New CTP providers for Canberra!

$20 difference between all anyway.

The Queensland CTP choice (all for exactly the same price as eachother) is more about what you’re getting in addition to basic CTP, being the personal medical costs of the hit driver.
Medical cover for the at-fault-driver, typically (with RACQ offering some minor discount on membership and roadside assist).

Very Busy said :

Reprobate said :

Aaargh my rego is due 1 July but I will be interstate that week so I need to do it beforehand… bugger!

Are you taking your car with you when you go interstate? If not, and it isn’t being used by anyone else, there is no point in having it registered while it isn’t being used.

Or even if you have your car with you interstate, why don’t you wait until one minute past midnight on the first of July, then pay over the internet? Since from that day on rego stickers will no longer be issued, you will immediately be legally able to drive it.

Roundhead89 said :

Don’t be fooled by claims that the price of CTP will go down now that there are new players. In NSW after competitors to the NRMA were brought in, the price of green slips went down for a few months then shot up again. And don’t be fooled by the smoke and mirrors claims of three new competitors. In reality there is one new competitor. GIO, AAMI and APIA are all owned by Queensland-based Suncorp, formerly known as the State Government Insurance Office (SGIO).

I’ll be happy(ish) if they don’t go up quite as quickly as in the past – but as you point out, insurance companies are masters at the art of the catch-up and the clawback, after giving a brief breather to their customers.

Reprobate said :

I did find a reminder though that from 1 July rego labels won’t be required in the ACT: http://www.rego.act.gov.au/Whatsnew/regolabelabolish.htm

Didn’t know that, thanks for the link. It would explain why my new rego label, received yesterday, looked like it was printed with the last of the toner…

Don’t be fooled by claims that the price of CTP will go down now that there are new players. In NSW after competitors to the NRMA were brought in, the price of green slips went down for a few months then shot up again. And don’t be fooled by the smoke and mirrors claims of three new competitors. In reality there is one new competitor. GIO, AAMI and APIA are all owned by Queensland-based Suncorp, formerly known as the State Government Insurance Office (SGIO).

Watson said :

Reprobate said :

Aaargh my rego is due 1 July but I will be interstate that week so I need to do it beforehand… bugger! Mind you, not sure APIA would be able to offer insurance to a 45YO whipper-snapper anyways…

No need to do it in advance? You can do it online on the day.

Will be driving on that day so the thought of spending a pleasant lunchtime stop trying to find wifi or a stable 3G connection to get onto the regoACT website on my mobile doesn’t appeal. Especially if a “saving” from the competition doesn’t eventuate.

Anyway, won’t the basic rego charge be going up as of 1 July anyway? It’s almost impossible to find the schedule of current fees on the website, let alone those for 2013-14. I did find a reminder though that from 1 July rego labels won’t be required in the ACT: http://www.rego.act.gov.au/Whatsnew/regolabelabolish.htm

cranky said :

The way to reduce premiums is to remove the lawyers picnic that is the current scheme. Obscene dollars go into ambulance chasing legal pockets as cases are argued in court. Other jurisdictions have little dificulty in applying a formula to injury/compensation payouts, resulting in vastly lower premiums required to pay for the schemes..

Have you ever been injured in one of those other jurisdications and tried to figure out your rights?

And, actually, other than NZ, which jurisdictions do you say have these formulas and have vastly lower premiums? NSW is about $100 per year cheaper (really peanuts given the costs of owning a car) and provide vastly reduced cover for any injured person. Great, you save $100, the injured person suffers $1000s

Reprobate said :

Aaargh my rego is due 1 July but I will be interstate that week so I need to do it beforehand… bugger! Mind you, not sure APIA would be able to offer insurance to a 45YO whipper-snapper anyways…

No need to do it in advance? You can do it online on the day.

Skidbladnir said :

I find it rude that the Law Society are even providing comment, let alone praising this outcome.

Yup, it’s kinda like the automotive industry praising the outcome of a study that determines light rail or high speed rail is economically infeasible.

Competition is working so well in other areas – such as petrol prices – so why wouldn’t it work wonders here? Anyway, good to see something done on this long overdue subject.

Oh, and FYI Law Society, ACT Treasury is now abolished (and that’s a WHOLE other story).

If APIA refuses to insure a youngster like me, I’ll take them to the Human Rights Commission.

