Drivers may be eligible to receive a refund in 2018, when a lower-cost green slip scheme comes into effect from 1 December 2017.
The NSW Government will return nearly $300 million to NSW motorists, in addition to the $120 saved on the average premium under the new compulsory third party (CTP) insurance scheme.
Refund amounts will depend on when a vehicle owner renewed their green slip. The closer to 1 December 2017 a motorist pays their premium, the larger the refund.
Sydney motorists, who pay the highest green slip prices, will receive the largest refunds, at an average of $70, while country motorists will see refunds of around $30. Taxi drivers will also receive significant refunds.
Minister for Finance, Services and Property Victor Dominello said this was a big win for NSW motorists.
“It’s double good news because, for the overwhelming majority of motorists, it means they will get a partial refund on what they paid in 2017 and a cheaper premium in 2018,” Mr Dominello said.