchased your CTP insurance, the greater the refund you will be entitled to. Any refund assessed as being less than $10, will not be paid. Unfortunately, policies relating to motorcycles are excluded and such policy holders will not benefit from this refund.
The State Insurance Regulatory Office (SIRA) has indicated that policies held by business and taxi owners will be the first to receive the refunds in 2018. The SIRA website indicates that the RMS will be issuing the refunds to all eligible policy holders over the coming months. Therefore, those eligible for refunds will not need to contact their CTP insurer in relation to the refund, unless it is not received as anticipated. In that regard, we recommend you visit the SIRA website for updates as to progress of the refund roll-out.
Remember, any refunds under $10 will not be paid.
You can see here the average refund estimate based on when you purchased your CTP policy and the kind of vehicle you drive, compared to the previous scheme.
If you have any questions, please do not hesitate to contact myself or one of the team at Turnbull Hill Lawyers to discuss further.