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Green Slips on rise, but who benefits?

Posted by: 2UE | 10 October, 2011 - 12:52 PM
Stuart Bocking: Green Slips on the rise but just who benefits?

The cost of green slips, third party insurance is on the rise. Stuart Bocking says lawyers are claiming green slip insurers are raking in massive profits, but most injured people are missing out on compensation.

 

 

Green Slip insurers have defended the hefty profits they've made over the last decade, saying no-one could have predicted there would be a halving of claims in NSW.

A parliamentary inquiry has been told - the system for compensating car-crash victims in NSW, is unfair.

The inquiry's investigating changes introduced a decade ago, which aimed to ensure Greenslip premiums could fund lifetime care for accident victims.

But Dr Andrew Morrison from the Australian Lawyers Alliance has told the inquiry - insurance companies are making big profits.

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Blog comments Your Say

  • It takes me 2 months of saving just to pay my greenslip and basic insurance every year, really I think its totally unfair and greenslips should include basic insurance and also it should go by your previous years incometax statement, I make about $35,000 a year and it cost me around $1800 a year to get my 1999 ute registered, I only drive 10,000km a year. When people make $100,000+ and drive 30,000km + pay the same it really isn't fair. Really low km and low money earners should pay less. If Barry allows this to happen, I might as well stop working and go on welfare since with the high price of fuel, insurance, electricity, food, mortgage, what the sense, and my super is always being eating up by admin fees, really why don't the government give the people a choice of banking the super and getting 5% interest like they do in Canada, The government banks the money for the people and gives them 1% over prime rate, to max of $22,000 a year, So if the prime is 5% then you make 6% a year.
    jeff

    Jeff Monday 10 October, 2011 - 5:30 PM
  • well surprise surprise.Do people really expect that when nick greiner privatised the green slip.
    That this would benefit the motorist and actually reduce the costs of the green slip.
    All it did was to ensure that insurance companies would make huge profits and will not help injured drivers in car crashes

    jag Monday 10 October, 2011 - 2:28 PM

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