NSW CTP Insurance premiums continues to be a bad joke

[gtc]

"Insurers have threatened to pull out of CTP insurance if the government does not accept their proposal."

I say, let them go ahead and pull out so that the NSW Government will be forced to actually do something at long last about this out of control mess.

THE cost of compulsory third party car insurance will rise by $50 because of the scheme's rising costs, says the NSW Finance Minister, Greg Pearce.

The new cost represents a 10 per cent increase on the green slip price of about $500.

Insurers have threatened to pull out of CTP insurance if the government does not accept their proposal.

''The reality is that administration costs, the legal costs, the dispute costs are running away in this scheme, and that's why they've got to increase the premiums,'' Mr Pearce said.
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He said that while the government was reviewing the scheme to contain costs, he was powerless to reject the proposal.

''The trouble is that the insurers have already put in the claim and the premiums will actually go up by an average of $50 before we can do anything,'' he said.

Mr Pearce said that to stop future price rises the government may consider measures including amending the law to limit damages from car accidents.

Motorists in NSW pay up to $260 more for CTP insurance than those in some other states, Mr Pearce said.

''What we need is a scheme that compensates the injured and keeps the cost of premiums low,'' he said.

''The current scheme is inefficient - less than 50¢ of every dollar paid in premiums actually goes to those who are injured.

''I have asked the NSW Motor Accidents Authority to look at issues such as insurer and legal costs and CTP rates with the view to creating a fairer scheme.''


http://smh.drive.com.au/motorists-face-50-rise-in-cost-of-green-slips-20130121-2d38t.html

[MADLT1]

mine was $420 last year to 615 this year,what a joke

[gtc]

My motorcycle CTP is now $990 !!!

[sirfixalot]

I have mine here today $788 with NRMA every year I ring them up multi -policy discount, tell them car may sit in garage for a month at a time with out turning a wheel, only gets driven on Sundays usually comes down to about $300

[Steeler]

I use this website each year when my renewal comes  http://greenslip.com/
some big differences in quotes 

[Vette Obsessed]

What really ticks me off is I have one license, can drive one vehicle at a time, but have to pay CTP insurance for three vehicles.  If it is about covering liability to others why isn't this scheme attached to your drivers license instead of vehicle registration?

I use this website each year when my renewal comes  http://greenslip.com/
some big differences in quotes 

That helps but not all insurers are on there.  I looked that up, then called Shannons after Cam had told me to try them and saved a further $20.

[gtc]

What really ticks me off is I have one license, can drive one vehicle at a time, but have to pay CTP insurance for three vehicles.  If it is about covering liability to others why isn't this scheme attached to your drivers license instead of vehicle registration?

I once put that question to an RTA bureaucrat and answer was "the scheme has to also cover injury caused by unlicensed drivers". I replied that unlicensed drivers were also liable to be driving unregistered and therefore uninsured vehicles. He simply shrugged his shoulders.

[Vette Obsessed]

I once put that question to an RTA bureaucrat and answer was "the scheme has to also cover injury caused by unlicensed drivers". I replied that unlicensed drivers were also liable to be driving unregistered and therefore uninsured vehicles. He simply shrugged his shoulders.

In America you buy personal liability insurance for this sort of thing.  If you are dumb enough to not have coverage,  you get sued into bankruptcy.  I have no problem with uninsured drivers being taken to the cleaners or doing hard labour for their stupidity.  Why should everyone else pay for the people who dont care to play by the rules?

The current system is set up the way it is so insurers can continue to deliver massive profits to their shareholders.  And politicians have no problem with this.

[bfit]

The problem is not who is insured and who is not insured 
Its litigation 
The lawyers getting in to make a quid on any ones misery
And we here in australia are following the US in that respect.
BFit

[gtc]

In America you buy personal liability insurance for this sort of thing.  If you are dumb enough to not have coverage,  you get sued into bankruptcy.  I have no problem with uninsured drivers being taken to the cleaners or doing hard labour for their stupidity.  Why should everyone else pay for the people who dont care to play by the rules?

I agree. Problem with uninsured drivers is that, besides having no clue, they usually have no assets to sue for and often no fixed abode so they are very difficult/impossible to serve documents on -- as anybody who has had their car damaged by an uninsured driver will know.

The current system is set up the way it is so insurers can continue to deliver massive profits to their shareholders.  And politicians have no problem with this.

That's why I call the bluff of the CTP companies to go ahead and pull out of the scheme as they threaten to -- so as to force politicians to face the mess that they have allowed to happen under their own legislation.

[gtc]

The problem is not who is insured and who is not insured 
Its litigation 
The lawyers getting in to make a quid on any ones misery
And we here in australia are following the US in that respect.
BFit

'Twas ever thus. As they say, once lawyers are involved, everybody loses -- except the lawyers.

Need a CTP system where lawyers aren't involved in every claim ... I think VIC has something close to that.