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The Great Compulsory Third Party Swindle?

By Squil 21 November 2008 49

Having moved from NSW recently I felt the gross indignation that other Canberran’s have on learning that the NRMA exercises a monopoly on ACT CTP insurance. Having through no fault of my own been born a male in 1982, I am (despite a spotless 8 year driving record) demanded to pay the highest insurance premiums because of my age and penis.

Well I was planning on giving the finger to the man by keeping the car registered in NSW at an alternative address and getting the most competitive NSW CTP I could… until I did the sums.

For me, and my 1996 Mazda sedan I pay $608.35 for registration including CTPI in the ACT.

In NSW, an NRMA CTP Greenslip costs me $628.76 PLUS registration fee of $218 = $846.76

For comparison, a 50 year old driver with the same car and spotless driving record as myself pays $462.74 for their NSW CTP.

So I “save” $238.41 that the NRMA would otherwise have bent me over and removed.

So long live the monopoly! It seems the ACT monopoly that the NRMA enjoys also provides a benefit to those the insurance company views as “high risk”.

So finally, one piece of consolation and respite for a 26 year old male driver living in Canberra who feels there are no rewards for driving responsibly (I gave up on comprehensive insurance this year, putting my money where my mouth is, feeling that if the insurance companies wouldn’t gamble on my clean driving record for less than a ridiculous $1200 I’d take the risk).

What’s Your opinion?

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49 Responses to
The Great Compulsory Third Party Swindle?
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poptop 10:35 am 27 Nov 08

So, we all on the same page vis-a-vis agreeance?

Excellent! =-D

tylersmayhem 10:12 am 27 Nov 08

Just please don’t say you’re “in agreeance”. YUCK.

I am in full “agreeance” with you on that Ant 😛 I f**king hate that term. I think we will gain better “traction” I we were to not use that term 😉

ant 2:08 pm 26 Nov 08

Just please don’t say you’re “in agreeance”. YUCK.

tylersmayhem 12:59 pm 26 Nov 08

…I…think so?! 😛

poptop 10:54 am 26 Nov 08

Does this mean we’re agreeing again? =-/

tylersmayhem 9:17 am 26 Nov 08

Tylers, yah – sorry about that.

No worries Poptop – cheers!

poptop 8:49 am 26 Nov 08

Xbike & Squill, you may well be correct. Currently CTP is regulated by Government. Presumably open competition means government stepping back from controlling the price; so prices could well rise.

In my defence, the new CTP legislation only came in last month and I haven’t even read it! Who knows what evil lurks within?

Xbikee 11:19 pm 25 Nov 08

Yes, POPTOP, it was well publicised a good while back that third party ins. will be open to the market “and save Canberrans much money” in that new competitive market. But if what Squil the poster of all this is right, we are cheaper now WITH the NRMA. In an open market such as NSW, will we still be? Oh, my car insured for $45k with QBE for $700 as I refused to pay the quoted price … they kept coming down until we both agreed 🙂 I am old though…

cranky 8:59 pm 25 Nov 08

I have long felt the ACT Third Party Insurance scheme requires opening up to competition.

The comments above are a very clear message that attempts have probably been made to do just that, but the small market size has precluded competition. Hence the NRMA monopoly.

We are a city surrounded by NSW. Surely it is not beyond the whit of man to incorporate our CTP system into the NSW system, to the advantage of all. Larger pool for NSW insurers, serious competition for ACT motorists. ACT Gov to get the same kickbacks/taxes as the NSW Gov.

This scenario has to have been explored by Gov. What are the problems? Almost certainly a reduction in money to the ACT Gov! To the detriment of ACT motorists.
And certainly a change from flat charge per vehicle (based on weight) to an assesment of age, gender and driving history to establish the premium.

My best guess is that mature drivers would be about $100 PA better off.

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