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Increase in ACT rego in last 12 months

By grump 28 October 2009 22

I received my rego renewal reminder for next month today – last year $660.45 (rego $257.40, CTPI $385. road rescue $16. road safety $2)  – for this year the total has increased overall by $72.55 or 11% to $733, with NRMA increasing its CTPI to $448.60 (up 16.5%).  What gives?  Anyone else noticed this rip off and anyone heard any suggestions from the gubment why?


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Increase in ACT rego in last 12 months
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Pommy bastard 8:13 am 29 Jul 10

We have it so easy (and cheap!) here. Think yoursleves lucky, in the UK there is no CTPI, and everyone is at the mercy of the insurers.

A learner driver has been quoted a staggering £17,000 ($29,745.33 AU) to insure his £2,000 ($3,499.10 AU) Vauxhall Corsa.(Holden)

Student James Hayes, who turns 17 next week, saved for months to buy his modest one-litre car but has been astonished at the sky-high quotes for insurance.

He will have to work flat out over the summer to pay the premiums.

Read more: http://www.dailymail.co.uk/news/article-1298150/17-000-insure-teenagers-car.html#ixzz0v19PIClh

vibes 12:36 am 17 Nov 09

perhaps the people should not complain. Taxi registration went by $1200.oo, that is now $7700 for a station wagon to be registrered.

Thoroughly Smashed 4:06 pm 30 Oct 09

Car ownership in Singapore:

Ten year certificate of entitlement: Via auction, generally around $5000 for a car.
Import duty: 41% of the vehicle’s value.
Registration fee: 110% of the vehicle’s value.
Road tax: Can be levied via numerous means, one of which is engine capacity. Depending on fuel type and vehicle age this can be anywhere from ~$1.25/cc to ~$4.25/cc.
Road tax surcharge: A few hundred dollars, just to kick you when you’re down.
There’s probably something else crippling in there that I’ve missed too.

This is all completely irrelevant to Australian conditions obviously. I guess I shouldn’t give anyone any ideas…

Pommy bastard 3:07 pm 30 Oct 09

Think yourself lucky.

In the UK you will pay £ 190.00 ($343) for a car over 1600 cc, and for that you get? A sticker for your windscreen. Nothing else.

Everey year, for a car over 5 yrs old you HAVE to have a MOT test £54 ($94) (similar to, but more detailed than a rego check)

I’m a 50 + yr old man with a clean record and 35 years driving experience, my 3 rd party insurance would be around £ 240.00 per year ($433). (If you are under 25 you will pay $$$$ thousands)

The very basic roadside assistance cover would add another £ 28.00 ($50)(Though you’d have t tripkle that to have cover worth having.)

Total (not including the MOT) $846….

Chop71 12:28 am 30 Oct 09

grump said :

just compared NSW prices for a green slip and between 7 suppliers the fee varies between $303 and $336 for the vehicle I have compared with $448 from the NRMA here in Canberra. What is it about the ACT market, apart from operator greed, that means we pay up to $145 more than someone who lives in Jerrabomberra or Qnbyn?

So we pay an extra $145 for other road users to say “bloody Canberra drivers”

caf 10:53 pm 29 Oct 09

Because by increasing production and lowering prices until they reach a level of output at which marginal revenue equals marginal costs, monopolies’ profits are maximised?

That doesn’t apply here though, because the level of output is essentially fixed (since all registered cars are required to purchase the 3rd party insurance).

I believe in this case the price is negotiated between the insurer and the government.

Punter 9:20 pm 29 Oct 09

Thanks folks (dtc #3 & taninaus #4). It still feels as though we’re being squeezed for all we can be by an unopposed entity that is limited only by their own imagination. I’d still like to see a little competition to balance the field.

Oh, and #12 Mr Evil not only by name, eh? I see you hold the spoon in one hand and the pot in the other……stirring. Truly deserving of the tag ‘Agitator’.

Woody Mann-Caruso 6:26 pm 29 Oct 09

Could you explain to me why you think a company holding a monopoly over a market has any incentive at all to reduce prices?

