Expected to start in December, the Motor Accident Injuries Bill 2017 would substantially reduce green slip premiums and ensure people injured in motor accidents receive the support they need to recover.
Average premiums for Sydney passenger vehicle owners will be reduced from $700 down to around $520. For country drivers, it will be reduced from $480 down to $430.
There will be a new safety net allowing all injured road users to access benefits for loss of income and medical expenses for up to six months, with lump sum compensation retained for those with long-term injuries.
Minister for Finance, Services and Property Victor Dominello said this is a big win for motorists and it will deliver cheaper green slips, stamp out exaggerated claims and eliminate insurer ‘super profits’.
“I would like to thank all stakeholders for their contribution to the reform process,” Mr Dominello said.
The State Insurance Regulatory Authority will consult with industry stakeholders over coming months to develop guidelines and regulations for the new scheme.