Like others, have just paid mine. And cleverly, the ACT RTA is so prepared, it asked me to enter the reference number in the box for the provider I “have chosen above”. And there it sits in all its glory – the one NRMA box alongside plenty of white space patiently awaiting more.

I thought this was new, but no, the form has been the same for at least the past two years (just cleaned out older records so can’t check beyond 2011). It’s clearly been a priority.

Reprobate said :

Aaargh my rego is due 1 July but I will be interstate that week so I need to do it beforehand… bugger! Mind you, not sure APIA would be able to offer insurance to a 45YO whipper-snapper anyways…

Are you taking your car with you when you go interstate? If not, and it isn’t being used by anyone else, there is no point in having it registered while it isn’t being used. There are no issues if you just pay for the rego when you need to use the car again on your return.

I find it rude that the Law Society are even providing comment, let alone praising this outcome.

Their members are simultaneously the cause of the problem and major future beneficiary, at the expense of my back pocket.

( Good lawyers learn to manipulate the legal system, great lawyers manipulate lawmakers)

curlylocks said :

So does this mean it will be cheaper to register your car???? Or are their different “types” of CTP depending on who you go with???????

I am assuming it will not be any cheaper at all. ho hum

Well let’s consider this, I ran two fictional scenarios through NRMA (the present incumbent in the ACT), one a best case scenario, the other a more challenging one, both with a very vanilla vehicle…

NSW – NRMA CTP Greenslip

Scenario 1: Youngest driver 40yrs old, 2007 Toyota Camry Altise, Comprehensive Insurance with 65% NCB = $435/yr

Scenario 2: Youngest driver 21, 2007 Camry Altise, No insurance, record of at-fault accidents in past two years = $579/yr

Proof is in the numbers, this move will potentially make CTP cheaper. In a competitive market, the two providers will be in competition and they will be able to customise their covers more compared to the current, one size fits all approach. The GIO rep at the presser today even indicated they will have three grades of cover depending on the quality of the driving record of the registered users.

This is simply window dressing. As has been pointed out, all these insurers are owned by the one company, so the chance of competition to attract business is minimal.

The way to reduce premiums is to remove the lawyers picnic that is the current scheme. Obscene dollars go into ambulance chasing legal pockets as cases are argued in court. Other jurisdictions have little dificulty in applying a formula to injury/compensation payouts, resulting in vastly lower premiums required to pay for the schemes.

Make no mistake, with the aid of Smyth, the local third party lawyers are making a fortune at the motorists expense. We should be asking why Barr has not pursued changing the system to reduce the legal meddling that currently exists.The fact that the Law Society are very happy about this development is indicative of the increased profits forseen.

The cosiness between local assembly members and the legal fraternity is such that the ACT motorist is only a bit player in the TPI scheme.

So, Suncorp signed up. That’s two true competitors…

So does this mean it will be cheaper to register your car???? Or are their different “types” of CTP depending on who you go with??????? I am assuming it will not be any cheaper at all. ho hum

Well that’s annoying. My rego is due on 27 June, I was going to pay it tomorrow.

I guess it would fanciful to assume that premiums will immediately drop on 1 July… but I’ll only be exercising the 3 month option I think to see what happens.

So now there will be four boxes to tick

1. NRMA
2. RNAM
3. MRAN
4. ANMR

It won’t get any cheaper, its all going to the same place.

From the CT article – http://www.canberratimes.com.au/act-news/more-choice-for-third-party-insurance-in-act-20130619-2oik7.html

“Competition in our CTP market will bring the obvious benefit of choice.”
Really, thats it! No, the obvious benefit should be price and I dont see any of that. The benefit of ‘choice’ is squat.

Benefit of choice in this case is kinda like asking; do you want to lose your wallet with all you money in it, or do you want your wallet stollen with all your money in it?

Competition my bottom, all three of those companies are Suncorp companies so they might slightly undercut NRMA but will not compete with each other. I highly doubt they will even compete with NRMA very much and will just go with the same prices that already exist.

Yep, perfect timing. I just renewed mine on Friday last week.

Great news none the less.

Aaargh my rego is due 1 July but I will be interstate that week so I need to do it beforehand… bugger! Mind you, not sure APIA would be able to offer insurance to a 45YO whipper-snapper anyways…

The absence of pricing info makes me suspect that there will be no pricing benefit what so ever.

what a shame the new arrangement for CTP is not in effect now. I have to change the rego of a QLD vehicle to the ACT tomorrow.

Finally!!! …and right when I’ve just paid rego.