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CTP up $52

By johnboy - 16 July 2012 47

It turns out the ACT has a CTP regulator called Megan Smithies.

She has today announced that Compulsory Third Party Insurance from 1 September will be going up:

The ACT CTP regulator, Megan Smithies, tòday announced that compulsory third party (CTP) insurance premiums charged by NRi\/IA Insurance for most ACT motor vehicles will increase by 10 per cent with effect from 1 September 2012.

“The new premium for a family car will be $578.70, an increase of $52.10,” Ms Smithies said.

Approval of new premiums follows an extensive actuarial review process. Under the CTP legislation, licensed insurers are required to charge premiums that will fully fund their present and future liabilities under the legislation to people injured in road crashes but which are not excessive.

“Based on independent actuarial advice, i am satisfied that new premiums are soundly based and are not excessive,” Smithíes conciuded.

What’s Your opinion?


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47 Responses to
CTP up $52
Comic_and_Gamer_Nerd 1:23 pm 16 Jul 12

johnboy said :

It’s not a mandated monopoly, there’s just no one else that wants to service this market.

They don’t want to or are not given the opportunity to?
I find it hard to believe no other insurance company wants in. They are like banks and want all business possible.

PantsMan 1:23 pm 16 Jul 12

One more tax increase before October I suppose.

EvanJames 1:21 pm 16 Jul 12

HiddenDragon said :

When the cost of many basics is going up by five to ten per cent, or more, per year, it is cold comfort to be told that the prices of things you don’t need and can’t afford are coming down – and that inflation is thus “subdued” or, even better, falling.

Yep. Big Flat TVs are cheaper. And other such crap. But housing, fuel, energy, food, utilities, insurance, the essentials, are all going up and up. Bread and circuses. They can trot out numbers to support any argument they like to make, but the real costs of living, not discretionary costs, are spiraling.

johnboy 1:17 pm 16 Jul 12

It’s not a mandated monopoly, there’s just no one else that wants to service this market.

Comic_and_Gamer_Nerd 1:15 pm 16 Jul 12

Absolutely disgusting. Why does nrma have a monopoly on this? I would thought it would be illegal???

davo101 1:03 pm 16 Jul 12

dtc said :

Dont forget pedestrians, since they are 10X as likely to be involved in a car accident as a cyclist.

Well, fatality wise at least (and in NSW)

http://www.rta.nsw.gov.au/roadsafety/downloads/dynamic/mb_page05.pdf

+1

A pedestrian could knock over another pedestrian or come in through the windscreen and hit an occupant of a motor-vehicle. Pedestrian definitely need to have CTP and be required to carry registration plates so we can report them to the police when they jaywalk……

m00nee 12:51 pm 16 Jul 12

And NRMA will only charge me $411 ($383.96 if existing NRMA member) just for living on the other side of the border. Pity three of the other CTP providers are cheaper again. This years rego will cost me $206 less than ACT drivers will pay, which I find amazing since roughly 66% of the time I am driving in Canberra.

bd84 12:47 pm 16 Jul 12

The regulator position is the Director-General of the Treasury Directorate.. Another unjustified increase when the actual payouts under the scheme have not even been close to the amounts the charged by the insurance companies for many years. If anything the premium costs should be falling.

HiddenDragon 12:38 pm 16 Jul 12

Announcements such as this also serve as a reminder that, for many people, the Consumer Price Index is an increasingly meaningless figure, skewed as it is by falls in the prices of discretionary spending items. When the cost of many basics is going up by five to ten per cent, or more, per year, it is cold comfort to be told that the prices of things you don’t need and can’t afford are coming down – and that inflation is thus “subdued” or, even better, falling. If Ministers, and their comfortably remunerated advisors and officials, could get their heads around this inconvenient reality, they might begin to understand why many people are justifiably angry about the present, and worried about what the future might hold.

dtc 12:20 pm 16 Jul 12

dungfungus said :

“Based on independent actuarial advice, I am satisfied that NRMA’s new premiums are soundly based and are not excessive,” Ms Smithies concluded.
My advice, based on what my budget can stand, is that the NRMA’s new premiums are opportunistic and discriminate against car users.
It is time to start spreading the cost by having all pushbikes registered and owners charged for CTP insurance as well.

Dont forget pedestrians, since they are 10X as likely to be involved in a car accident as a cyclist.

Well, fatality wise at least (and in NSW)

http://www.rta.nsw.gov.au/roadsafety/downloads/dynamic/mb_page05.pdf

davo101 12:16 pm 16 Jul 12

dungfungus said :

My advice, based on what my budget can stand, is that the NRMA’s new premiums are opportunistic and discriminate against car users.
It is time to start spreading the cost by having all pushbikes registered and owners charged for CTP insurance as well.

I agree–the day after a cyclist manages to maim or kill a fellow road user (without maiming or killing themselves) 🙂

troll-sniffer 12:10 pm 16 Jul 12

Based on independent acturial advice New Zealand ditched its pig snout lawyer’s trough for a no-fault scheme. A moment of your time to google the costs over there might indicate to you WTFers that perhaps it’s the system that’s to blame, not some wild assertion that it’s a conspiracy to rob you blind.

Tony 12:10 pm 16 Jul 12

Good. Its also not surprising given the amount of total bulls*** that people do on our roads. Tailgating, speeding, weaving in and out of traffic. The other day I was following a middle aged guy along the GDE who was doing about 80, and moving around in his lane line he had ant in his pants, but I like to do the speed limit so I over took. As I passed I noticed he was holding a book up to his steering wheel reading while driving….

dungfungus 12:03 pm 16 Jul 12

“Based on independent actuarial advice, I am satisfied that NRMA’s new premiums are soundly based and are not excessive,” Ms Smithies concluded.
My advice, based on what my budget can stand, is that the NRMA’s new premiums are opportunistic and discriminate against car users.
It is time to start spreading the cost by having all pushbikes registered and owners charged for CTP insurance as well.

Mysteryman 11:39 am 16 Jul 12

WTF?! Is she serious? My rego just cracked the 4 figure mark.

Thanks, Megan Smithies.

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