Fact: no matter what time of the year it is, registering your car is a financial pain in the proverbial.
Whether your vehicle whizzes through its pink-slip check with flying colours or your left with the sting of replacing all four tyres and a timing belt (ugh), parting with a sizable amount of cash come rego time can be about as irritating as it is stressful.
In light of this, you can probably understand why we nearly jumped out of seats when we learnt we could actually get some of that hard-earned cash back via something called a “CTP refund”.
No, we’re not joking.
According to ServiceNSW, the state government has reformed the compulsory third party (CTP) insurance scheme to reduce the costs of CTP Green Slips for vehicle owners “and better support people injured on our roads”.
So, how does it work? Well, if you were the registered owner of a private vehicle as at midnight November 20, 2017, you may be able to claim the refund for insurance policies bought or renewed before December 1, 2017.
Who’s eligible?
According to the ServiceNSW website, you’re likely to be eligible for a refund where the private vehicle was registered in:
• Sydney metro, outer metro, Newcastle, or Wollongong region and the insurance premium was paid from February 2017 onward
• Country region, and the insurance premium was paid from May 2017 onward
There is a minimum refund amount of $10 and each refund is subject to an administration fee. If the refund is less than $10 before or after the administration fee has been applied, then the vehicle is not eligible for a refund.
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What you’ll need to claim and how to do it
You will need to either sign up for or login to your MyServiceNSW account, as well as have your bank details on hand. You may get prompted for a refund code when checking if you’re eligible for the refund or not – if you don’t have it, you can just use your license plate number to see if you can get the refund.
Make sure you’re quick! You only have until 30 September 2019 to claim your refund.
For more information on how to claim, to check if your eligible and to pick upi your potential refund, head to ServiceNSW’s website: www.service.nsw.gov.au.
If you’re looking to sharpen your finance knowledge, be sure to check out Bauer’s Financially Fit Females hub.
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