New Third Party Providers for ACT rego's

Bump – Much as I would like to get CTP from anyone other than NRMA after two months of re-registering all of our vehicles we haven’t been terribly successful. All non NRMA premiums were higher, some significantly and we only qualified for one cashback (not old enough, too small a motorcycle and/or no other policies with the relevant insurer). Perhaps the market will get more competitive over the next twelve months.

And our insurance premiums in general will get lower, considering the bush fires, floods and other non acts of God??

They bothered because everyone was whining about NRMA’s monopoly.

liability said :

The biggest problem with our CTP premiums is the consistently large payouts made by the ACT Courts. I do not belittle someone who has been seriously injured as a result of another person’s negligence in a car accident. However, the ACT Court payouts are consistently higher than other jurisdictions, and as such our CTP premiums are higher.

To clarify this, it is minor injuries specifically that ACT compensates vastly higher than anywhere else. For serious injuries, I doubt the difference is meaningful. As an example, a minor neck strain would get nothing in NSW or VIC (that is, no pain/suffering damages; the victim could still get treatment and lost income payments) whereas Canberra judges might award $70,000 for it.

The fact almost every local law firm is heavily reliant on cashflow from car accident claims probably explains their passionate lobbying which probably explains why the system is the way it is.

The ACT is a small CTP market, and while it is profitable for the NRMA there is not a lot of cream in it for them.

As “caf” said, premiums and payout information is well known and the NRMA fees are about as low as the insurers who have entered the market will go, any lower and the drop in profit will make it not worth their while.

I suspect that the new players in the CTP market are hoping that they pick up other insurance business by offering discounts if you have CTP and household etc insurance with them. They would not have joined the ACT CTP market expecting to make massive profits from just CTP premiums.

The biggest problem with our CTP premiums is the consistently large payouts made by the ACT Courts. I do not belittle someone who has been seriously injured as a result of another person’s negligence in a car accident. However, the ACT Court payouts are consistently higher than other jurisdictions, and as such our CTP premiums are higher.

caf said :

By the way, GIO at least is offering a $50 cashback if you preregister on their website and take out CTP before Monday, which I think brings their price down to the cheapest.

This nearly got me to register my other car (the one my 17yo mostly drives) but we don’t qualify as a ‘good driver’ who has to be aged at least 30. The $50 cashback is by way of a visa card and only applies if you register for 12 months.

Not a bad promotion though, just goes to show that it’s worth shopping around.

I have to say that I was really disappointed to see the

Paul0075 said :

Certainly a lot of superfluous apostrophes…

It’s the gumbints fault’s.

Certainly a lot of superfluous apostrophes…

I’d actually pay extra, if it meant I didn’t have to give money to the NRMA. They are the devil spawn of the capitalist oppressors (etc).

“…brainless oxygen thief’s.”

This is winning.

They’re not more expensive when you take into consideration the cash back offers that they’re offering. Mind you that’s a limited time offer and only applies to certain people…