How to get your free $120
THE NSW government has handed back more than $88 million in green slip refunds to 1.55 million vehicle owners and there are still "millions more to be claimed" before September 30.
The refunds of up to $120 are a result of reforms to the compulsory third party (CTP) insurance scheme that have reduced CTP premiums by up to $172 a year. NSW motorists previously paid the highest CTP insurance in Australia with an average premium of $710.
Under the refund scheme, which is available to an estimated four million NSW vehicle owners with policies starting before December 1, 2017, around $300 million is expected to be returned to motorists.
"There is still millions of dollars left to be claimed," Finance Minister Victor Dominello said. "Eligible motorists have until September 30 to pocket their refund through Service NSW, which is simple and easy."
"The new CTP scheme is delivering a big win for motorists through lower premiums, greater protections for those injured on the road and refunds on premiums paid during 2017".
To claim your refund, simply go to the Service NSW website. You will need a MyServiceNSW account. If you don't have one, you can create one here. You can also claim in-store or over the phone by calling 1300 287 733.
The refund amount varies depending on when the policy was purchased, the type of vehicle, and where you are located. You cannot claim a refund for motorcycle insurance. Instead, motorcycle owners will receive more benefits under the new scheme.
The minimum refund is $10 and the maximum is $120. Each refund is subject to an administration fee of $7.87, meaning your vehicle has to be eligible for $17.87 or more to get anything back.
The refund will take up to 10 working days to be credited into your bank account. If you don't claim your refund by September 30, the money will go towards a reduction in the medical services levy next year.
Along with the green slip refund program, the NSW government last year announced a new scheme to scrap rego fees for road users who spend at least $25 a week on tolls.