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NSW CTP Taxi Payment

Taxi owner in NSW? Pay CTP insurance your way
Pay your taxi CTP insurance upfront or in instalments – the choice is yours in NSW.

NSW CTP insurance payment options for taxi owners

Taxi owners in NSW have the choice to pay their NSW CTP Green Slip premium as either an upfront annual premium or in instalments.

The upfront annual premium is based on the estimated average number of kilometres travelled by a taxi in a year. This premium won’t be adjusted for the actual number of kilometres travelled.

Instalment payments are based on a forecast number of kilometres likely to be travelled during the instalment period and are adjusted at the end of the period to reflect the actual number of kilometres travelled. You’ll receive a refund to reflect that adjustment if the kilometres travelled are less than the forecast but may initially have to pay more if the kilometres travelled are more than the forecast.

If you choose to pay in instalments but ultimately end up travelling more than the average annual number of kilometres on which the upfront premium is based, the total premium you pay will be no more than what you would’ve been charged had you opted to pay your full annual premium up front. 

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What payment option should you choose?

The average number of kilometres travelled by a  taxi has been estimated by the State Insurance Regulatory Authority (SIRA) as 107,000km for T-plated taxis and 85,000km for TC-plated taxis. If you’re likely to travel this many kilometres or more during the year, the premium you‘ll end up paying will be the same whether you choose to pay in instalments or up front. You may find it more convenient to pay for your full year’s premium up front.

If you’re likely to travel less than the average number of kilometres, you may be able to pay a lower premium by choosing to pay in instalments. If you choose to pay this way, the total premium you pay across the year will be adjusted based on the actual number of kilometres your vehicle travels.

Paying upfront

If you’d like to pay your CTP premium upfront, you can simply select this option when buying a new policy or renewing your existing policy with us or through your taxi broker.

You’ll only have to make one payment each year. 

Paying in instalments

If you’re a taxi owner and would like to pay for your CTP premium in instalments, you must do the following no more than 28 days prior to the start of your registration period:

  • Have your vehicle inspected at an Authorised Inspection Station (AIS)
  • Ensure the AIS has access to enter your vehicle’s odometer reading on the SIRA portal at the time they perform the inspection

Only once you’ve actioned the above can your insurer, taxi broker or service provider arrange for you to buy an instalment-based CTP policy. Three equal instalments are payable every four months for T-plated taxis while two equal instalments are payable every six months for TC-plated taxis.

Each instalment will be equal to one-third or one half of the upfront annual premium (i.e. the premium if you were to pay annually). However, these instalments will be subsequently adjusted to reflect actual kilometres travelled.

If you don’t complete your inspection and have your vehicle’s odometer reading entered into the SIRA portal, and your vehicle drives less than the average number of kilometres throughout the year, you won’t be eligible to receive any refunds you may otherwise be entitled to if your vehicle drives less than the average number of kilometres throughout the year.

Please note that failure to make payment for any of your instalments may result in the suspension and cancellation of your vehicle’s registration and you’ll be excluded from the instalment-based payment option in the future.

Subsequent instalment payments

T-plated taxis

  1. Four months after your policy start date, we’ll send an invoice for your second instalment – this will be for one-third of the upfront annual premium.
  2. You’ll need to have your taxi inspected and odometer read and recorded in the SIRA portal no more than 28 days before the due date of this second instalment.
  3. We’ll then calculate if any additional premium is owed – or if a refund is owed to you – based on how many kilometres were travelled by your vehicle in the previous four months.
  4. You’ll receive an adjustment notice about two weeks after your second instalment’s due date. If additional premium is owing, you’ll have two weeks to pay.

Repeating this process

  1. Eight months after your policy start date, we’ll send an invoice for your third instalment.
  2. You’ll need to get your taxi inspected and odometer recorded in the SIRA portal no more than 28 days before the due date.
  3. Two weeks after the due date, we’ll send an adjustment notice and if additional premium is owing, you’ll have two weeks to pay.

Finishing up

  1. Your final vehicle inspection and odometer reading will have to be made no more than 28 days before the end of your annual registration period.
  2. Any final adjustment will be made to your premium based on this odometer reading.
  3. You’ll have the option of beginning a new period of insurance on an instalment basis or you can switch to an upfront annual premium.

If you remain paying by instalments, your final odometer reading that was recorded at the end of your prior period of insurance will serve as the opening odometer reading for your new period of insurance.

Your renewal notice will display the premium owing for the first instalment of your coming period of insurance. Simply pay this amount and the process will repeat. Otherwise, you may choose to buy a new policy for which the full premium is payable upfront.

TC-plated taxis

The process is the same for TC-plated taxis, except after the first instalment at inception there’s only one more instalment due six months after the start of the policy.

You’ll need your odometer reading recorded in the SIRA portal at the start of your policy period, six months after the start of your policy period and again at the end of your policy period. Otherwise, you’ll get no adjustment for the number of kilometres you travel.

At the end of your policy period, you’ll have the same options available to you as T-plated taxis. You can choose to pay for your renewal premium that will represent the first instalment owing for your new period of insurance, or you can pay your full annual premium upfront. This premium won’t be adjusted for the actual number of kilometres travelled.

Frequently asked questions

The total premium paid comprises of a small fixed component plus a cents-per-kilometre charge that is set by the regulator (the charge is different for T-plated taxis and TC-plated taxis).

The fixed component is made up of the base insurer premium which is similar to that paid by a standard passenger vehicle and the annual Fund levy. This component is included in the first instalment payment. Learn more about how premiums are calculated.

Your taxi broker may still be able to issue you with an instalment-based policy, but you will first have to find an Authorised Inspection Station (AIS) that’s able to record your odometer reading and opt you in on the SIRA portal. If you don’t do this, you’ll have to pay the full annual premium.

If you don’t pay any outstanding balance of CTP premium by the due date, we’ll have to suspend your vehicle’s registration. If you don’t make payment within 14 days of the suspension date, your registration will be cancelled.

Please note it’s illegal for you to operate the vehicle while your registration is suspended or cancelled. Driving a suspended or unregistered vehicle on a road or road-related area in New South Wales is an offence that carries a maximum penalty of $2,200.00.

Once the registration is cancelled, your vehicle won’t be covered by Compulsory Third Party insurance. Amounts paid as compensation for death or injury arising from the use of the uninsured vehicle may be recovered from you.

You need to get your odometer reading recorded at each safety inspection and no more than 28 days prior to the inspection due date.

If the odometer reading is not recorded by the inspection due date or if it’s recorded more than 28 days prior to the due date, you won’t be entitled to receive any adjustments to your premium based on the number of kilometres travelled.

Your policy can only be cancelled if your vehicle’s registration is also cancelled. If this happens and you wish to receive a refund for any unused portion of the CTP premium instalments you’ve made, you’ll have to have your odometer reading checked at the time your registration’s cancelled and have it entered into the SIRA portal.

The number of kilometres travelled during your period of insurance up to the date at which your registration was cancelled will be determined and any refund will be calculated.

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Any advice here does not take into account your individual objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. 

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