The Accident Compensation Corporation is considering charging lower levies to motorists with newer, safer vehicles.
The ratio of deaths on New Zealand roads is still among the highest in the developed world.
The latest international road toll figures from the Organisation for Economic Co-operation and Development, which has 33 member countries, show New Zealand has the ninth highest number of fatal crashes per capita.
The international figures show the United Kingdom had the best record for road safety and Malaysia the worst.
The Automobile Association says older cars lack safety features such as airbags and the high number of ageing vehicles on the road is holding New Zealand's road safety record back.
However, the Accident Compensation Corporation says legislative changes made earlier this year could allow it to charge motor vehicle levies according to risk and is looking at how this might be put in place.
Last year, 384 people were killed on roads in New Zealand. Police say this is largely because of the standard of roading.
But acting road policing manager Rob Morgan says New Zealand's road toll has actually halved in the past 15 years.