NSW Premier Barry O’Farrell has announced changes to the NSW Compulsory Third Party system. By changing the onus of fault, the NSW Government predicts prices will decrease by 15 per cent.
According to the Motorcycle Council of NSW you need to look no further than CTP costs for motorcyclists as the best example of this broken system.
In the last 10 years, approximately $116m has been paid out to victims of motorcycle incidents (in 740 claims), yet motorcyclists have forked out $115m in every one of those same 10 years to compulsorily insure themselves for annual registration.
“Whilst today’s announcement is a step in the right direction, more needs to be done to turn green slips into a fair and honest scheme for riders and drivers alike,” MCC spokesperson Justin Dorward said.