Youi is now one of six providers offering CTP insurance in Australia
From 1 December, home and motor vehicle insurer Youi will be offering New South Wales drivers compulsory third party (CTP) insurance, otherwise known as green slip insurance.
This makes Youi one of just six providers drivers can now choose between when taking out this compulsory level of car insurance.
Youi chief executive Hugo Schreuder said the company’s CTP licencing – the first in the NSW market in more than 20 years – is great news for robust competition.
“Reforms to the NSW green slip market have levelled the playing field and made it possible for new entrants to enter the market,” he said.
These government reforms were introduced in 2017 with a goal to reduce the cost of CTP insurance and provide better ongoing support for people injured on the road.
“We believe the reforms will support a highly sustainable CTP scheme that delivers better customer outcomes and we saw a strong alignment between its vision for the market and our own customer-focused ethos,” Schreuder said.
Who offers CTP and green slip insurance in Australia and how much does it cost?
There are currently six insurers that provide CTP or green slip insurance, although not all operate in every state and territory. Australia’s CTP providers are:
These providers determine the cost of your CTP or green slip based on a range of demographic factors as well as your driving and insurance claims history.
As an example, the average CTP in NSW costs $523 according to the State Insurance Regulatory Authority (down $129 since the 2017 NSW green slip reforms).
If you’d like to get a ballpark figure for what your CTP could set you back before getting a provider quote, this green slip calculator is a good place to start for all Aussie drivers.
Then you can investigate higher coverage levels using Mozo’s comprehensive car insurance comparison table.