Because by increasing production and lowering prices until they reach a level of output at which marginal revenue equals marginal costs, monopolies’ profits are maximised? It’s not socially optimal, and creates a deadweight loss, but if you’re the monopoly, who cares?

Hercsie 2:45 pm 29 Oct 09

Doesn’t it have something to do with all the ambulance chasing lawyers taking NRMA to the cleaners all the time?

grump 2:42 pm 29 Oct 09

just compared NSW prices for a green slip and between 7 suppliers the fee varies between $303 and $336 for the vehicle I have compared with $448 from the NRMA here in Canberra. What is it about the ACT market, apart from operator greed, that means we pay up to $145 more than someone who lives in Jerrabomberra or Qnbyn?

Mr Evil 2:09 pm 29 Oct 09

I heard the increase is so that more on-road bike lanes can be created…….. 🙂

Thoroughly Smashed 11:50 am 29 Oct 09

michcon said :

Thoroughly Smashed said :

You haven’t thought very hard about this have you?

What’s impossible about a private sector company being able to provide a discount on a product where they can be guaranteed 100% market share?

Could you explain to me why you think a company holding a monopoly over a market has any incentive at all to reduce prices?

grump 11:39 am 29 Oct 09

oh, they can do that cos they 100% of the market……….

grump 11:38 am 29 Oct 09

michcon said :

Thoroughly Smashed said :

You haven’t thought very hard about this have you?

What’s impossible about a private sector company being able to provide a discount on a product where they can be guaranteed 100% market share?

where’s the discount – they have 100% market share and upped the fee 16%?

What am I missing?

michcon 10:41 am 29 Oct 09

Thoroughly Smashed said :

You haven’t thought very hard about this have you?

What’s impossible about a private sector company being able to provide a discount on a product where they can be guaranteed 100% market share?

Thoroughly Smashed 10:10 am 29 Oct 09

michcon said :

I highly suspect it is a product of the ACT Government opening up the market to insurers for compulsory 3rd Party Insurance – naturally if the incumbent supplier (NRMA) isn’t able to be an exclusive provider and have 100% market share, then they are going to raise their prices.

This is how the private sector companies work.

You haven’t thought very hard about this have you?

michcon 7:33 am 29 Oct 09

I copped this one too in September.

Last year my rego bill was only $630.25, and had risen this year to $701.80
I highly suspect it is a product of the ACT Government opening up the market to insurers for compulsory 3rd Party Insurance – naturally if the incumbent supplier (NRMA) isn’t able to be an exclusive provider and have 100% market share, then they are going to raise their prices. This is how the private sector companies work.

Now, I’m all for opening up the market and introducing competition – but the failure here is by the ACT Government not having any options available from rival insurers, and hence there is no choice available to me, but to pay an extra $70.

Thank you very little.

pug206gti 7:14 am 29 Oct 09

The reason insurance has gone up since last year and the year before is really because the insurance companies aren’t making the money on the stockmarket and in other investments that they were making up until recently. How much it relates to the ACT CTP regime is fairly minimal I’m sure.
My landlord insurance doubled, my comprehensive car insurance went up by 30% (so I shopped around) and after the contents insurance went up a good whack I decided I could live without.
Last I heard no other insurers had entered the market because they ACT Government rego computer was well behind development schedule.
(whereas in Canberra you get the ‘full amount’ of your damages if you are injured).
And so you should! Let a thousand years of common law reign!

taninaus 6:39 am 29 Oct 09

The usual annual increases I think – but this one a bit bigger than standard.

Punter – technically we can choose our CTP (as of recently) – they just haven’t approved any alternate supplier yet!

dtc 10:41 pm 28 Oct 09

Punter said :

Is there a good reason the good citizens of the ACT are unable to choose their CTP insurance?

Because no other company has taken up a licence. They can, they just havent. I think QBE is thinking about it. Not sure why no one wants it – probably scared off by not having the ‘benefit’ of only being required to make the highly restricted damages payouts that other states have (whereas in Canberra you get the ‘full amount’ of your damages if you are injured).

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