If you live in New South Wales you will be well aware that CTP motor accident insurance is a compulsory insurance that forms part of your registration. Currently, NSW has the highest CTP premiums in Australia, with the average person paying $640 for their green slip. The CTP scheme aims to provide financial support for injured motorists.
The NSW Government has introduced sweeping changes that will significantly change the landscape. The reforms will see insurance benefits reduced for any drivers injured in a vehicle accident. The change will see NSW move from an at-fault scheme to a partly no-fault scheme, similar to Victoria, Tasmania and the Northern Territory.
The Government has made an effort to justify these changes on the basis that motorists can expect cheaper Green slip prices. Although the changes may create an initial reduction, in the long run, motorists will ultimately suffer adverse consequences of the changes. The changes will drastically reduce benefits for 90% of all those injured on our roads.
These changes will affect those who have minor injuries to people with severe injuries. Benefits are cut off after 5 years, forcing those injured to rely on welfare or family members, regardless of whether injuries stop you from working or not. In addition to these changes, the new scheme will see compensation benefits drip fed to those injured in a motor vehicle accident very similar to the current worker's compensation scheme.
All motorists in NSW should be concerned with the new Government changes. The vast majority of those injured will be entitled to limited benefits up to 5 years with only those deemed to have suffered catastrophic injury entitled to benefits beyond that time. In any motor vehicle accident, injured parties should contact a legal professional as soon as possible. A lawyer will be able to fight for lifelong compensation benefits and win you the entitlements you deserve.
At LHD we are dedicated to helping those affected by road accidents and those seeking compensation. Compensation claims are covered by our No Win No Fee policy which allows us to give every day Australian’s a chance to receive the compensation they deserve.
Contact LHD Lawyers today if you believe you are entitled to benefits under the current CTP insurance scheme due to a road accident.